劍橋金融財務(wù)英語part2 accounting電子版本

1、劍橋金融財務(wù)英語part2 accountingAccounting、bookkeeping、auditing（4學時） Company law（2學時）Assumptions and principles（3學時） Depreciation and amortization（1學時） Financial statements（8學時） Financial ratios（2學時） Debit n. 借,借方,借記 Debit card 借記卡 v. 計入借方,借計 Debit an account 計入借方賬 Credit n. 貸,貸方,貸記 Credit card 貸記卡 v. 計入貸方,

2、貸計 Credit an account 計入貸方賬 The double-entry system uses a series of ledger accounts.(分類帳帳戶) A ledger account is created for every category of income, expenditure, asset and liability, plus the capital account. Ledger accounts are represented by T-accounts.The T account is a representation of a scale

3、 or balance.”ReceiveDEBITGiveCREDITScale or BalanceT accountLeft SideReceiveDEBITRight SideGiveCREDIT: a simplest form of an account, used to illustrate the effect of transaction.Account nameDebit entries(left side)Credit entries(right side)Exercises means to record the dual effects of each business

4、 transaction. Each transaction affects at least two accounts.Total debits must equal total credits. Cost accounting （P40） is a management information system which establishes stock valuation ,profits and balance sheet items as well as a system for planning, control and decision making. Cost accounti

5、ng involves calculating the costs, so that the company managers can know what prices to charge for particular products and services and which are the most profitable.Structure of manufacturing organization M ix in g B a k in g S to re sP ro d u c tio nA d m in is tra tio nM a rk e tin gP re s id e n

6、 tB o a rd o f D ire c to rsWal-MartComparing Merchandising and Manufacturing ActivitiesMerchandisers . . . Buy finished goods. Sell finished goods. Manufacturers . . . Buy raw materials. Produce and sell finished goods.Sony Cost centers are collecting places for costs before they are further analyz

7、ed,in general a department, a machine,a project,a product are termed cost centers. Cost unit is a unit of product or service to which costs can be related. The cost unit is the basic control unit for costing purposes. Cost ClassificationsDirect costs Costs that can be easily and conveniently traced

8、to a unit of product or other cost object. Direct material Direct Labor Other Direct expensesIndirect costCosts that can not be easily and conveniently traced to a unit of product or other cost object. Indirect material Indirect Labor Other indirect expenses Companies also differentiate between fixe

9、d costs and variable costs. Fixed costs are costs which are not affected by the level of activity within a relevant range. Variable costs are costs which increase with the level of activity within a relevant range.Absorption Costing 吸收成本法 A system of accounting for costs in which both fixed and vari

10、able production costs are considered product costs.FixedCostsVariableCostsProductActivity-based Costing SystemActivity based costing (ABC) is an alternative to moretraditional absorption costing. ABC involves theidentification of factors (cost drives) which cause thecosts of an organizations major a

11、ctivities. Support overheads are charged to products on the basis of their usage of an activity.Pricing （P42） How companies price a product or service? It is depends on the demand and supply When deciding whether it would be profitable to produce a product, or offer a service, companies do a breakev

12、en analysis. （P40） Breakeven point is the sales volume - the number of units sold - at which the company covers its cost - pays all its expenses. To make a profit, its necessary to sell more than this. . Several influences on pricing decisions（P40） The prices of rivals products The companys financia

13、l situation The companys objectives - the goals or aims it wants to accomplish The companys marketing policies - whether it is interested in maximizing sales or maximizing profit.pricing strategies（P42） Mark-up pricing/Cost-Plus Pricing（加成訂價法）: marketers add a percentage to the products cost in orde

14、r to arrive a selling price. Costs: $9 Pricing: $15 Markup: $6Rate-of-return pricing（收益率定價法） Involves determining total costs and then adding a desired rate of return on investment to them to determine the selling price Return on investment (ROI) is the profit as a percentage of the capital invested

15、 in the operation Price = Total cost + ROI/number of units skimming pricing（取脂定價策略） setting relatively high prices just as skimming the cream off the milk - Pricing new product. Usually for a unique or scare product with few or no substitutes A short-term strategy 蘋果ipod US$399US$499 Purpose:-to qui

16、ckly recover the costs or investment when there is no competitors.-to lower price and occupy market when there are competitors. Penetration pricing（滲透定價） When marketers charge a relatively low price to encourage members of a target market to try a product, it is called penetration pricing.-temporary

17、 Advantages:-quickly build up the sales volume-attract a large share of the market A. “Price point perspective” pricing (尾數(shù)定價) also called odd-even pricing(奇偶定價） For those low-value products28.99 yuanPrestige pricing (聲望定價策略) For those companies who have established the image of their products The p

18、roduct stays expensive throughout its life Set high price to satisfy customersGoing rate pricing 通行價格定價法 Charge the same price with the rivals Loss-leader pricing 犧牲品定價法 Offer some items at a very low price that isnt profitable to attract customers. Auditing means examining a companys systems of con

19、trol and the accuracy or exactness of its records, looking for errors or possible fraud. 審計是通過審查公司的控制系統(tǒng)以及會計記錄的準確性，尋找錯誤和可能的欺詐。（P12） An internal audit is carried out by a companys own accountants or internal auditors.(P26) 內(nèi)部審計是由公司的會計師或內(nèi)部審計員完成。 An external audit is done by independent auditors, who wi

20、ll give a true and fair view of the companys financial situation and results. (P26) 外部審計是由獨立審計員完成的，他將對公司的財務(wù)狀況和結(jié)果作出真實而公允的判斷。2.2 Company law（P16） There are many description for a business. We may hear terms such as firm, company, organization or corporation. These term do not always mean the same thin

21、g and there exist different types of business. Sole trader Partnership General partnerships Limited partnerships Company Sole trader （P16） An enterprise owned and operated by a single person - unlimited liability liability for debts liability means obligation to pay ones debt Partnership: （P16） Simp

22、ly speaking, it is a form of business in which two or more people operate business together for making profit. General partnerships Limited partnerships A general partnership is “an association of two or more persons to carry on as co-owners a business for profit.” Just like sole proprietors, all pa

23、rtners in a general partnership have unlimited liability, i.e. the partners are personally liable for obligations of the firm. Under a general partnership, assets of any of the partners can be used to cover the businesss liabilities regardless of which partner incurred the liability. And all the par

24、tners in a general partnership share control and participate equally in management of the business. A Limited Partnership is an association of one or more general partners together with one or more limited partners to conduct business for profit as co-owners. In a limited partnership, there is at le

25、ast one general partner. In a limited partnership, limited partners, whose liability is limited to the cash or property they contributed to the business. The general partners arrange and run the business, while the limited partners are investors only, and they take no part in the management of the f

26、irm or act on behalf of the company. Company： A company itself has a separate legal existence by law. It is quite different from the persons who compose it. It is treated like a private person under the law. It can receive, own and transfer property, enter into contracts, sue and be sued, etc. Most

27、companies have limited liability - the owners are not fully liable for the businesss debts - limited companies. Their liability is limited to the value of their share capital - the amount of cash that the shareholders have contributed to the company. Separated ownership and management Shareholders e

28、lect a board of directors, responsible for - establishing the general policies of the firm - electing the president and other key officers, who are then given the responsibility of running the business on a day-to-day basis. - declaring or not declaring dividends. The directors and the officers comp

29、rise the management Private companies（P18） Not allowed to sell stocks or shares on an open market Public limited companies Shares are publicly traded in stock exchange - a market where anyone can buy shares. Listed companies: information disclosure Quarterly reports（季度報告） Sales revenue: the money re

30、ceived by the company in that period from selling goods or services Gross profit: sales revenue less cost of assets Net profit: gross profit less administrative expenses and tax. Quoted companies Interim report（中期報告） Inform shareholders about the companies progress. All companies with shareholders h

31、ave to send them an Annual Report each financial year, containing: a review of the years activity an examination and explanation of the companies financial position and results. Public companies have to hold an Annual General Meeting（股東年會）. If there is a crisis, the directors or the shareholders can

32、 request to hold an Extraordinary General Meeting to discuss the situation. 2.3 Assumptions and principles Accounting assumptions （P22）Four accounting assumptionsSeparate entity or business entity assumptionTime-period assumptionContinuity or going concern assumptionUnit-of-measure assumption The se

33、parate entity or business entity assumption-會計主體假設(shè)會計主體假設(shè) It is that a business is an accounting unit separate from its owners, creditors and managers and their assets. The business can continue forever, even if the staff and owners change. Time-period assumption-會計分期假設(shè)會計分期假設(shè) The time-period assumpti

34、on states that the economic life of the business can be divided into artificial time periods such as the financial year, or a quarter or a month of it. 會計分期是指將一個會計主體持續(xù)不斷的經(jīng)營活動分割為若干個較短時期，據(jù)以計算賬目和編制會計報表，提供有關(guān)財務(wù)情況和經(jīng)營成果的會計信息。 Continuity or going concern assumption持續(xù)經(jīng)營假設(shè)持續(xù)經(jīng)營假設(shè) The continuity or going concer

35、n assumption says that a business will continue into the future. 持續(xù)經(jīng)營假設(shè)是指會計主體在可預見的未來，將會按照當前的規(guī)模和狀態(tài)繼續(xù)經(jīng)營下去，不會停業(yè)，也不會大規(guī)模的削減業(yè)務(wù)，更不會進行破產(chǎn)清算（liquidation） Unit-of-measure assumption-貨幣計量假設(shè)貨幣計量假設(shè) The unit-of-measure assumption is that all financial transactions are in a single monetary unit or currency. Take a

36、Chinese company for example, if its subsidiary is in the USA, the financial data should be calculated in $ in the US. When it reports its financial statements to its parent company, it has to convert its results into RMB Exercises on page 23Accounting Principles （P22）Companies can choose their accou

37、nting policies-theirway of doing their accounts. There are a range ofmethods of valuation（估價）（估價）-deciding how muchsomething is worth-and measurement（計量（計量determining how big something is-that are accepted bylaw or by official accounting standards. In the USA, Generally Accepted Accounting Principle

38、s (GAAP一般一般公認會計原則公認會計原則)In most other countries, International Financial ReportingStandards (IFRS國際財務(wù)報告準則國際財務(wù)報告準則)， set by theInternational Accounting Standards Board (國際會計準則委員會國際會計準則委員會)Besides, conventions are another important principle to follow.The full-disclosure principle:全部揭露原則全部揭露原則It state

39、s that financial reporting must include all significant information: anything that makes a difference to the users of financial statements.The materiality principle: 重要性原則重要性原則It says that very small and unimportant amounts do not need to be shown.The conservatism principle: 謹慎性原則謹慎性原則It states that

40、 where different accounting methods are possible, you choose the one that is least likely to overstate or over-estimate assets or income.The objectivity principle:客觀性原則客觀性原則It states that accounts should be based on facts and not on personal opinions or feelings. However, depreciation and some bad d

41、ebts are necessarily subjective.The revenue recognition principle: 收入確認原則收入確認原則It says that the revenue is recorded when a service is provided or goods delivered, not when they are paid for.The matching principle: 匹配原則（收支對應(yīng)原則）匹配原則（收支對應(yīng)原則）It states that each cost or expense related to revenue earned

42、must be recorded in the same accounting period as the revenue it helped to earn.The consistency principle:一致性原則Although businesses can choose among differentpolicies, they have to be consistent, which meansusing the same methods every year, unless thereis a good reason to change a policy.The histori

43、cal cost principle: 歷史成本原則It says that companies record the originalpurchase price of assets, and not their estimated currentselling price or replacement cost.The inflation accounting principle: 通貨膨脹會計原則It states that some countries with regular high inflation useinflation accounting systems that ta

44、ke account of changingprices Inflation: a general and progressive increase in prices; in inflation everything gets more valuable except money (synonym) rising prices (antonym) deflation 通貨膨脹（通貨膨脹（Inflation）指在指在紙幣紙幣流通條件下，因貨幣流通條件下，因貨幣供給供給大于貨幣實際需求，也即大于貨幣實際需求，也即現(xiàn)實購買力現(xiàn)實購買力大于產(chǎn)出供給，導致大于產(chǎn)出供給，導致貨幣貶值貨幣貶值，而引起的一

45、段時間內(nèi)物價持續(xù)而普遍地上漲現(xiàn)，而引起的一段時間內(nèi)物價持續(xù)而普遍地上漲現(xiàn)象。其實質(zhì)是象。其實質(zhì)是社會總需求社會總需求大于社會總供給大于社會總供給 （供遠小于（供遠小于求）。求）。 當貨幣數(shù)量的增長速度大于實物數(shù)量的增長速度時，就會當貨幣數(shù)量的增長速度大于實物數(shù)量的增長速度時，就會出現(xiàn)通貨膨脹。例如貨幣總量出現(xiàn)通貨膨脹。例如貨幣總量100元，實物總量元，實物總量10個蘋果個蘋果那么一個蘋果就價格那么一個蘋果就價格10元，如果第二年蘋果產(chǎn)出增加了元，如果第二年蘋果產(chǎn)出增加了10，也就是市場上有也就是市場上有20個蘋果，而貨幣增加了個蘋果，而貨幣增加了200也就是也就是300元元總量的貨幣，那么第二

46、年每個蘋果就價格總量的貨幣，那么第二年每個蘋果就價格15元，推廣到整元，推廣到整個經(jīng)濟體，物價水平就上升了，于是就出現(xiàn)通貨膨脹。個經(jīng)濟體，物價水平就上升了，于是就出現(xiàn)通貨膨脹。 2.4 Depreciation and amortizationassetsCurrent assets will be used or converted into cash in less than a yearFixed assets will continue to be used by the business for many yearsNature of fixed assets:1. they exi

47、st physically and thus are tangible assets2. they are owned and used by the company in its normal operations3. they are not offered for sale as part of normal operations.But fixed assets wear out - become unusable or obsolete, and eventually have little or no value.Consequently fixed assets are depr

48、eciated: their value on a balance sheet is reduced each year by a charge against profits（沖抵利潤） on the profit and loss account. The result is that the value of fixed assets isreduced and part of the cost of the asset is deducted from the profits each year. 結(jié)果是固定資產(chǎn)折舊：它們在資產(chǎn)負債表上的價值每年都會在損益表中的利潤里扣除。How to

49、 depreciate the fixed assets?1、 straight-line method: which means charging equal annual amounts against profit during the lifetime of the asset (e.g. deducting 10% of the cost of an assets value from profits every year for 10 years) 直線法、年限平均法：是指將固定資產(chǎn)的應(yīng)計折舊額平均的分攤到固定資產(chǎn)預計使用壽命內(nèi)的一種方法。2、 accelerated deprec

50、iation: businesses can deduct the whole cost of an asset in a short time. Its always used in many continental European countries. 加速折舊，是指按照稅法規(guī)定準予采取縮短折舊年限、提高折舊率 的辦法，加快折舊速度，減少應(yīng)納稅所得額的一種稅收優(yōu)惠措施。 其目的一是可以減少企業(yè)所得稅； 二是可以增強公司未來競爭和融資能力。 2.5 Financial statements2.5.1 The Balance Sheet（P28） The balance sheet is a

51、 static financial snapshot taken at the end of the year. 資產(chǎn)負債表是每年年末對財務(wù)狀況的靜態(tài)反映。 The Balance Sheet Identity is: 資產(chǎn)負債恒等式：IncomeExpensesRevenueWhat a company possess for productionObligations to the outsidersInitial investment+retained earnings In a balance sheet, assets lie in the left, liabilities and

52、 owners equity lie in the right. 在資產(chǎn)負債表中，資產(chǎn)位于左側(cè)，負債和所有者權(quán)益位于右側(cè)。 Left total value = right total value 左邊帳戶總和=右邊帳戶總和Types of Assets（P30） In accounting, assets can be divided into fixed assets and current assets. 會計中，資產(chǎn)可以分為固定資產(chǎn)和流動資產(chǎn)。 Fixed assets, known as long-term assets, will continue to be used by th

53、e business for a long time. 固定資產(chǎn)，又稱為長期資產(chǎn)，可以使用較長時間。 Current assets has a lifespan of one year or less, which is easily converted into cash and used as currency. 流動資產(chǎn)的期限不超過一年，容易變現(xiàn)成為現(xiàn)金或其等價物。 The accounting items of current assets : 流動資產(chǎn)的會計科目： Cash: include bank accounts and checks. 現(xiàn)金：包括銀行存款和支票。 Cash e

54、quivalents: stocks, T-bills and other money market instruments. 現(xiàn)金等價物：股票、國庫券及其他貨幣市場工具 Accounts receivable: 應(yīng)收賬款 Inventory : raw materials, work-in-progress (WIP) and finished goods. 存貨：原材料、在產(chǎn)品、產(chǎn)成品。 Assets can also be classified as tangible and intangible. 資產(chǎn)又可以分為有形資產(chǎn)和無形資產(chǎn)。 Tangible assets are assets

55、 with a physical existence, such as property, plant and equipment. 有形資產(chǎn)指有物質(zhì)形態(tài)的資產(chǎn)，例如地產(chǎn)、廠房及設(shè)備 。 Intangible assets include brand name, patents and trademarks. Networks of contacts, loyal customers, reputation, trained staff, or “human capital”, and skilled management can also be considered as intangibl

56、e assets. 無形資產(chǎn)包括品名、專利、商標。關(guān)系網(wǎng)絡(luò)、忠誠客戶、商譽、人力資本、有經(jīng)驗的管理層也可被認為是無形資產(chǎn)。Types of Liabilities （P32） Liabilities are amounts of money that a company owes, also can be divided into current and long-term. 負債是一個公司所欠的款項，同樣可以被分為流動負債和長期負債。 Current liabilities are expected to be paid within a year of the date of the ba

57、lance sheet. 流動負債是需要在資產(chǎn)負債表日之前的一年內(nèi)需要償還的債務(wù)。 Creditors: suppliers of goods or services to the business who are not paid at the time of purchase; 債權(quán)人：商品或服務(wù)的供貨商 Current liabilities Short-term debt Accounts payable Accrued expense Total current liabilities Non-current liabilities Deferred income taxes Lon

58、g-term debt Other non-current liabilities Total Non-current liabilities Total liabilities 1555 5049 8593 15197 950 3402 1201 5553 20750Owners Equity （P28） Owners equity is the initial amount of money invested into a business plus the retained earnings. It stands for a companys total net worth. 所有者權(quán)益

59、是最初投資到公司的資金，加上留存盈余。它代表了一個公司的總價值。 It includes: The original share capital 原始股本 Share premium 股本溢價 Retained earnings 未分配利潤 Reserves: funds set aside from share capital and earnings, retained for emergency or other future needs. 盈余公積：股本和利潤中的一部分，以備緊急狀況和其他未來需要。美國XX公司的資產(chǎn)負債表(單位：百萬單位：百萬)20X2 和和20X1資產(chǎn)負債表資產(chǎn)負債

60、表美國美國XX公司公司負債負債 (債務(wù)債務(wù))資產(chǎn)資產(chǎn)20X220X1和股東權(quán)益和股東權(quán)益20X220X1流動資產(chǎn):流動負債： 現(xiàn)金及現(xiàn)金等價物$140$107 應(yīng)付帳款$213$197 應(yīng)收帳款294270 應(yīng)付票據(jù)5053 存貨269280 應(yīng)計費用223205 其它5850 流動負債合計$486$455 流動資產(chǎn)合計$761$707長期負債：固定資產(chǎn): 遞延稅金$117$104 財產(chǎn)、廠房和設(shè)備$1,423$1,274 長期債務(wù)471458 減：累計折舊-550-460 長期負債合計$588$562 財產(chǎn)、廠房及設(shè)備凈值873814 無形資產(chǎn)及其它資產(chǎn)245221股東權(quán)益 固定資產(chǎn)合計$1