国际财务会计.pdf

Financial Accounting财务会计1Textbook Financial Accounting,Jerry J.Weygandt,Donald E.Kieso,Paul D.Kimmel This is US-based book.2References 国际会计准则委员会:www.iasb.org.uk 中 国注册会计师协会: PWC:www.pwcglobD ACCA: AI CPA:www.aicpa.org3Assessment 考核 Homework and attendance 30 marks Mid exam Final exam Total30 marks40 marks100 marks4CHAPTER 1ACCOUNTING IN ACTION5Main points Meaning of accounting.Users and uses of accounting.Ethics Generally accepted accounting principles The cost principle.6Main points The monetary unit assumption and the economic entity assumption.Accounting equation Analyze the effect of business transactions on the basic accounting equation.Understand what the four financial statements are and how they are prepared.7WHAT I S ACCOUNTI NG?Accounting is a process of three activities:1 I dentifying:确认2 Recording:记录3 Communicating:沟通8会计流程ACCOUNTI NG PROCESSCommunicationIdentificationRecordingPrepareReportsSelect economic events(transactions)经济业务Record,classify and.summarize记录、分类 归并Analyze and interpret for users 9Accounting.is an information system that.measures business activities,processes information,municates financial information.10Accounting.is called the language of business.FF$11Why do we need accounting informationMaking decisions!The bigger the decision,the greater the need.12Users of Accounting I nformationExternal users外部使用者 make decisions about the entity.investors 投资者 creditors 债权人 Taxing agency 税务当局13QUESTI ONS ASKED BY EXTERNALUSERS I s the company earning satisfactory income?Will the company be able to pay its debts as they come due?How does the company compare profitability with competitors?14Users of Accounting I nformationInternal users内部使用者 make decisions for the entity.employee 员工 manager 经理 board of directors 董事会15QUESTI ONS ASKED BY I NTERNAL USERS内部使用者 I s cash sufficient to pay bills?Can we afford to give employee pay raises this year?What is the cost of manufacturing each unit of product?16BOOKKEEPI NG，己账ACCOUNTI NG 会计Bookkeeping1 I nvolves only the recording of economic events2 I s just one part of accounting Accounting1 I ncludes bookkeeping2 Also includes much more17Field of Accounting Accounting can be divided into two fields.Financial accounting（财务会计）:provides information for people outside the company,such as investors and creditors Managerial accounting（管理会计）：focuses on information for internal decision makers,such as mangers of the company.18As financial accounting information relates to publicRegulating accounting!会计规范All professions have been regulated.19Governing organizations in US I n US,the following organizations relate to the regulation of accounting.-FASB（财务准则委员会）:formulates accounting standards-SEC（美国证监会）：regulate security markets-AI CPA（美国注册会计师协会）：regulate Certified Public Accountants 注册会并师-I MA:regulate Certified Management Accountants注册管理会计师.20www.fasb.orgwww.sec.gov www.aicpa.orgwww.ima.org2122Reliable information I nvestors and creditors need relevant and reliable information about a company.But is the accounting information of the company reliable?23Reliable information There are so many ways to keep accounting information reliable.-SEC requires firms to have their financial statements audited 审计 by independent accountants.-Accounting information must be prepared under the standards and the principles24These standards and the principles are viewed as the building blocks of accounting!THE BUI LDI NG BLOCKS OF ACCOUNTI NG会计的基石 Ethics道德 standards of conduct by which ones actions are judged as right or wrong,honest or dishonest-Most individuals in business are ethical.Their actions are both legal and responsible.26STEPS I N ANALYZI NG ETHI CS CASES1.Recognize an ethical situation and the ethical issues involved.2.Identify the stakeholders当事人-persons or groups who may be harmed or benefited3.Select the most ethical alternative,considering all the consequences.Sometimes there will be one right answer.Other situations involve more than one right solution;these situations require an evaluation of each and a selection of the best alternative.27Ethic case(P42,bypi-9)After three interviews,Warren Filler,a senior at Great Northern College,received two office interview invitations from the Baltimore offices of two large firms.Both firms offered to cover his out-of-pocket expenses.He scheduled the interview for both firms on the same day,one in morning and one in the afternoon.At the each interview,he submitted to both firms his total out-of-pocket expenses$254.He got it from the two firms.28Ethic case Who are the stakeholders in this situation?What are the ethical issues in case?What would you do in this situation?29ETHICS CASE Warren F川er,Baltimore Firms,Great Northern College.I s it proper that Warren charged both the firms for the total travel costs rather than splits the actual amount of$254 between the two firms?I s collecting$508 ethical behavior?Did Warren deceive both firms or neither firm?3031Most corporations also set standards of ethical conduct for employees.Truth is always better than dishonesty in accounting,in business,and in life.32THE BUI LDI NG BLOCKS OF ACCOUNTI NG Generally Accepted Accounting Principles 一般公认的会计原则 primarily established by the Financial Accounting Standards Board（FASB,美国会计准则委员会）and the Securities and Exchange Commission（SEC,美国证监会）Different nations would have different GAAP,example,Chinese GAAP.33THE BUI LDI NG BLOCKS OF ACCOUNTI NG Cost Principle 成本原则：assets should be recorded at their cost.34THE BUI LDI NG BLOCKS OF ACCOUNTI NG Accounting Assumptions:Monetary unit货币单位 only transaction data that can be expressed in terms of money is included in the accounting records.So,generally financial accounting information is related with money.35The Stable-Monetary-Unit Concept稳定货币价值假设The dollars purchasing power is relatively stable.This allows us to add and subtract dollar amounts as each dollar has the same purchasing power as any other dollar at any time36Accounting entity会计主体假设 An accounting entity:an organization or a section of an organization that stands apart as a separate economic unit-Entity decides boundary边界 of accounting-example:Jeff obtained$5000 from the bank loan to start.A-Following the entity concept,Jeff would account for the$5000 separately from his personal assets.3738Types of Business OrganizationsProprietorships 独资企业Partnerships合伙企业Corporations 公司39Proprietorship Has a single owner,who is often the manager.Small retail stores From accounting viewpoint,each proprietorship is distinct from its proprietor From legal perspective,the business is the proprietor.40Proprietorships What are some advantages?一 total undivided authority一 no restrictions on type of business-must be legal What are some disadvantages?-unlimited liability 无限责任一 limitation on size-fund raising power41Partnership Joins two or more individual as co-owners.Each owner is a partner合伙人.Professional organizations such legal firm Generally small or medium-sized Accounting treats partnership as a separate organization,distinct from partners.From a legal point,a partnership is the partners.42Partnerships What are some advantages?-better credit standing-possibly-more brain power,but consultation with partners required What are some disadvantages?一 unlimited personal liability for general partners一 need for written partnership agreement.43Corporation owned by stockholders or shareholders 股东.A business becomes a corporation when the state approves its articles of incorporation 公司章程.A corporation is a legal entity that conducts business in its own name.44Corporations What are some advantages?一 separate legal existence-limited liability of stockholders 有限责任一 transferability of ownership relatively easy What are some disadvantages?一 taxes-possible double taxation一 extensive governmental regulation45Objective 2Accounting Concepts and Principles46THE BASI C ACCOUNTI NG EQUATI ON基本会计等式Assets=Liabilities H-Equity卜权益47Assets=Liabilities+equitiesHow to use money?How to get money?48ASSETS资产 Assets are resources资源 owned by a business.The common characteristics possessed by all assets is the capacity to provide future services or benefits to the entities that use them.49ASSETS资产 Some assets are tangible有形的：computer,cash;Some assets are intangible无形的:trademark,patents.50I s reputation an asset?51LI ABI LI TI ES 负债 Liabilities are claims索偿权 against assets.They are existing debts 债务and obligations义务.Most claims of creditors 债权人 attach to total enterprise assets rather than to the specific assets provided by the creditor.52STOCKHOLDERS EQUI TY The ownership claim on total assets is known as stockholders equity 股东 权益.I t is equal to total assets minus total liabilities.Equity=Assets Liabilities Equity=net assets 净资产53STOCKHOLDERS EQUI TY The equity section of a corporations balance sheet consists of:1 Paid-in(contributed)capital 投入资本2 Retained earnings 留存收益54PAI D-I N CAPI TAL Paid-in capital is the term used to describe the total amount paid in by stockholders股东.The principal source of paid-in-capital is the investment of cash and other assets in the corporation by stockholders in exchange for capital stock 股票.55RETAI NED EARNI NGSThe retained earnings section of the balance sheet is determined by three items:1 Revenues 收入2 Expenses 费用3 Dividends 股利RE=R-E-D56REVENUES 收入 Revenues are the gross increases in stockholders equity that result from operating the business.Generally,revenues result from the sale of merchandise商品，the performance of services,the rental of property,or the lending of money.Revenues usually result in an increase in an asset.57EXPENSES Expenses are the decreases in stockholders9 equity that result from operating the business.They are the cost of assets consumed or services used in the process of earning revenue.Examples of expenses include utility expense,rent expense,supplies expense,and tax expense.58DI VI DENDS Net income 净禾U润 represents an increase in net assets which then become available for distribution to stockholders.Cash or other assets that are distributed to stockholders are called dividends.Dividends reduce retained earnings but are not corporate expenses.A corporation decides whether or not to distribute a dividend after determining its net income or net loss.59RevenuesExpenses=net income-Dividend Dividend is not_|expense=retained earnings60I NCREASES AND DECREASES I N STOCKHOLDERS EQUI TYI NCREASEDecreaseInvestments by StockholdersStockholders5 EquityRevenuesDividends to StockholdersExpenses6162TRANSACTI ON ANALYSI S 会计业务分析 Transactions are the economic events of the enterprise.They may be identified as external or internal.External transactions 外部业务 involve economic events between the company and some outside enterprise or party.63internal transactions 内部业务are economic events that occur entirely within one company.My division needs 2,500 pounds from your division64TRANSACTI ON 1 Ray and Barbara Neal decide to open a computer programming company to be incorporated as Softbyte,Inc.They invest$15,000 cash in exchange for$15,000 of common stock普通股.65TRANSACTI ON 1 SOLUTI ONAssets=Liabilities+Stockholders EquityCommonCash Stock(1)+15,000=15,000There is an increase in the asset Cash,$15,000,and an equal increase in the stockholders5 equity,Common Stock,$15,000.66TRANSACTI ON 2Softbyte purchases computer equipment for$7,000 cash.67TRANSACTI ON 2 SOLUTI ONStockholders5Assets=Liabilities+EquityCommonCash+Equipment=StockOld Bal.$15,000$15,000(2)_Z000 _+$7,000 _New Bal.($8,000+$7,00勺=$15,000V$15,000Cash is decreased$7,000 and the asset Equipment is increased$7,000.68TRANSACTI ON 3 Softbyte purchases computer paper from Acme Supply Company for$1,600.Acme Supply Company agrees to allow Softbyte to pay this bill in October,a month later.This transaction is often referred to as a purchase on account or a credit purchase信用采购.69TRANSACTI ON 3 SOLUTI ONAssetsLiabilities+Stockholders5EquityAccountsCommonCash+Supplies+Equipment=Payable+StockOld Bal.$8,000$7,000$15,000(3)_+$1,600+$1,600New Bal.1$8,000+$1,600+$7,000j=($1,600+$15,000)7V-16,600$16,600The asset Supplies is increased$1,600 and the liability Accounts Payable 应付账款 is increased by the same amount70TRANSACTI ON 4 Softbyte receives$1,200 cash from customers for programming services it has provided.This transaction represents the principal revenue-producing activity of Softbyte.71TRANSACTI ON 4 SOLUTI ONAssets=Liabilities+Stockholders EquityCash+Supplies+Equipment=Accounts Payable+CommonStockRetainedEarningsOld Bal.$8,000+1,200$1,600$7,000$1,600$15,000+1,200 ServiceNew Bal.*200+$1,600+$7,000;=($1,600+$15,000$1,200)RevenueV$17,800V$17,800Cash is increased$1,200 and Retained Earnings is increased$1,200.72TRANSACTI ON 5Softbyte receives a bill for$250 from the Daily News for advertising the opening of its business but postpones payment of the bill until a later date.73TRANSACTI ON 5 SOLUTI ONAssets=Liabilities+Stockholders5 EquityCash+Supplies+Equipment=Accounts Payable+Common RetainedStock EarningsOld Bal.(5)$9,200$1,600$7,000$1,600+250$15,000$1,20。_250AdvertisingNew Bal.($9,200+$1,600+$7,000j=($1,850+$15,000$950;ExpenseV$17,800V$17,800Accounts Payable is increased$250,and Retained Earnings is decreased$250.74TRANSACTI ON 6 Softbyte provides programming services of$3,500 for customers.Cash amounting to$1,500 is received from customers,and the balance of$2,000 is billed to customers on account$75TRANSACTI ON 6 SOLUTI ONAssets=Liabilities+Stockholders9 EquityCash+AccountsReceivable+Supplies+Equipment=Accounts PayableCommonStock+RetainedEarningsOld Bal.(6)$9,200+1,500.+2,000$1,600$7,000$1,850$15,000$950+3,500 ServiceNew Bal.($10,700+$2,000+$1,600+$7,000j=($1,850+$15,000+$4,450Reve nueV$21,300V$21,300Cash is increased$1,500;Accounts Receivable应收账款 is increased$2,000;and Retained Earnings is increased$3,500.76TRANSACTI ON 7Expenses paid in cash for September are store rent,$600,salaries of employees,$900,and utilities,$200.77TRANSACTI ON 7 SOLUTI ONAssets=Liabilities+Stockholders9 EquityAccountsAccountsCommonRetainedCash+Receivable+Supplies+Equipment=Payable+Stock+EarningsOld Bal.(7)$10,700-1,700$2,000$1,600$7,000$1,850$15,000$4,450-600 Rent-900 Salaries-200 UtilitiesNew Bal.1$9,000+$2,000+$1,600+$7,000j=($1,850+$15,000+$2,750VV$19,600$19,600Cash is decreased$1,700 and Retained Earnings is decreased by$1,700.78TRANSACTI ONSoftbyte pays its Daily News advertising bill of$250 in cash.79TRANSACTI ONSOLUTI ONAssets=Liabilities+Stockholders5 EquityCash+AccountsReceivable+Supplies+Equipment=Accounts Common RetainedPayable+Stock+EarningsOld Bal.$9,000$2,000$1,600$7,000$1,850$15,000$2,750(8)250._-250 _New Bal.k$8,750+$2,000+$1,600+$7,000)=($1,600+$15,000+$2,750)V$19,350$19,350Cash is decreased$250 and Accounts Payable is decreased by$250.80TRANSACTI ON 9The sum of$600 in cash is received from customers who have previously been billed for services in Transaction 6.81TRANSACTI ON 9 SOLUTI ONAssets=Liabilities+Stockholders9 EquityCash+AccountsReceivable+Supplies+Equipment=AccountsPayable+CommonStock+RetainedEarningsOld Bal.$8,750$2,000$1