CPA会计英语教学课件8

Inventory system
Periodic Perpetual
Maintain a continuous record in the inventory account, recording inventory when items are sold.
Text
Accounting English
Accounting English
Terms --Accounting Basis
1
2
accrual basis accounting
cash basis accounting
Accounting English
Terms --Accounting Basis
Accounting system
P64
Accounting English
Part 2 Presentation --- When
Capture transaction data on source documents Journalize transaction
Prepare post-closing trial balance
Accounting English
Type 1---Apportioning recorded costs
Rent Expense Prepaid rent
580 580
1a.
Prepaid rent expired, $580.
Accounting English
Type 1---Apportioning recorded costs
Accounting English
Part 1 Words and Phrases
• Align v.t. bring, come, into agreement, close cooperation etc (with) • Adjusting entries made to align revenue and expense with the appropriate periods consist of four types: (1) Apportioning recorded costs . (2) Apportioning recorded revenue. (3) Accruing unrecorded expenses. (4) Accruing unrecorded revenue.
880 880
1c.
Supplies used during the month, $ 880.
Accounting English
Type 2--- Apportioning recorded revenue
Apportioning recorded revenue
liability
revenue
Part 2
Presentation
a. Why is the adjusting step of the accounting cycle necessary? b. When does the adjusting step occur? c. How to journalize the adjusting entries?
Accrual basis
Cash basis
are recognized when cash is collected; Expenses are recognized when cash is paid for the Accounting English goods and services.
Accounting English
Part 1 Words and Phrases
• Apportion---- v.t. divide; distribute; give as a share • I have apportioned you different duties each day of the week. • This sum of money is to be apportioned among the six boys. • Apportioning recorded costs to periods benefited. • Apportioning recorded revenue to periods in which it is earned.
Perpetual inventory system
Accounting English
Terms –Inventory Accounting System
Purchases are recorded as they occur, but the ending balance of inventory and the cost of good sold are not determined Text until the end of the period after counting inventory.
Accounting English
Lesson Eight
Adjusting Procedures
Lesson one
Steps in the accounting cycle
Close temporary accounts
Prepare financial statements
Adjust the general ledger accounts
Type 3--- Accruing unrecorded expenses
3a. Employee salaries owed for two days of a five-day workweek; weekly payroll, $9,000.
Salary Expense 3,600 Accrued Salary Payable 3,600
Accounting English
Type 2--- Apportioning recorded revenue
Unearned Service Revenue 900 Service Revenue 900
2.
Unearned service revenue earned, $900.
Accounting English
Post to general ledger accounts
Record in journals
Analyze transactions from source documents
Accounting English
Lesson Eight Adjusting Procedures
1 2 3
•Words and Phrases presentation •Exercises
Prepare adjusted trial balance
Accounting English
Part 2 Presentation ---Four Types of Adjusting Entries
1
2
3
4
Apportioning recorded costs
Apportioning recorded revenue
Accounting English
Based upon accrual accounting
Why is the adjusting step of the accounting cycle necessary?
Accounting English
Part 2 Presentation ---Purpose of adjusting (Why)
In order to achieve proper matching of costs and expenses with the relative revenue earned to determine a meaningful net income figure for each accounting period .
Revenues Text
Revenues are recognized when earned; Expenses are recognized when goods and services areText used.
Terms –Inventory System
1
2
Periodic inventory system
Post transaction to the ledger
Prepare trial balance Journalize and post adjusting entries Prepare financial statements
Journalize and post closing entries
Accounting English
Part 1 Words and Phrases
• Expire v.i. (of a period of time )come to an end • When does your driving license expire? • At the end of each accounting period, the estimated portion of the outlay that has expired during the period or that has benefited the period must be transferred from an asset account to an expense account.
Accounting English
Type 3--- Accruing unrecorded expenses
3b. Accrued advertising expense at the end of this month, $1,000.
Advertising Expense Accounts Payable
Accruing unrecorded expenses
Accruing unrecorded revenue
Accounting English
Type 1---Apportioning recorded costs
Apportioning recorded costs
Assets
Expense
Depreciation Expense 700 Accumulated Depreciation 700
1b.
Depreciation for the month, $700.
Accounting English
Type 1---Apportioning recorded costs
Supplies Expense Supplies on Hand
Accounting English
1,000 1,000
Type 4--- Accruing unrecorded revenue
Interest Receivable Interest Revenue
4
•SummaryBiblioteka Baidu
Accounting English
Part 1 Words and Phrases
Words to Drill Apportion Accrue Expire Align
Terms Accrual basis accounting Cash basis accounting Periodic inventory system Perpetual inventory system
Accounting English
Part 1 Words and Phrases
• Accrue v.t., v.i. come as a natural growth or development. • If you keep your money in the Savings Bank, interest accrued. • Accrued interest is interest due, but not yet paid or received. • Accruing unrecorded expenses • Accruing unrecorded revenue