学习资料-会计专业常用英语词汇解析

obligation
债项；责任；义务
obligation bond
债务债券
obligee
受惠人
occupational retirement scheme
职业退休计划
Occupational Retirement Schemes Division [Financial Services Bureau] 退休计划部〔财经事务局〕
odd lot
散股；碎股；零股
odd lot broker
散股经纪
OECD country
经济合作及发展组织国家；经济合作及发展组织的成员国
OECD stock market
经济合作及发展组织国家的证券市场
off-balance-sheet exposure
资产负债表外的风险
off-balance-sheet financing
帐外融资；资产负债表外的融资
off-balance-sheet item
资产负债表外的项目
off-balance-sheet transaction
帐外交易；资产负债表外的交易
offer
要约；建议；收购
offer by tender
招标发售
offer document
要约文件；建议文件
offer for sale
要约出售
offer for subscription
公开招股
offer mechanism
招股机制
offer of shares for public subscription 公开招股
offer period
要约期
offer price
要约价；发盘价
offer rate
拆出息率
offer to buy
要约买入
offer to lend
要约贷出
offer to sell
要约卖出
offeree
受要约人
offeree company
受要约公司
offeree shareholder
受要约公司的股东
offeror
要约人
offeror company
要约公司；提出要约公司
off-floor terminal
离场交易终端机
off-floor trading
离场交易
office of profit
有收益的职位
Office of the Commissioner for Securities and Commodities Trading 证券及商品交易监理专员办事处
Office of the Commissioner of Banking
银行业监理处
Office of the Commissioner of Insurance
保险业监理处
Office of the Exchange Fund
外汇基金管理局
Office of the Telecommunications Authority Trading Fund
电讯管理局营运基金
Official Administrator
遗产管理官
official emolument
官职薪酬
official listing
正式上市
official rate
法定汇率；官价
Official Receiver
破产管理署署长
Official Receiver's Office
破产管理署
official trustee
法定受托人
off-market dealing
场外买卖
offset
抵销；弥补；冲销
offsetting position
相抵持仓
offshore bank
离岸银行
offshore borrowing
海外借款
offshore borrowing transaction 海外借款交易
offshore business
海外业务
offshore currency deposit market 海外货币存款市场
offshore fund
离岸基金
offshore interest
海外利息
offshore reinsurance income
离岸再保险入息
Offshore Supervisors Group
离岸监理组织
off-site review
非实地审查
off-site scrutiny
非实地审核
Ogaki Kyoritsu Bank, Ltd.
大垣共立银行
omission of income
漏报入息
omission of profit
漏报利润
on account basis
记帐方式；赊帐方式
on-balance-sheet item
资产负债表内的项目
on-cost
间接成本；间接费用；附加行政费用
one board lot of securities
“一手”证券
"one building" condition
“一家分行”的规定
one day rolling currency futures
单日掉期外汇期货
one day rolling currency futures contract 单日掉期外汇期货合约
one price
单一价格；不二价
one-line vote
整笔拨款
one-off grant
一次过拨款
one-off item
one-off payment
一次过拨款；单一笔款项
one-off subsidy
一次过补贴
onerous tax
繁苛税项；繁重税率
on-floor order
场内买卖盘
on-lending
转借
on-site examination
实地审查
open a position
“做仓”；开仓
open account
未清帐户；记帐交易；往来帐户
open contract
未平仓合约
open economy
开放经济
open interest
未平仓合约数量
open market
公开市场
open market value
公开市场价值；市值
open offer [listing method]
公开售股〔上市方式〕
开仓订单
open outcry
公开叫价；公开喊价
open position
未平仓交易
open price
开仓价格
open tender
公开投标
open-end fund
开端基金
open-ended investment corporation 股份不定的投资公司
opening balance
期初结余
opening price
开盘价格；开市价
opening quotation
开市价；开市行情
opening rate
开盘汇价
operating account
营业帐目；营业帐户；经营帐目
operating agreement
营运协议
operating cost
营运成本；运作成本；操作成本
operating deficit
营业亏损；经营赤字
operating expenditure
经营开支；营运开支；营业支出
operating expenses
营运开支；营业费用
operating income
营运收入；营业收入
operating loan
经营业务所需贷款
operating profit
营业利润
operating revenue
营运收入；营业收益
operating services account
营运服务帐目
operating statement
经营收支表；营业损益表
operating surplus
经营盈余；营业盈余
operation
经营；营运；投产
operational fund
经费
operative aggregate
现行总体数字
operator
经营者；营运者；营办商
opportunity cost
机会成本
optimist
“好友”
optimum rate of expenditure
最适当支出率
option
期权；认购权；选择权；选购权
option contract
期权合约
option money
期权费
option on a futures contract
期货合约期权；期货期权
option on commodities
商品期权
option position
期权持仓量
option premium
期权金；期权溢价
optional stipulation
选择性规定
Options Clearing Corporation [Chicago]
期权结算公司〔芝加哥〕
Options Clearing House Pty Limited [Sydney] 期权结算所有限公司〔悉尼〕
Options Clearing Rules
《期权结算规则》
options market
期权市场
options market maker
期权“庄家”
options pricing model
期权定价模式
options trading
期权交易
options trading member
期权交易会员
Options Trading Rules
《期权交易规则》
order
订单；命令；买卖盘
order cheque
记名支票；抬头支票
order for payment of money 付款指令票据
order for purchase
订购书
order for redirection
转寄令
order for sale
售卖令
order of discharge
破产解除令
order of foreclosure absolute 绝对止赎令
order of mail transfer
信汇委托书
order to pay admitted debt 偿付承认债项令
order-based system
以买卖盘为基础的制度
ordinary annual contribution
经常性每年捐款
ordinary course of business
通常业务运作
ordinary creditor
普通债权人
ordinary share
普通股
ordinary share capital
普通股股本
organization expenses
开办费
Organization for Economic Co-operation and Development [OECD] 经济合作及发展组织〔经合组织〕
Organization of Petroleum Exporting Countries [OPEC]
石油出口国组织
Orient First Capital Limited
建银财务（香港）有限公司
original estimates
原来预算
original executor
原遗嘱执行人
original issue price
原本发行价
original margin
原始保证金；基本按金
original mortgagee
原承按人
original mortgagor
原按揭人
original receipt
收据正本；收条正本
original securities
原有的证券
ORIX Asia Limited
欧力士（亚洲）有限公司
ornament gold
饰金
Osaka Securities Exchange 大阪证券交易所
Oslo Stock Exchange
奥斯陆证券交易所
O.T.B. Card Co. Ltd.
海外信用卡有限公司
ounce troy
金衡安士
outflow of capital
资本外流；资金外流
outflow of fund
资金外流
outflow of money
资金外流
outgoing partner
退出的合伙人
outgoings
支出
outgoings and expenses
支出及开支
outlay
费用；开支；支出
outlying business district
市区外商业区
out-of-hours trading
在正式交易时间以外的交易
out-of-pocket expenses
实付费用；付现费用
out-of-the-money option
无价期权；价外期权
outport collection
外埠代收款项
output
产出；产值；产量
outside dealing
场外买卖；场外交易
outstanding
未偿还；尚未支付
outstanding account
未清帐项；未清帐目
outstanding allocation
应拨未拨的款项
outstanding amount
未偿还的数额
outstanding balance
未清帐款；未清余额
outstanding bill
未偿付票据；未兑现票据
outstanding borrowing
未清偿债项
outstanding claim portfolio
未决申索组合
outstanding commitment
尚未支付的承担额
outstanding derivatives contract
尚未平仓的衍生工具合约
outstanding loan
尚未清还的贷款
outstanding negotiable certificate of deposit 未兑现的可转让存款证
outstanding tax
欠税
outstanding uncapitalized interest
尚未支付且未化作本金的利息
outturn
结算；结算数字
outward documentary bill
出口跟单汇票
outward remittance
汇出汇款
over and above inflation
减除通胀因素
overall average internal rate of return
平均总体内部回报率
overall Consumer Price Index
总体消费物价指数
overall domestic export
本地产品出口总额
overall growth rate
整体增长率；总增长率
overall investment
总投资额；总体投资
overall liquidity ratio
总体流动资金比率
overall price relative
全面相对价格
overall surplus
总盈余
overall tally
全面总计
overbuying
超买；买空
over-commitment
超额承担
overdraft
透支
overdraft by banks abroad
海外银行同业透支
overdraft by banks in foreign countries 外国银行同业透支
overdraft by local banks
本港银行同业透支
overdraft by outport banks
外埠银行同业透支
overdraft of an account
户口透支
overdraft on banks
向银行同业透支
overdraft on banks abroad
向海外银行同业透支
overdraft on banks in foreign countries
向外国银行同业透支
overdraft on local banks
向本港银行同业透支
overdraft on outport banks
向外埠银行同业透支
overdraft secured
抵押透支
overdue
逾期
overdue loan
过期贷款
over-employed economy
过度活跃的经济
overhang
剩余承担；未完成的承担额；过剩额
overhead
间接费用；间接成本
overhead cost
间接成本
overheated economy
过热的经济
overheated market
过热的市场
overnight Hong Kong interbank offered rate 香港银行同业隔夜拆息率
overnight liquidity assistance
隔夜流动资金贷款
overnight margin
隔夜保证金；隔夜按金
overnight money
隔夜拆借资金；隔夜钱
overnight position
隔夜头寸
overnight rate
隔夜利率
overpaid amount
多缴数额
overpayment of contribution
多缴供款
overrun
超支
overrun cost
超额费用
Oversea-Chinese Banking Corporation Ltd.
华侨银行有限公司
overseas bank
海外银行
overseas banking corporation
海外银行法团
overseas branch
海外分行
Overseas Companies Section [Companies Registry] 海外公司注册组〔公司注册处〕
overseas currency balance
海外货币结余
overseas financial institution
海外财务机构
overseas interest
海外利息
overseas investment
海外投资
overseas market
海外市场
overseas representative office 海外代表办事处
Overseas Trust Bank Ltd.
海外信托银行有限公司
Overseas Union Bank Ltd. 华联银行
overselling
超卖；卖空
oversight of markets
监察市场
over-spending
超额支出；超支
overtax
超额征税；征税过重
over-the-counter derivative 场外交易衍生工具
over-the-counter market
场外交易市场
over-the-counter trading
场外交易；柜台交易
over-the-counter transaction 场外交易；柜台交易
overtrading
过量交易
owner-occupier allowance
自住业主津贴
ownership
所有权；拥有权
ownership in common
分权共有权
会计专业英语
会计专业英语
Accounting
English
INTRODUCTION TO ACCOUNTING ENGLISH 5
CHAPTER 1 INTRODUCTION TO ACCOUNTING 6
§ 1.1 THE IMPORTANCE OF ACCOUNTING （会计的重要性） 6
§ 1.2．ACCOUNTING AS A PROFESSION （会计职业） 7
§ 1.3．ACCOUNTING KNOWLEDGE SYSTEM（会计学科体系） 7
§ 1.4．PROFESSIONAL ACCOUNTING BODIES（专业会计团体） 8
§ 1.5．ACCOUNTING POLICIES AND ACCOUNTING STANDARD 9
（会计的法规体系和基本会计准则） 9
§ 1.6．FUNDAMENTAL ACCOUNTING CONCEPTS (基本会计理念) 10
1.6. 1. FOUR BASIC ACCOUNTING ASSUMPTIONS 10
1.6.
2. IMPORTANT BASIC ACCOUNTING PRINCIPLES 11
CHAPTER 2 THE ACCOUNTING ELEMENTS AND EQUATION 13
2.1．THE ACCOUNTING ELEMENTS 13
2.1.1 ASSETS 13
2.1.2 LIABILITIES 负债 14
2.1.3 OWNER’S EQUITY 所有者权益 14
2.1.4 REVENUE (INCOME) 收入 15
2.1.5 EXPENSE (OUTCOME) 费用 15
2.1.6 PROFIT/ LOSS 利润或亏损 15
2.2. THE ACCOUNTING EQUATION 16
2.2.1 THE ACCOUNTING EQUITATION（会计恒等式） 16
2.2.2 HOW THE BUSINESS TRANSACTIONS EFFECT ON THE ACCOUNTING EQUITATION (经济业务与会计恒等式的关系) 16
2.2.3 CONCLUSION 18
EXERCISES 18
CHAPTER 3 DOUBLE ENTRY ACCOUNTING & LEDGER ACCOUNTS 19
3.1. THE DOUBLE ENTRY ACCOUNTING (复式记账) 19
3.2. APPLICATION OF DOUBLE-ENTRY ACCOUNTING PRINCIPLE (复式记账的应用) 21 3.3. THE LEDGER ACCOUNTS分类账户 22
3.3.1 THE LEDGER ACCOUNTS 22
3.3.2 PRACTICE: RECORD THE TRANSACTIONS ON THE RELEVANT LEDGER ACCOUNTS (实训: 登T型账) 23
3.4 TRIAL BALANCE (试算平衡) 26
26
TABLE 3.4 :TRIAL BALANCE (试算平衡表) 27
CHAPTER 4 TRANSACTIONS & DOUBLE-ENTRY ACCOUNTING 31
4.1. INTRODUCTION OF BUSINESS OPERATIONS: 31
4.2. ACCOUNTING FOR MERCHANDISING BUSINESSES 33
4.2.1 ACCOUNTING FOR SUPPLYING TRANSACTIONS(供应过程的会计核算) 33
--- MERCHANDISES / INVENTORY（存货, 货物） 33
4.2.2 ACCOUNTING FOR SALES TRANSACTIONS（销售过程的会计核算） 37
4.3. MANUFACTURING BUSINESS 40
4.3.1 INTRODUCTION OF MANUFACTURING CYCLES 40
4.3.2 ACCOUNTING FOR MANUFACTURING PROCESSES (生产过程的会计核算) 41
4.4. REVISION CLASSES 43
CHAPTER 5 BASIC FINANCIAL STATEMENT 45
5.1. BALANCE SHEETS (资产负债表) 45
5.1.1 EXHIBITION5-1: BALANCE SHEET 46
5.1.2 PRACTICAL EXAMPLE OF BALANCE SHEET 48
-- PRACTICAL EXAMPLE 1(实例 1 ): BALANCE SHEET OF ABC CO. LTD 48
-- PRACTICAL EXAMPLE 2(实例 2 ): BALANCE SHEET OF TM CO. LTD 48
5.2. INCOME STATEMENT (OR PROFIT AND LOSS STATEMENT) (利润表) 51
5.2.1 EXHIBITION5-2: INCOME STATEMENT 52
-- PRACTICAL EXAMPLE 1(实例 1 ): INCOME STATEMENT OF XYZ CO. LTD 53
-- PRACTICAL EXAMPLE 2(实例 2 ): BALANCE SHEET OF TM CO. LTD 54
5.3. CASH FLOW STATEMENTS (现金流量表) 56
5.3.1 CLASSIFICATION OF CASH FLOWS 56
5.3.2 EXHIBITION5-3: CASH FLOW STATEMENT 57
-- PRACTICAL EXAMPLE 1(实例 1 ): STATEMENT OF CASH FLOW XYZ CO. LTD 59 CHAPTER 6 ACCOUNTING CYCLES 61
6.1. STEPS IN ACCOUNTING CYCLE 61
6.2. RECORDING JOURNAL ENTRIES AND POSTING TO LEDGER ACCOUNTS （编制日记账和登记总账） 62
6.2.1 WHAT SHOULD BE POSTED? 62
6.3. ADJUSTING ENTRIES （账户的调整） 64
6.3. CLOSING ENTRIES (临时账户的结转) 67
CHAPTER 7 SAMPLE DOCUMENTS 61
7.1. BILLS (票据) 69
7.1.1 汇票 69
7.1.1支票 70
7.2. INVOICES (单据) 72
7.2.1 合同 72
7.2.2海运提单 73
7.2.3装箱单 76
7.3. OTHER RELEVANT DOCUMENTS(其它凭证和文件) 78
CHAPTER 8 APPENDIXES 91
第一节：英语最常用口语118句 91
第二节：公司部门名称对照 94
第三节：常见职务中英对照 95
Introduction to Accounting English
会计英语概论
l Why do we learn it? （为什么要学《会计英语》?）
（1）跨国公司（2）国际业务（3）国际投资
l What are the Learning objectives? （《会计英语》的学习目标？）
1．快速掌握财会专业通用英语词汇，以提高专业英语能力。

2．快速掌握西方财务会计的基本知识，以提高专业素质。

3．熟练掌握制作基本的英语会计凭证、会计报表和财务报告的技能。

l How to learn it successfully? （如何学好《会计英语》？）
1. 兴趣培养
2. 巧记单词
3. 勤读、勤写和勤译
Example
ü Share - holders（股东） = Share（股票）+ holders（持有者）
ü Share - holder’s Equity = owner’s equity（所有者权益）
= share- holder’s (股东) + Equity（股票价值）
ü Assets (资产) ：
l Current assets (流动资产)：cash（现金），cash in the bank(银行存款)，short-term investments（短期投资）, account receivable(应收账款)
l Non-current assets（非流动资产）：long-term assets （固定资产），intangible assets(无形资产)，long-term investments(长期投资)
ü Liabilities(负债)：
l Current liabilities (流动负债)：account payable(应付账款)、short-term borrowings(短期借款)
l Non-current liabilities（非流动负债）：long-term loan （长期借款），mortgage(按揭贷款)
Chapter 1 Introduction to Accounting
第1章会计英语概论
Learning Objectives（学习目标）：
After learning of this chapter, the students would have a general knowledge of the importance of accounting，users of the accounting information，accounting knowledge system， accounting as a profession，some important professional accounting bodies, the underlying accounting assumptions and the basic accounting policies.
§ 1.1 The Importance of Accounting （会计的重要性）
2 What is accounting?
In general sense, accounting can be defined as a “business information system” which communicate the economic activ ities and condition of a business (in monetary terms) to the business stakeholders, so that, they can make right decisions.
2 Who are the users of accounting information? - business stakeholders
(a) External business stakeholders（financial accounting information）:
ü Creditors债权人 (e.g. bankers), owners所有者, shareholders,
ü Customers客户, suppliers供应商,
ü governments (e.g. legislation法律, tax税),
ü other organizations (e.g. Trade Union商会, UNEP联合国环境规划署，WTO世界贸易组织)
(b) Internal business stakeholders (managerial accounting information): ü Directors, CEOs（首席执行官）, managers, supervisors（主管）,
ü employees
§ 1.2．Accounting as a profession （会计职业）
A person who specializes in the accounting field is known as an accountant. But, what specifically your careers will be?
For example：
Financial accountant (财务会计) / Cost accountant (成本会计)
Managerial accountant（管理会计）/ CFO (chief financial officer)（首席财务官）
Internal auditor （内部审计）/ tax accountant (税务会计)
CPA （注册会计师）/ External auditor (外部审计)
§ 1.3．Accounting knowledge system（会计学科体系）
会计学科体系中文对照职业对照
Accounting 会计学 Accountant
Financial Accounting 财务会计 Financial accountant
Cost Accounting 成本会计 Cost accountant
Managerial Accounting 管理会计 Managerial accountant
Tax Accounting 税务会计 Tax accountant
Auditing 审计学 Internal auditor /External auditor
Others:Accounting TheoryInternational AccountingComparative Accounting 会计理论国际会计比较会计
§ 1.4．Professional accounting bodies（专业会计团体）
(1) Examples of foreign professional accounting bodies:
? ACCA 英国特许公认会计师公会
? AICPA America 美国注册会计师协会
? CGA Canada 加拿大注册会计师公会
? CPA Australia 澳大利亚注册会计师公会
(2) The “Big Four” international accounting companies（全球规模最大的四个会计师事务所）
事务所名称主要起源国员工数（1999年数据）
KPMG（毕马威）荷兰、英国、美国、德国 7万3千
Ernst & Young（E&Y） (安永) 美国、英国 6万8千
Pricewaterhouse Cooper（PWC）(普华 -- 永道）英国、美国 11万3千
Deloitte Touche Tohmatsu (D&T)（德勤）英国、美国、加拿大、日本 6万1千Arthur Andersen (AA)(安达信) 美国（2002年因“安然破产事件”已停止营业） 5万1千
§ 1.5．Accounting policies and accounting standard
（会计的法规体系和基本会计准则）
Our country’s financial accounting regulations system is constituted by ‘Accounting Law’, ‘Corporate accounting standards’, ‘corporate accounting regulations’ (我国企业财务会计法规体系由会计法、企业会计准则、企业会计制度组成)。

Other important accounting regulations in the world include:
? IAS 国际会计准则
? FRS 英国财务报告准则
? AASB 澳大利亚会计准则
? FAS 美国财务会计准则
SEC 证券交易委员会的财务会计文件公告（e.g. SEC1，2，3，4）
GAAP 企业会计实务公认会计原则
§ 1.6．Fundamental accounting concepts (基本会计理念)
1.6. 1. Four Basic accounting assumptions (会计核算的基本假设)
l （1）Economic Entity Assumption （“会计主体”假设）
Economic Entity Assumption assumes that the business is a separate entity from its owners.
l （2）Going Concern Assumption （“持续经营”假设）
Going Concern Assumption assumes that the business will be in operation for an infinite time.
l （3）Monetary Unit Assumption （“货币计量”假设）
Monetary Unit Assumption Assumes a stable currency is going to be the unit of record. In our country, the monetary unit is Chinese ￥
l （4）Periodicity Assumption （“会计期间”假设）
Periodicity Assumption assumes that the business operations can be recorded and separated into different periods.
Our <Accounting law> provides that our country’s accounting period is one year, which is from every year’s 1st/01 to 31st/12 It is also called a financial year (财政年度)。

For some countries, the financial year starts from 1st/07and end to 30/06.
1.6.
2. Important basic accounting principles (会计核算的基本原则)
(1) Principle of objectivity（“真实性”或“客观性”原则）
Information in the accounting records should be based on the most reliable data. If it is possible, use the verifiable official market prices rather than obtained by personal judgment or estimation (e.g. invoices 发票, receipts 收据, price estimated by professional organizations 专业机构估价).
(2) Historical Cost principle (“历史成本”原则)
Assets acquired, services, sales and expenses are recorded at their acquisition (historical) costs and the Costs are maintained in the records until a sale or disposal, despite fluctuations in the market price.
(3) Revenue recognition principle
K Under the Accrual basis accounting(“权责发生制”或“应收应付制”原则): Revenues and expenses are recognized as earned at the time of sale, regardless whether the cash for that is actually received or expensed. The time that sale is made is the time when the legal ownership of the products are transferred to the buyers. Our country’s corporate accounting standards require companies to use the Accrual basis accounting.
K Cash basis accounting (“现金制”或“实收实付制”) is opposed(相反), which recognize revenues when money is received or recognize expenses when money is expensed.
(4) Matching principle（“配比制”原则）
This principle requires companies to use the accrual basis of accounting. Expenses are the resources consumed to generate revenue in a business. It requires expenses be matched with revenues.
(5) Principle of conservatism （“谨慎性”原则）
Potential losses should be recognized in the accounting records as soon as they are foreseen. Alternately, potential gains are not recognized until they occur; that is, until they are realized.
(6) Principle of full disclosure （“重要性”原则）
A company’s financial statements should report enough information for outsiders to make informed decisions about the company. It can be reflected in the statement ( bad debts 坏账准备金/ depreciations 累计折旧) or explained by the footnotes（脚注或附注）. However, the company should also consider the cost-benefits to obtain such a full disclosure.
(7) Principle of materiality （“决策重要性”原则）
If a transaction or a transaction amount affects a business decision, it is relevant and significant (material重要). Such a transaction or amount requires strict adherence to proper accounting procedures. Insignificant （不重要） transactions and amounts may be recorded as is most convenient.
We as decision makers, also expect the information provided to be consistent along the periods and to be comparable with other entities.
(8) Principle of consistency （“一致性”原则）
In order to compare financial performance from period to period, one business should employ the same accounting procedures during each period, if it is not subject to specific policies.
(9) Principle of Comparability (“可比性”原则)
Financial information of one company can be compared to the financial information of another company in the same industry. This means companies should follow some similar rules to conduct accounting.
Chapter 2 The Accounting Elements and Equation
第2章会计要素与会计恒等式
Learning Objectives（学习目标）：
After learning of this chapter, the students would master the required knowledge of accounting elements and accounting equation, and the effects of business transactions on the accounting equation.
2.1．The accounting elements (会计要素)
The accounting information is classified into 6 categories：Assets，liabilities, owners’ Equity, Revenue, Expense and Net earnings(or Net loss). They are called the six accounting elements.
2.1.1 Assets 资产
l What are Assets?
They are future economic benefits(经济利益) owned or controlled（拥有或控制） by the entity as a result of past transactions（交易） or other events （事件）.
l Assets are divided into two categories:
l Current Assets （< 1 year）
– Cash 现金/ cash in the bank银行存款
– Items of value that will be converted to cash within one year of the statement date (e.g. 6-months term deposit, account receivable)
–Items can be used up (consumed) within one year of the statement date (e.g. Prepaid Rent预付租金, )
l Non-current Assets ( > 1 year)
– Items of value that the firm intend to hold for longer than one year from the statement date. (e.g. Equipment设备, Motor Vehicles车辆).
2.1.2 Liabilities 负债
l What are liabilities?
Liabilities are future sacrifices of economic benefits (未来经济利益的流出) that an entity is presently obliged(现时的义务) to make to other entities as a result of past transactions or other events .
l Liabilities are also divided into two categories:
l Current liabilities ( < one year) :
– Debts that are due to be repaid within one year (e.g. Account payable 应收账款, Bank overdraft银行透支款, 6 Months Bank Loan 6个月银行贷款)
l Non-current liabilities （ > one year）:
– Debts that are due for repayment after one year (e.g. 5 year loan 5年期银行贷款, mortgage按揭贷款)
2.1.3 Owner’s equity 所有者权益
l What is Owners’ Equity?
Owner’s equities are the owners’ claim on the entity’s net assets or residual value of assets(净资产).
l Owner’s equity includes：
（1）Owner’s investment in the business (e.g. capital实收资本);
（2）Accumulated operating benefits from the beginning of the operation（e.g. retained profits未分配利润, Surplus reserves 盈余公积，dividends股利）。

2.1.4 Revenue (Income) 收入
l What is revenue?
Revenue is the inflow of the economic resources into the entity as a result of the activities (such as providing goods or services to other economic entities, and so on). Increase in revenue will increase the amount Owner’s Equity.
l The examples of revenue include: sales revenue, service revenue, and investment revenue, ect.
2.1.5 Expense (Outcome) 费用
l What is expense?
Expense are the outflow of a business’s economic resources resulting from the activities (such as purchasing goods or receiving services from other economic entities，and so on). Increase in expense will decrease owner’s equity.
l The examples of revenue include: Cost of goods sold(生产成本)，labors costs( 劳务费用)，administrative expenses（管理费用），manufactory costs(制造费用)，financial costs(财务费用)，sales costs(营业费用)， and so on。

2.1.6 Profit/ loss 利润或亏损
l What is profit (or loss)?
n Profit is the amount of incomes minuses(减去)expenses, if it is positive(正). It is also called net income or net earnings.
n Net Loss is the amount of incomes minuses(减去)expenses, if it is negative （负）.
2.2. The accounting equation （会计恒等式）
2.2.1 The accounting equitation（会计恒等式）
Assets = Equities (所有权)
Creditors债权人 Owners（所有者）
Assets = liabilities + owner’s equity
资产 = 负债 + 所有者权益
2.2.2 How the business transactions effect on the accounting equitation (经济业务与会计恒等式的关系)
Any activity of a business which affects the accounting equitation is a transaction. The effect of any transaction on the accounting equation may be indicated by increasing or decrea sing a specific asset, liability or owner’s equity.
n Transaction (1): Andy is one owner of ABC company, he invested $30,000 cash in the company.
Solution: Assets = liabilities + owner’s Equity
Cash + $30,000 Andy, Capital +$30,000
In Balance : + $30，000 = + $30,000
Effect on accounting equation: an increase in asset offset by an increase in the owner’s equity
n Transaction (2): ABC company purchased office equipment from Kingdom company for $2 000 on credit (赊购)
Solution: Assets = liabilities + owner’s Equity
Office equipment + $2000 Account payable +$2000
In Balance: + $2000 = + $2000
Effect on accounting equation: an increase in an asset offset by an increase in a liability
n Transaction (3): ABC company purchased office supplies(办公用品) for $350 in cash
Solution: Assets = liabilities + owner’s Equity
Office supplies + $350
Cash - $350
In Balance
Effect on accounting equation: an increase in an asset offset by an decrease in another assets
n Transaction (4): ABC Co. pay the amount owed to Kingdom Co. use cash in its bank account
Solution: Assets = liabilities + owner’s Equity
Cash in the bank - $2000 Account payable - $2000
In Balance: - $2000 = - $2000
Effect on accounting equation: a decrease in an asset offset by a decrease in a liability
2.2.3 Conclusion
From the above analysis, it can be concludes that each business transaction produces at least two effects on the accounting equation which always keeps balance after all the transaction (The total amount of left-hand side equals that of the right-hand side). No matter what transactions occurred, the balance of the accounting equation will never be broken up.
Exercises
Case案例1: Michael’s dental clinic incurred following transactions：
1) Initial Investment of $4000 started the business投资4000美元开业。

2) Bought office supplies by cash $300支付300美元现金买办公用品。

3) Bought office furniture from Brown Furniture Co. on credit $2000从布朗家具公司赊账购买家具2000美元。

Case案例2: the business transaction for John. Watt Co. in Jan.
1) Received $1000 in cash for the service performed提供服务，收取现金1000
美元.
2) Paid wages to an employee $500 for cash以现金支付雇员工资500美元
Chapter 3 Double entry accounting & ledger accounts
第3章复式记账和账户设置
Learning Objectives（学习目标）：
After learning of this chapter, the student should have a solid knowledge of the double entry accounting system, chart of accounts, nature of ledger accounts, and could eventually recording business transactions within ledger accounts.
3.1. The double entry accounting (复式记账)
In Chapter 2, we saw how business transactions cause a change in one or more of the three basic accounting elements. Every transaction affects at least two accounting elements. This forms the basis of double-entry accounting. A T account is commonly used for instructional purpose.
Chart 图3. 1 : T account
The principle of double-entry accounting requires that each business transaction must be recorded by an entry that has equal amount of debits and credits. Assets accounts are increased by debiting and decreased by crediting, and usually have debit balanc es. While, Liability and owner’s equity accounts are increased by crediting and decrease by debiting, and usually have credit balances.
Chart3.2： Summary 概括
3.2. Application of double-entry accounting principle (复式记账的应用) The following wer e the business transactions for Andy’s dental clinic in Jan 20X6 下面是 Andy牙科诊所20X6，1月的经济业务：
1. The owner Andy invest $20 000 cash into business
DR Cash in bank A +
CR Capital OE +
2. Purchase a Motor Vehicle for $16,000 cash
DR Fixed asset (Motor Vehicle) A +
CR Cash in bank A -
3. Purchase an air conditioner on credit for $16,000
DR Fixed asset (air conditioner) A +
CR Account payable L +
4. Received Accounting service revenue $1500
DR Cash in bank A +
CR service revenue R +
5. Sold goods on credit for $1000 that originally cost $600
DR Account payable A + $1000
CR Sales revenues R + $1000
DR Cost of good sold E + $ 600
CR Inventory A - $ 600。