会计英语第七章复习
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Present
. . . For future sacrifices
Past
Future
What is a Liability?
FASB, defines liabilities as: “probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other
1 .Interest payable is non-current liabilities. (F) non-current – current 2. Notes payable include commercial acceptance draft and bank acceptance draft. (T) 3. When the note is dishonored, the book balance of notes payable should be converted to short-term loans. (T) 4. Advances from customers are also current liabilities until the goods are delivered. (T)
1. Declaration of dividends increases the retained earnings. (F) increases--reduces 2.Payment of dividend eliminates the liability and reduces assets. (T) 3.Pension payment and housing reserves are from dividends (F) dividends -- withholdings of wages 4. The declared dividends are long-term liabilities of the corporation before distribution. (F) long-term - current
Choice
1. According to various contents and methods of settlement, receivables can be divided into ( ) a. accounts receivables b. notes receivables c. advance payment d. other receivables e. advance from customers
Determinable current liabilities
Accounts payable Current notes payable
Special Terms
(1) liability 负债，责任 (2) Obligation 义务，职责 (3) Trade accounts payable 应付商业账款 (4) Trade notes 商业票据 (5) Load notes 贷款票据 (6) Contingent liabilities 或有负债 (7) Gain contingent 或有利得 (8) Loss contingent 或有损失 (9) Liquidation 清算 (10) Sacrifice 牺牲，亏本出售
Bond Issuing Procedures
A company sells the bonds to. . .
. . .an investment firm called an underwriter 承 销商. The underwriter sells the bonds to. . . A trustee 托 管人monitors the bond issue.
5. Declaration of dividends increases the retained earnings. 6. Payment of dividend eliminates the liability and reduces assets. 7. Pension payment and housing reserves are from dividends 8. The declared dividends are long-term liabilities of the corporation before distribution.
Accounts Payable
Accounts payable are amounts owed to suppliers for products or services purchased on credit. Company A purchased an $40,000 supplies from company B on credit. Dr. supplies 40,000 Cr. Accounts Payable 40,000
Par value /face value /face amount 面值 Maturity date 到期日 Stated interest rate名义利率 Market rate 市场利率 Present value 现值 Effective interest 实际利率 Discount amortization 折价摊销 Carrying amount 账面价值
entities in the future as a result of past transactions
or events.”是指企业过去的交易或者事项形成的、预期会 导致经济利益流出企业的现时义务。
Classifying Liabilities Current Liabilities Long-Term Liabilities
Example P73
Contingent liabilities
Contingent liabilities are obligations that are dependent upon the occurrence of nonoccurrence of one or more future events to confirm either the amount payable, or the payee, or the date payable, or even its existence. That is , determination of one or more of these factors is dependent upon a contingency.
Expected to be paid within one year or the company’s operating cycle, whichever is longer.
Expected not to be paid within one year or the company’s operating cycle, whichever is longer.
Chapter 7
Liabilities
Current Liabilities and Contingencies
The nature of liabilities What is a liability? Distinction between debt and equity
Classificatio n of current liabilities Basic classification Classification of current liabilities by degree of certainty
Current Liabilities of Known Amount
Accounts Payable 应付账款 Short-Term Notes Payable 短期应付票据 Short-Term Notes Issued at Discount折价发 行的短期应付票据 Advances from customers 预收账款 Current Portion of Long-Term Debt 一年内 到期的长期负债 Dividend payable 应付利息 Third-party collections 受托商品款
Defining Liabilities
1. The obligation must involve a future sacrifice of cash, goods, or services会导致未来经济利益流出 ；
2. It must be an obligation of the enterprise本企业的义务;
3. The transaction or event that giving rise to the enterprise’s obligation must have occurred现时义务 Because of a past event . . .
The company has a present obligation
Short-Term Notes Payable
A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.
EXAMPLE,
P74
True or false 1. Interest payable is non-current liabilities. 2. Notes payable include commercial acceptance draft and bank acceptance draft. 3. When the note is dishonored, the book balance of notes payable should be converted to short-term loans. 4. Advances from customers are also current liabilities until the goods are delivered.
7.2 Long-term liabilities
Advantages of Bonds
Bonds do not affect stockholder control.
Interest on bonds is tax deductible. Bonds can increase return on equity.
Characteristics of Liabilities
Who to pay? When to pay? How much to pay?
Current Liabilities
Payable within one year Company’s operating cycle, if longer than one year Current liabilities classified in three ways (1) Known amount (2) Estimated amount (3) Contingencies 或有事项
Diห้องสมุดไป่ตู้advantages of Bonds
Bonds require payment of both periodic interest and par value at maturity. Bonds can decrease return on equity when the company pays more in interest than it earns on the borrowed funds.
. . . For future sacrifices
Past
Future
What is a Liability?
FASB, defines liabilities as: “probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other
1 .Interest payable is non-current liabilities. (F) non-current – current 2. Notes payable include commercial acceptance draft and bank acceptance draft. (T) 3. When the note is dishonored, the book balance of notes payable should be converted to short-term loans. (T) 4. Advances from customers are also current liabilities until the goods are delivered. (T)
1. Declaration of dividends increases the retained earnings. (F) increases--reduces 2.Payment of dividend eliminates the liability and reduces assets. (T) 3.Pension payment and housing reserves are from dividends (F) dividends -- withholdings of wages 4. The declared dividends are long-term liabilities of the corporation before distribution. (F) long-term - current
Choice
1. According to various contents and methods of settlement, receivables can be divided into ( ) a. accounts receivables b. notes receivables c. advance payment d. other receivables e. advance from customers
Determinable current liabilities
Accounts payable Current notes payable
Special Terms
(1) liability 负债，责任 (2) Obligation 义务，职责 (3) Trade accounts payable 应付商业账款 (4) Trade notes 商业票据 (5) Load notes 贷款票据 (6) Contingent liabilities 或有负债 (7) Gain contingent 或有利得 (8) Loss contingent 或有损失 (9) Liquidation 清算 (10) Sacrifice 牺牲，亏本出售
Bond Issuing Procedures
A company sells the bonds to. . .
. . .an investment firm called an underwriter 承 销商. The underwriter sells the bonds to. . . A trustee 托 管人monitors the bond issue.
5. Declaration of dividends increases the retained earnings. 6. Payment of dividend eliminates the liability and reduces assets. 7. Pension payment and housing reserves are from dividends 8. The declared dividends are long-term liabilities of the corporation before distribution.
Accounts Payable
Accounts payable are amounts owed to suppliers for products or services purchased on credit. Company A purchased an $40,000 supplies from company B on credit. Dr. supplies 40,000 Cr. Accounts Payable 40,000
Par value /face value /face amount 面值 Maturity date 到期日 Stated interest rate名义利率 Market rate 市场利率 Present value 现值 Effective interest 实际利率 Discount amortization 折价摊销 Carrying amount 账面价值
entities in the future as a result of past transactions
or events.”是指企业过去的交易或者事项形成的、预期会 导致经济利益流出企业的现时义务。
Classifying Liabilities Current Liabilities Long-Term Liabilities
Example P73
Contingent liabilities
Contingent liabilities are obligations that are dependent upon the occurrence of nonoccurrence of one or more future events to confirm either the amount payable, or the payee, or the date payable, or even its existence. That is , determination of one or more of these factors is dependent upon a contingency.
Expected to be paid within one year or the company’s operating cycle, whichever is longer.
Expected not to be paid within one year or the company’s operating cycle, whichever is longer.
Chapter 7
Liabilities
Current Liabilities and Contingencies
The nature of liabilities What is a liability? Distinction between debt and equity
Classificatio n of current liabilities Basic classification Classification of current liabilities by degree of certainty
Current Liabilities of Known Amount
Accounts Payable 应付账款 Short-Term Notes Payable 短期应付票据 Short-Term Notes Issued at Discount折价发 行的短期应付票据 Advances from customers 预收账款 Current Portion of Long-Term Debt 一年内 到期的长期负债 Dividend payable 应付利息 Third-party collections 受托商品款
Defining Liabilities
1. The obligation must involve a future sacrifice of cash, goods, or services会导致未来经济利益流出 ；
2. It must be an obligation of the enterprise本企业的义务;
3. The transaction or event that giving rise to the enterprise’s obligation must have occurred现时义务 Because of a past event . . .
The company has a present obligation
Short-Term Notes Payable
A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.
EXAMPLE,
P74
True or false 1. Interest payable is non-current liabilities. 2. Notes payable include commercial acceptance draft and bank acceptance draft. 3. When the note is dishonored, the book balance of notes payable should be converted to short-term loans. 4. Advances from customers are also current liabilities until the goods are delivered.
7.2 Long-term liabilities
Advantages of Bonds
Bonds do not affect stockholder control.
Interest on bonds is tax deductible. Bonds can increase return on equity.
Characteristics of Liabilities
Who to pay? When to pay? How much to pay?
Current Liabilities
Payable within one year Company’s operating cycle, if longer than one year Current liabilities classified in three ways (1) Known amount (2) Estimated amount (3) Contingencies 或有事项
Diห้องสมุดไป่ตู้advantages of Bonds
Bonds require payment of both periodic interest and par value at maturity. Bonds can decrease return on equity when the company pays more in interest than it earns on the borrowed funds.