Accounting Principles (12)
会计学原理英文版
会计学原理英文版Accounting Principles。
Accounting is the language of business. It is the process of recording, summarizing, analyzing, andinterpreting financial information. The principles of accounting provide the framework for the preparation and presentation of financial statements. These principles ensure that the financial information is relevant, reliable, and comparable.The basic principles of accounting include the following:1. Accrual Principle: This principle states thatrevenue and expenses should be recognized when they are incurred, regardless of when cash is received or paid. This means that revenue is recorded when it is earned, and expenses are recorded when they are incurred, regardless of when cash is exchanged.2. Matching Principle: This principle states that expenses should be matched with the revenues they help to generate. This ensures that the financial statements accurately reflect the results of operations for a specific period.3. Cost Principle: This principle states that assets should be recorded at their original cost, rather than at their current market value. This provides a reliable and objective basis for valuing assets.4. Full Disclosure Principle: This principle requires that all relevant information that could affect the decisions of financial statement users should be disclosed in the financial statements or in the accompanying notes.5. Going Concern Principle: This principle assumes thata business will continue to operate indefinitely. This allows for the use of historical cost in valuing assets and liabilities, as well as the use of the accrual basis of accounting.6. Materiality Principle: This principle states that information is material if its omission or misstatement could influence the economic decisions of users of financial statements. Materiality is based on the nature and size of the item.7. Conservatism Principle: This principle states that when in doubt, accountants should choose the method that will result in the least favorable financial statement. This helps to ensure that financial statements are not overstated.These principles form the foundation of accounting and are essential for the preparation of accurate and reliable financial statements. By adhering to these principles, accountants can ensure that the financial information they provide is useful for decision-making purposes.In addition to these basic principles, there are also specific accounting standards and regulations that must be followed, such as the Generally Accepted AccountingPrinciples (GAAP) and the International Financial Reporting Standards (IFRS). These standards and regulations provide further guidance on how to prepare and present financial statements in accordance with the principles of accounting.In conclusion, the principles of accounting areessential for the preparation and presentation of financial information. By following these principles, accountants can ensure that the financial statements are relevant, reliable, and comparable. This in turn provides valuable information for decision-making purposes and helps to maintain the integrity and transparency of the financial reporting process.。
Accountingprinciples会计原理（英文）
Accountingprinciples会计原理（英文）Accounting Principles Used to Prepare theFinancial StatementsTable of Content1.Introduction (1)2. Analysis of eight accounting principles (1)2.1 Time Period Assumption (1)2.2 Principle of Historical Cost (2)2.3 Full Disclosure Principle (2)2.4 Matching principle (3)2.5 Going Concern Principle (4)2.6 Revenue Recognition Principle (4)2.7 Materiality (5)2.8 Conservatism (5)3.Conclusion (6)References (7)1.IntroductionThe goal of financial statements is to provide users with accounting information relevant to the enterprise financial position, operation outcome, cash flow etc., reflect managers’ performance of fiduciary responsibilities,so as to help financial statement users make proper economic decisions. In this paper, the author will explain eight different accounting principles used to prepare the financial statements with suitable examples or illustration.2. Analysis of eight accounting principles2.1 Time Period AssumptionThe concept of Time Period refers to that accounting information should be collected and handled following timeperiods (Zeff, 2012). Time Period Assumption is a necessary supplement of Going Concern Assumption. This principle lays a foundation for other accounting principles such as Cost Principle and Matching Principle. Assuming an accounting entity should endlessly operate a business, logically the provision of accounting information needs to have regulated time period, which is the premise for accounting to perform effect (Schipper, 2003).The principle of Time Period Assumption manually divides the constant production and operation activities of an enterprise into various time periods, calculate economic activities and report operation outcome by stages (Zeff, 2012). It is because stakeholders need to timely know the financial condition and operation outcome of the enterprise, thus the enterprise should regularly provide accounting information as the basis of decision-making.Clarifying the basic premise of accounting time period has great importance to accounting, Due to the time period, the differences between this period and other period exist, thus generates the differences between accrual basis and cash basis, different types of accounting entities have the benchmark of keeping accounts, and further the accounting methods such as accounts receivable, accounts payable, accrual, deferral, prepaid and so on.In China’s accounting practice, an accounting year refers t o January 1st to December 31st (Zeff, 2012). For example, Financial Statements of 2012 reflects the financialinformation from January 1st 2012 to December 31st 2012. Financial statements which less than one year are called mid-term statements. Mid-term statements are mainly embodied assemi-annual statements and quarterly statements.2.2 Principle of Historical CostPrinciple of Historical Cost means that the recording of accounting elements should use the acquisition cost when economic businesses took place as the standard to measure (Weygandt et al, 2010). The main content of this principle is that all kinds of assets gained by an enterprise should use the primitive cost (actual cost) occurred when purchasing or building to record, and make it as the basis of share and transfer cost (White, 2006). When price of commodities changes, enterprises cannot adjust its accounting value except for state policy changes. Valuation according to actual cost can avoid randomness, make accounting information reliable and easy to know and compare.Principle of Historical Cost is mainly used to determine the cost of assets on the account book. For example, an enterprise spent $5 million buying an office building on January 1st 2010, thus when recording，the actual cost of the building is $5 million. Suppose that till January 1st 2013, the market price of this office building increased to $8 million, at that moment, there is no need to adjust the original recorded value, the original actual cost or the historical cost should be still on the account book. It should be noticed that, it does not mean that recorded value cannot be adjusted. For instance, this enterprise will sell the building, so assets appraisal will be conducted. This is a special case (White, 2006).2.3 Full Disclosure PrincipleFull Disclosure Principle refers to that in order to achieve the just reflection of an enterprise’s economic events and the influence, all necessary information should be fully provided and should be easy for users to understand (Weygandt et al, 2010).The goal of full disclosure is to meet users’ demand fo r decision-making. Full Disclosure Principle has several aspects of meaning.Firstly, comprehensiveness of disclosure. Comprehensiveness means any information which has influence on use rs’ decision-making or reflects economic events should bedisclosed. Horizontally, any information which reflects production and operation condition should be disclosed. Vertically, not only the surface but also the in-depth information should be recorded. Accounting information is mainly provided by financial statements, this kind of regular and unified format has some limitations. The Notions as the supplementary information become more important with the guidance of Full Disclosure Principle (Schipper, 2003). Secondly, the properness of disclosure. Over-disclosure will make users confused. Therefore major programmes should be disclosed in-detail, while less-important programmes can be disclosed less, so as to let users effectively use the information. Thirdly, the effectiveness of disclosure. Understandable is the connection between decision-makers and the effectiveness of decisions.Besides, information should meet the common demands of different users. Lastly, the promptness of disclosure requires obligators to disclose information in specific ways according to laws and regulations.2.4 Matching principleMatching Principle means the income of a certain time period or a certain accounting object should match the corresponding cost, so as to correctly calculate the net profit or loss of the accounting entity during the time period (Weygandt et al, 2010). Matching Principle as a requirement of accountingelements confirmation, is used to determine profits. Economic activities accounting entity will bring some certain income and also spend corresponding costs. Income and cost are the unity of the opposites, profits is the result. Matching Principle is based on Benefit Principle. Direct costs with causal relations and indirect costs without causal relations must be distinguished according to the Matching Principle. Direct costs should be directly matched with income to decide the loss or profit, while indirect costs firstly make apportionment among all products and income with proper standard, and than determine the loss or profit through matching revenues and expenses (Weygandt et al, 2010).Therefore, the Matching Principle has three aspects of meaning. Firstly, income of a product must match the cost of the product. Secondly, income of a time period must match the cost of the time period. Thirdly, income of a department must match thecost of the department.2.5 Going Concern PrincipleGenerally, going concern refers to one enterprise can maintain constant business operation in the foreseeable future (usually 12 months in a year), without intention or risk of bankruptcy (Efendi et al, 2007). In this case, the asset value of the enterprise can be remained, it also has the ability to pay its debt, income potential of going concern can improve the overall value of the enterprise. If an enterprise suffers long-term losses or investment error, insolvency may occur. In severe cases, enterprises cannot go concern, thus assets cannot be recorded according to fair value, but should be investment depreciation according to market price(Zeff, 2012).For instance, an enterprise uses $150000 to buy anequipment and predicts that the equipment can be used for five years and brings the enterprise $40000 every year. Based on Going Concern Principle, the enterprise will not go bankrupt in 5 years. Therefore, the $150000 investment can be regained in 5 years with $30000 cost annually, thus the equipment can gain $10000 per year. However without such assumption, accounting cannot be conducted normally. If the enterprise goes broke after 4 years, the equipment cost must be regained in four years, thus every year should bear $37500, there will be only $2500 profit.Without the assumption, accounting will have no certain time range, thus cannot complete. Similarly, production and operation activities cannot be organized neither (Ryan et al, 2002). 2.6 Revenue Recognition PrincipleRevenue recognition means the time when revenue is recorded. Revenue recognition should solve two problems, one is timing, the other is measuring (Ryan et al, 2002). Revenue recognition mainly includes the recognition of product sales revenue and service revenue. Besides, it also includes the revenue that gain from offering other to use the assets of the enterprise, such as interest, use fee and dividend. This principle must meet four basic premises: definability, accountability, relativity and reliability (Weygandt et al, 2010). Meanwhile, it must conform to some common standards.In No.5 financial accounting concept of morality released by Financial Accounting Standards Board (FASB), according to Revenue Principle, revenue is usuallyrecognized when revenue is realized or realizable, or is earned (Schipper, 2003). Therefore, revenue of selling products is generally recognized on the sales date. Service revenue is confirmed when completing the duty of offering services.Revenue gained from allowing others to use the corporate is gradually recognized with the time passes or the procedure of asset use. While the International Accounting Standards Board (IASB) emphasizes on defining revenue timing from the basic standard that whether the important risks and rewards have been transferred to the buyers (Schipper, 2003).2.7 MaterialityThe Materiality principle has several features. Firstly, the core is one cannot omit or misrepresent important information, the standard of judging importance is to see whether it will influence the decisions of users. Secondly, the concept is proposed from the perspective of information users, main users include investors, shareholders etc. Thirdly, judgment of materiality cannot be separated from the enterprise environment, different enterprises or the same enterprise in different period, the standards may differ (Weygandt et al, 2010). Lastly, judgment of importance cannot neglect its own nature. Some information does not reach the importance, but the nature is serious, thus it has conformed to the requirement of materiality, so it should be disclosed.In terms of the application of this principle, firstly, it can be used in the recognition of post balance sheet events. Matters need to be adjusted or explained means information which reaches to the materiality standard and can influence decision-making should be handled specifically. Secondly, it can be used in making mid-term financial statements. The aim is to improve the promptness of information, therefore it does not require the enterprises to provide complete information like annual financial statements (Weygandt et al, 2010). In addition, the principle can also used in recognition of segmental reporting, trade disclosureof related parties and disclosure of notes to financial statements.2.8 ConservatismThe principle of Conservatism refers to that when dealing with the uncertaineconomic businesses of the enterprises, people should hold the cautious attitude. That is to say, all predictable loss and cost should be recorded and confirmed, while income without 100% certainty cannot be recognized and recorded. In market economy conditions, enterprise inevitably will face risks,implementing the Conservatism principle can help enterprises resolute or prevent risks before the risks come. It is beneficial for enterprises to make correct operation decisions, protect interest of owners and stakeholders, improve enterprises’ competence in market.This principle has both advantages and disadvantages. It has the information features demanded by stakeholders, which can protect their interest so as to avoid unnecessary loss. It is also an effective management method in principle making institutions and a standard when accounting staff deal with the uncertain items. However, it may reduce the quality of accounting information because it has much judgment and estimation. It also brings some convenience for information counterfeiters and managers’ short-term behaviors.3.ConclusionUnder modern corporate system, ownership and managing right of enterprises are separate. Only through accounting information can users precisely judge whether the investment is used scientifically and appropriately. In order to prepare good financial statements, various accounting principles should be adopted, therefore, it is important for accounting professionalsto have a comprehensive understanding of various accounting principles and their applications.References:Efendi, J., Srivastava, A., & Swanson, E. P. (2007). Why do corporate managers misstate financial statements? The role of option compensation and other factors. Journal of Financial Economics, 85(3), 667-708.Ryan, B., Scapens, R. W., & Theobald, M. (2002). Research method and methodology in finance and accounting.Schipper, K. (2003). Principles-based accounting standards. Accounting Horizons, 17(1), 61-72.Weygandt, J. J., Kimmel, P. D., KIESO, D., & Elias, R. Z. (2010). Accounting principles. Issues in Accounting Education, 25(1), 179-180.White, G. (2006). THE ANALYSIS AND USE OF FINANCIAL STATEMENTS, (With CD). Wiley. Com. 33-55.Zeff, S. (2012). Forging accounting principles in five countries: A history and an analysis of trends. 21-46.。
Accounting Principles Accounting for Partnerships
Special partnership forms are:
Limited Partnerships, Limited Liability Partnerships, and Limited Liability Companies.
Helpful Hint In an LLP, all partners have limited liability. There are no general partners.
partner’s death.
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LO 1
Accounting Across the Organization
Dividing Up the Pie
What should you do when you and your business partner disagree to the point where you are no longer on speaking terms? Given how heated business situations can get, this is not an unusual occurrence. Unfortunately, in many instances the partners do everything they can to undermine each other, eventually destroying the business. In some cases, people even steal from the partnership because they either feel that they “deserve it” or they assume that the other partners are stealing from them. It would be much better to follow the example of Jennifer Appel and her partner. They found that after opening a successful bakery and writing a cookbook, they couldn’t agree on how the business should be run. The other partner bought out Ms. Appel’s share of the business. Ms. Appel went on to start her own style of bakery, which she ultimately franchised.
会计学原理PrinciplesofAccountingppt课件
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1.3.2会计目标
（一） 企业信息的外部使用者 （1）投资者——最主要的使用人。企业盈利能力如何？是否值得投资。 （2）债权人。是否要贷款给这家公司？利息收取多少？该公司能否根据合
约还本付息？是否需要提供担保？ （3）税务部门。公司依法应缴多少税？是否依法纳税？来年的纳税前景如
赖程度如何？能否根据合约按时支付货款？ （7）客户。公司能否继续生存？产品定价是否合理？产品更新换代的打算
如何？ （8）中介机构
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1.3.2会计目标
（二）会计信息的内部使用者 指企业内部各阶层的管理人员，包括公司董事会成员，公司经理、 公司计划、财务、供应、市场等方面的管理人员以及车间部门的负 责人等。 公司职工也属于内部使用者，他们需要考虑的问题是公司是否有 能力按劳付酬？公司的财务状况与获利能力是否足以保障就业？公 司是否在劳动保护方面花了必要或足够的钱？公司是否有能力不断 提高职工福利待遇？
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1.4.2会计核算前提（会计假设）
是对会计领域中某些无法加以论证的事物，根据客观、正常的 情况作出的判断，是全部会计工作的基础，是组织会计核算工作的 前提。 一、会计主体
1.可反映代理理论中的受托责任 2.会计所服务的特定对象，空间范围 3.凡是实行独立核算的经济实体 4.与法人的区别
二、持续经营 1.时间无限性 2.可合理确定六要素的内容
某一历史阶段的会计发展状况、水平与进步，从始到终受到 这一历史阶段会计环境的推动和制约。
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1.1.1会计环境变化对会计的影响
会计环境的构成要素
经济因素
政治法律因素 科学技术因素 文化教育因素
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1.1.1会计环境变化对会计的影响
Accounting Principles (14)
Dividends Payable
50,000
14-12
LO 1
DO IT! 1
Dividends on Preferred and Common Stock
MasterMind Corporation has 2,000 shares of 6%, $100 par value preferred stock outstanding at December 31, 2017. At December 31, 2017, the company declared a $60,000 cash dividend. Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios. 1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years. Solution Preferred stockholders are paid only this year’s dividend.
14-4
LO 1
Cash Dividends
Three dates are important:
Illustration 14-1 Key dividend dates
14-5
LO 1
Cash Dividends
Illustration: On Dec. 1, the directors of Media General declare a 50 cents per share cash dividend on 100,000 shares of $10 par value common stock. The dividend is payable on Jan. 20 to shareholders of record on Dec. 22. Dec. 1 (Declaration Date)
Fundamental Accounting Principles基本会计原则完整版资料
(Chap 25)
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2005
Chapter
1
Accounting in Business
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2005
Learning objectives
▪ 1. Why accounting? ▪ 2. What is accounting? ▪ 3. Ethics in accounting ▪ 4. Accounting model / Accounting equation ▪ 5. Transaction analysis and recording ▪ 6. Financial Statement ▪ 7. Decision analysis: ROE & ROA
• Case: Coca Cola, Pepsi & Cadbury Schweppes
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2005
1. Why accounting? Related parties of a business
External Users
externalusers?lenders?shareholders?governments?consumergroups?externalauditors?customersinternalusers?marketingmanagers?productionmanagers?purchasingmanagers?hrmanagersrelatedpartiesmcgrawhillcompaniesinc
Accounting principle最全版
会计的职能含义： 会计在经济管理中所具有的功能或能够发 挥的作用。 会计的职能内容： 进行会计核算 会计基本职能 实施会计监督 预测经济前景 参与经济决策 会计其他职能 绩效评价等
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第一节 会计概述
二、会计的基本职能 （二）会计的核算职能
基本含义：
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第一节 会计概述
二、会计的基本职能 （三）会计的监督职能
1、基本含义： 会计监督职能是指会计人员在进行会计核 算的同时，对特定主体经济活动的真实性、 合法性和合理性进行审查。 真实性审查：实际发生 合法性审查：符合有关法律法规 合理性审查：符合客观经济规律及经营管 理方面的要求
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各种会计核算方法之间的关系
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第一节 会计概述
例（多选）：
会计的基本特征有（ ）。 A.会计以货币作为主要计量单位 B.会计拥有一系列专门的核算方法 C.会计具有核算和监督的基本职能 D.会计的本质就是管理活动
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第一节 会计概述
二、会计的基本职能 （一）会计的职能含义及其内容
1. 款项和有价证券的收付 “款项”是作为支付手段的货币资金 款项：即货币资金，包括现金、银行存款、其 他货币资金。 其他货币资金：银行汇票存款、银行本票存款、 信用卡存款、信用证存款、外埠存款和存出投 资款等 。 货币资金是企业流动性最强的一项资产。 有价证券：拥有或可以支配的证券，如国库券、 股票、企业债券等。
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工业企业的资金运动
从上图可见：工业企业的资金运动包括资金投入、资金 周转和资金退出三个方面。 资金投入 主要是接受投资者投入的资本金、从银行等金融 机构取得的借款。 资金投入是资金运动的起点。
会计实务英语
会计实务英语以下是一些在会计实务中常用的英语词汇和短语：1. Accounting Principles (会计原则)2. Balance Sheet (资产负债表)3. Income Statement (利润表/损益表)4. Cash Flow Statement (现金流量表)5. Trial Balance (试算平衡表)6. General Ledger (总账)7. Journal Entry (日记账分录)8. Debit (借方)9. Credit (贷方)10. Asset (资产)11. Liability (负债)12. Equity (所有者权益)13. Revenue (收入)14. Expense (费用)15. Accrual Basis Accounting (权责发生制会计)16. Cash Basis Accounting (现金收付制会计)17. Accounts Payable (应付账款)18. Accounts Receivable (应收账款)19. Inventory (库存)20. Depreciation (折旧)21. Amortization (摊销)22. Budget (预算)23. Cost of Goods Sold (销售成本)24. Financial Statement Analysis (财务报表分析)25. Audit (审计)26. Internal Control (内部控制)27. GAAP (Generally Accepted Accounting Principles，公认会计原则)28. IFRS (International Financial Reporting Standards，国际财务报告准则)29. Taxation (税收)30. Bookkeeping (记账)在实际的会计实务中，这些词汇和相关的表达会频繁出现，理解和掌握它们对于进行英文环境下的会计工作非常重要。
会计英文版 十三单元答案
Solutions Manualto accompanyPrinciples of Accounting2nd editionbyJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 13Accounting for partnershipsJohn Wiley & Sons Australia, LtdCHAPTER 13 Accounting for Partnerships ASSIGNMENT CLASSIFICATION TABLELearning Objectives QuestionsBriefExercises Exercises Problems1. Identify thecharacteristics of thepartnership form ofbusiness entity.1, 2, 32. Explain the accountingentries for the formationof a partnership.4 1, 2 1 1, 33. Identify the bases fordividing profit or loss. 5, 6, 7, 8,93, 4, 5 2 2, 35. Explain the effects ofthe entries when a newpartner is admitted.11,12,13 6, 7 4,5,6, 46. Describe the effects ofthe entries when apartner withdraws fromthe partnership.14,15,16,17 8, 9 7,8,9 54. Describe the form andcontent of partnershipfinancial statements.10 3 1, 27. Explain the effects ofthe entries to record theliquidation of apartnership. 18,19,20,21,2210 10,11,12,136,7ASSIGNMENT CHARACTERISTICS TABLEProblemNumber Description DifficultyLevelTimeAllotted (min.)1 Prepare entries for formation of a partnership and astatement of financial position.Simple 20-302 Journalise divisions of profit and prepare a partnershipstatement of changes in equity.Moderate 30-403 Prepare entries for formation of a partnership, statementof financial position and show division of profit andprepare partners current accounts.Moderate 30-404 Journalise admission of a partner under differentassumptions.Moderate 30-405 Journalise withdrawal of a partner under differentassumptions.Moderate 30-406 Prepare entries and schedule of cash payments inliquidation of a partnership.Moderate 30-407 Journalise entries in a liquidation of a partnership withcapital deficiency.Moderate 30-4013-4✓ Accuracy checkedBLOOM’S TA XONOMY TABLECorrelation Chart between Bloom’s Taxonomy, Learning Objectives and End -of-Chapter Exercises and ProblemsLearning Objective Knowledge Comprehension ApplicationAnalysis SynthesisEvaluation1. Identify the characteristics of the partnership form of business organisation. Q13-1 Q13-2 Q13-32. Explain the accounting entries for the formation of a partnership. Q13-4 BE13-1 BE13-2 E13-1P13-13. Identify the bases for dividing profit or loss. Q13-5 Q13-6 Q13-8 Q13-7 Q13-9 BE13-3 BE13-4 BE13-5 E13-2P13-2P13-35. Explain the effects of the entries when a new partner is admitted. Q13-11 Q13-12 Q13-13 BE13-7 BE13-8E13-4 E13-5 E13-6 P13-46. Describe the effects of the entries when a partner withdraws from the partnership. Q13-14 Q13-15 Q13-16 Q13-17 BE13-9 BE13-10E13-7 E13-8 E13-9P13-5*4. Describe the form and content of partnership financial statements. Q13-10 E13-3E13-27. Explain the effects of the entries to record the liquidation of a partnership. Q13-18 Q13-19 Q13-20 Q13-21 Q13-22 BE13-6 E13-10 E13-11 E13-12E13-13P13-6P13-7Broadening Your Perspective Exploring the Web Group Decision CaseCommunication Group DecisionCaseEthics CaseANSWERS TO QUESTIONS1.(a) Association of individuals. A partnership is a voluntary association of two or moreindividuals based on as simple an act as a handshake. Preferably, however, theagreement should be in writing. A partnership is an accounting entity, but it is not ataxable entity.(b) Limited life. A partnership does not have unlimited life. A partnership may be endedvoluntarily or involuntarily. Thus, the life of a partnership is indefinite. Any change in themembers of a partnership results in the dissolution of the partnership.(c) Co-ownership of property. Partnership assets are co-owned by all the partners. If thepartnership is terminated, the assets do not legally revert to the original contributor.Each partner has a claim on total assets equal to his or her capital balance. This claimdoes not attach to specific assets the individual partner contributed to the partnership.2.(a) Mutual agency. This characteristic means that the act of any partner is binding on allother partners when engaging in partnership business. This is true even when thepartners act beyond the scope of their authority, so long as the act appears to beappropriate for the partnership.(b) Unlimited liability. Each partner is personally and individually liable for all partnershipliabilities. Creditors’ claims attach first to partnership assets and then to personalresources of any part ner, irrespective of that partner’s equity in the partnership.3.The advantages of a partnership are: (1) combining skills and resources of two or moreindividuals,(2) ease of formation, (3) not subject to as much governmental regulation as companies, (4) ease of decision making, and (5) no taxation of partnership profit.Disadvantages are: (1) mutual agency, (2) limited life, (3) unlimited liability, and (4) partners may not be able to work together.4.The capital balance should be $112 000, comprised of land $75 000, and equipment$57 000, less debt $20 000.5.When the partnership agreement does not specify the division of profit or loss, profit and lossshould be divided equally.6.Factors to be considered in determining how profit and loss should be divided are: (1) afixed ratio is easy to apply and it may be an equitable basis in some circumstances; (2) capital balance ratios when the funds invested in the partnership are considered the most critical factor; and (3) salary allowance and/or interest allowance coupled with a fixed ratio. This last approach gives specific recognition to differences that may exist among partners by providing salary allowances for time worked and interest allowances for capital invested.7.The profit of $24 000 should be divided equally — $12 000 to M. Marion and $12 000 to R.Hood.8.(a) Account debited: Profit and Loss Summary; accounts credited: S. Tortoise, Current andF. Hare, Current.(b) Account debited: S. Tortoise, Drawings; account credited: Cash.ANSWERS TO QUESTIONS (continued)9.Division of ProfitT. Ng R. Hong TotalSalary AllowanceDeficiency:($5000), ($50 000 – $55 000) T. Ng (60% × $5000)R. Hong (40% × $5000)Total division $30 000(3 000)$27 000)$25 000(2 000)$23 000)$55 000(3 000)(2 000)$50 000Insert the answer to 10 here.11.This transaction represents the purchase of a partner’s interest. It is a personaltransaction that has no effect on partnership net assets.12.Partnership net assets increase $25 000. No, Derek Hodges does not necessarilyacquire a 1/6 profit and loss ratio. Unless stated otherwise, profit or loss is divided evenly.13.Mary Garden, Capital .......................................................................... 63 000Isabella Dillon, Capital ................................................................. 63 000 14.Montgomery Smith, Capital ................................................................. 37 000Rebecca Barrett, Capital .............................................................. 37 000 15.Taylor’s share of the bonus is $6 000 computed as follows:Partnership assets ....................................................................... $89 000Capital credit, Jacobs ................................................................. 77 000Bonus to retiring partner .............................................................. 12 000Allocated to:Garland: $12 000 × 1/2 = ..................................................... $6 000Taylor: $12 000 × 1/2 = ..................................................... 6 000 12 000............................................................................................ $0 16.It is important to provide the withdrawing partner with their share of the partnershipassets. Having an independent valuation ensures that the partner receives or shares in any market value changes that their efforts have caused.17.When a p artner dies, it is usually necessary to determine the partner’s equity at the date ofdeath by: (1) determining the profit or loss for the year to date, (2) closing the books, and (3) preparing financial statements. The partnership agreement may also require an audit of the financial statements by independent auditors and a revaluation of assets by an independent appraisal firm.10.The financial statements of a partnership are similar to those of a proprietorship. Thedifferences are generally related to the fact that a number of partners are involved in a partnership. The income statement for a partnership is identical to the income statement for a proprietorship except for the division of profit. The statement of changes in equity shows the changes in each partner’s capital account and in total partnership equity during the year. On the statement of financial position each partner’s capital balance is re ported in the owners’ equity se ction.18.Liquidation of a partnership ends the life of the entity. In the dissolution of a partnership,the economic life of the entity continues.19.No, Jerry is not correct. All gains and losses on liquidation should be allocated to thepartners on the basis of their profit-and loss-sharing ratio. However, final cashdistributions should be based on their capital balances.20.Yes, Dean is correct. Capital balances are used because they represent the individualpartner’s equity in the partnership. The objective of the distribution is to eliminate thebalance in each p artner’s capital account.21.Total cash after paying liabilities ....................................................................... $119 000Total capital balances ($34 000 + $31 000 + $28 000) ..................................... 93 000Excess (gain on sale of noncash assets) .......................................................... $26 000Allocated to Mooney ($26 000 × 3/10) .............................................................. $7 800Cash to Mooney ($31 000 + $7800) ................................................................. $38 80022.Capital deficiency M. Davey ........................................................................... $7 200Loss allocated to:L. Dong, capital ($7200 × 45%) ........................................... $3 240Cash to L. Dong ($23 200 – $3240) ................................................................. $19 960The following accounts may assist in the determination of the amount paid to Dong.RealisationNon-cash assets 71 000 Cash 75 000 Capital – Peters 2 000Capital – Dong 1 200Capital – Davey 80075 000 75 000CashBalance 25 000 Liabilities 55 000 Realisation 75 000 Capital – Peters 25 040Capital – Dong 19 960100 000 100 000 Peters CapitalCapital – Davey 3 960 Balance 27 000 Cash 25 040 Realisation 2 00029 000 29 000Dong CapitalCapital – Davey 3 240 Balance 22 000 Cash 19 960 Realisation 1 20023 200 23 200Davey CapitalBalance 8 000 Realisation 800Capital – Peters 3 960Capital – Dong 3 2408 000 8 000The share of the deficiency is calculated using the Garner v. Murray Rule. Deficiency is$7200 split between Peters and Dong based on the capital balances before liquidation(rounded).Calculated as follows: Peters — $7200 x 27 000/49 000 = $3960Dong — $7200 x 22 000/49 000 = $3240.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 13-1Cash ....................................................................................................... 10 000 Equipment................................................................................................ 9 000 Andy Moran, Capital ....................................................................... 19 000 BRIEF EXERCISE 13-2Accounts Receivable ............................................................................... $32000Less: Allowance for impairment .............................................................. 7000 $25000 Equipment (22000)Accumulated depreciation should not be shown because a new business cannot have any accumulated depreciation.BRIEF EXERCISE 13-3The division is: Lauren $30 000 ($50 000 × 60%) and Daniel $20 000 ($50 000 × 40%). The entry is:Profit and Loss Summary ............................................................... 50 000 Lauren, Current .................................................................... 30 000Daniel, Current ..................................................................... 20 000 BRIEF EXERCISE 13-4Division of ProfitCharlie Sonja Nedh TotalSalary allowance Remaining profit, $ 44000: ($ 71500 - 27500)C ($44000 × 50%)S ($44000 × 30%)N ($44000 × 20%)Total remainder Total division$ 1650022000$38500$ 550013200$ 18700$ 55008800$14300$ 2750044000$71500BRIEF EXERCISE 13-5Division of ProfitBob Ray TotalSalary allowanceInterest allowanceRemaining deficiency, ($13 000): [($25 000 + $12 000) – $24 000] Bob ($13 000 × 50%)Ray ($13 000 × 50%)Total remainderTotal division $15 0007 000(6 500)$15 500$10 0005 000(6 500)$8 500$25 00012 000(13 000)$24 000BRIEF EXERCISE 13-6Foe, Capital (22000)Fum, Capital (22000)BRIEF EXERCISE 13-7Cash ........................................................................................................... 42 000Carina, Capital (50% × $17 400*)................................................................. 8 700Adam, Capital (50% × $17 400) ................................................................... 8 700 Ricky, Capital (45% × $132 000) ........................................................ 59 400 *[($40 000 + $50 000 + $42 000) × 45%] – $42 000 = $17 400.BRIEF EXERCISE 13-8Elroy, Capital ............................................................................................... 20 000 George, Capital .................................................................................. 10 000Jane, Capital ...................................................................................... 10 000BRIEF EXERCISE 13-9Elroy, Capital ............................................................................................... 20 000George, Capital (50% × $8000) ................................................................... 4 000Jane, Capital (50% × $8000) ........................................................................ 4 000 Cash................................................................................................... 28 000 BRIEF EXERCISE 13-10R, Capital (15000)E, Capital (10500)O, Capital (6000)Cash (31500)SOLUTIONS TO EXERCISESEXERCISE 13-1Jan. 1 Cash (18000)Accounts Receivable (21000)Equipment (26250)Allowance for impairment (4500)Fred Flintstone, Capital (60750)EXERCISE 13-2(a) (1) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance .................................................... Interest allowanceF. Ainsley ($50 000 × 10%) .............................G. Ng ($40 000 × 10%) ...................................Total interest ............................................ Total salaries and interest ...................................... Remaining profit, $14 000 ($55 000 – $41 000) .....F. Ainsley ($14 000 × 60%) .............................G. Ng ($14v000 × 40%) ..................................Total remainder ........................................ Total division .......................................................... $20 0005 000000 00025 0008 400$33 400$12 0004 000000 00016 0005 600$21 600$32 0009 00041 00014 000$55 000(2) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance ........................................... Interest allowance ......................................... Total salaries and interest ............................. Remaining deficiency, ($11,000)($41,000 – $30,000)F. Ainsley ($11,000 × 60%) ...................G. Ng ($11,000 × 40%) .........................Total remainder ............................. Total division $20 000( 5 000)25 000(6 600)($18 400)$12 0004 000)16 000(4 400)($11 600)$32 0009 00041 000(11 000$30 000)(b) (1) Profit and Loss Summary .......................................................... 55 000F. Ainsley, Current .......................................................... 33 400G. Ng, Current ................................................................. 21 600(2) Profit and Loss Summary .......................................................... 30 000F. Ainsley, Current .......................................................... 18 400G. Ng, Current ................................................................. 11 600(a) AMAZING SOAPSPartnership Statement of Changes in EquityFor the Year Ending 30 June 2011M. Rowling D. Martin TotalCapital, 1 January Add: ProfitLess: Drawings Capital, 31 December $20 00016 00036 0008 000$28 000$18 00016 00034 0005 000$29 000$38 00032 00070 00013 000$57 000(b) AMAZING SOAPSPartial Statement of Financial Positionas at 30 June 2011Owners’ equityM. Rowling, Capital .................................................................... $28 000D. Martin, Capital ....................................................................... 29 000T otal owners’ equity ......................................................... $57 000 EXERCISE 13-4(a) J. Kirk, Capital ($64 000 × 50%) (32000)P. Armstrong, Capital (32000)(b) M. Spock, Capital ($ 52 000 × 50%) .................................................... 26 000P. Armstrong, Capital .................................................................. 26 000 (c) F. Scott, Capital ($30 000 × 33 1/3%) .. (10000)P. Armstrong, Capital .................................................................. 10 000(a) Cash.................................................................................................... 110 000G. Zeus, Capital (6/10 × $20 900) ................................................. 12 540R. Apollo, Capital (4/10 × $ 20 900) (8360)K. Athena, Capital (89100)Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 110 000Total capital of new partnership ............................... $297 000Athena’s capital credit ............................................. $89 100(30% × $297 000)Investment by new partner Athena ......................... $110 000Athena’s capital credit ............................................. 89 100Bonus to old partners .............................................. $20 900(b) Cash................................................................................................... 39 600G. Zeus, Capital (6/10 × $28 380) ...................................................... 17 028R. Apollo, Capital (4/10 × $28 380) ..................................................... 11 352 K. Athena, Capital ........................................................................ 67 980 Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 39 600Total capital of new partnership ............................... $226 600Athena’s capital credit (30% × $226 600) ................ $67 980Investment by new partner Athena ......................... $39 600Athena’s capital credit ............................................. 67 980Bonus to new partner .............................................. $28 380EXERCISE 13.6(a) Dr Capital – S. Spencer ................................................................... 20 000Cr Capital – R. Roberts ............................................................. 20 000 (b) Dr Cash ........................................................................................... 24 000Cr Capital – S. Spencer ($1670 x 2/5) (668)Cr Capital – L. Loren ($1670 x 2/5) (668)Cr Capital – D. Donaldson ($1670 x 1/5) (334)Cr Capital – R. Roberts ............................................................. 22 330 Total capital of existing partnership .................................... $110 000Investment by new partner, R. Roberts .............................. 24 000Total capital of new partnership ................................ $134 000R. Robert’s capital credit ($134 000 x 1/6) ......................... 22 330 (rounded)Investment by new partner, R. Roberts .............................. 24 000R. Roberts capital credit ..................................................... 22 330Bonus to old partners ............................................... $ 1 670(c) Dr Cash .......................................................................................... 20 800Dr Capital – S. Spencer ($1000 x 2/5) (400)Dr Capital – L. Loren ($1000 x 2/5) (400)Dr Capital – D. Donaldson ($1000 x 1/5) (200)Cr Capital – R. Roberts .......................................................... 21 800 Total capital of existing partnership .................................... $110 000Investment by new partner R. Roberts ............................... 20 800Total capital of new partnership ......................................... $130 800R. Robert’s capital credit ($130 800 x 1/6) ......................... 21 800 (rounded)Investment by new partner R. Roberts ............................... 20 800R. Roberts capital credit ..................................................... 21 800Bonus to new partner ......................................................... $ 1 000EXERCISE 13-71. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 15 000V. Colin, Capital ........................................................................ 15 000 2. S. Michael, Capital ............................................................................. 30 000V. Colin, Capital ........................................................................ 30 0003. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 30 000H. Wong, Capital ($10 500 × 4/7) ........................................................ 6 000R. Cameo, Capital ($10 500 × 3/7) ...................................................... 4 500 Cash .......................................................................................... 85 500 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 85 500Bonus to retiring partner ............................................. $10 500Allocation of bonusWong, Capital ............................... $6 000($10 500 × 4/7)Cameo, Capital ............................. 4 500 $10 500($10 500 × 3/7)2. T. Prince, Capital ................................................................................. 75 000H. Wong, Capital ($7000 × 4/7) ................................................. 4 000R. Cameo, Capital ($7000 × 3/7) ............................................... 3 000Cash .......................................................................................... 68 000 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 68 000Bonus to remaining partners ...................................... $7 000Allocation of bonusWong, Capital ................................. $4 000($7000 × 4/7)Cameo, Capital ............................... 3 000 $7 000($7000 × 3/7)Cr Cash .................................................................................... 20 000 (2) Dr Capital – Peter ............................................................................ 20 000Dr Capital – Paul ............................................................................. 2 500Dr Capital – Mary ............................................................................ 2 500Cr Cash .................................................................................... 25 000 Capital balance of withdrawing partner ..................... $20 000Payment to withdrawing partner ............................... 25 000Bonus to retiring partner ............................... $5 000Allocation of bonusPaul ($5 000 × .5) .............................................. 2 500Mary ($5 000 × .5) ............................................. 2 500 5 000(3) Dr Capital – Peter ............................................................................ 20 000Cr Capital – Paul ...................................................................... 1 250 Cr Capital – Mary ...................................................................... 1 250 Cr Cash .................................................................................... 17 500 Capital balance of withdrawing partner .................... $20 000Payment to withdrawing partner .......................... 17 500Bonus to retiring partner .............................. $2 500Allocation of bonusPaul ($2 500 × .5) ............................................. 1 250Mary ($2 500 × .5) ............................................ 1 250 2 500EXERCISE 13-10THE APPLE PARTNERSHIPSchedule of Cash PaymentsItem Cash NoncashAssets LiabilitiesCassandraCapitalPenelopeCapitalBalances before liquidation Sale of noncash assets and allocation of gainNew balancesPay liabilitiesNew balancesCash distribution to partners Final balances $20 000120 000140 000(55 00085 000(85 000$0))$100 000(100 000)$0)$55 000(0000 00)55 000(55 000)$0)$45 00012 00057 0000000 0057 000(57 000)$ 0$20 0008 00028 0000000 0028 000(28 000)$ 0Noncash Assets ..................................................................... 100 000Realisation ............................................................................. 20 000 (b) Realisation ..................................................................................... 20 000Cassandra, Capital ($20 000 × 60%) ..................................... 12 000Penelope, Capital ($20 000 × 40%) ....................................... 8 000 (c) Liabilities ........................................................................................ 55 000Cash ...................................................................................... 55 000 (d) Cassandra, Capital ........................................................................ 57 000Penelope, Capital .......................................................................... 28 000 Cash ..................................................................................... 85 000 EXERCISE 13-12(a) (1) Cash ........................................................................................... 2 200Humphries, Capital .............................................................. 2 200(2) Ming, Capital ............................................................................... 18 700Polka, Capital ............................................................................. 16 500Cash .................................................................................... 35 200 (b) (1) Ming, Capital ($2 200 × 60%) ..................................................... 1 320Polka, Capital ($ 2 200 × 40%) (880)Humphries, Capital .............................................................. 2 200(2) Ming, Capital ($18 700 - $1 320) ................................................. 17 380Polka, Capital ($16 500 - 880) .................................................... 15 620Cash .................................................................................... 33 000。
accounting principle 中文版
会计准则引言会计准则是指规范会计信息处理和报告的一整套原则、规则、假设和约定。
它们是为了确保会计信息的准确、可比和可靠而制定的。
会计准则的制定是经过长期实践和理论探索的结果，具有指导性和约束性。
本文将深入探讨会计准则的含义、重要性以及在不同国家和地区的应用情况。
会计准则的定义和内容会计准则的定义会计准则是指用于指导会计实践和规范会计报告的一系列原则和规则。
它们被广泛接受并具有约束力。
会计准则的制定目的是为了提高会计信息的质量，使其更加准确、可靠和可比。
会计准则的内容会计准则包括以下方面的内容：1.会计核算方法：指导会计公司资产、负债、权益、收入和费用的核算方法，如成本法、公允价值法等；2.会计报告要求：规定会计公司应该按照什么样的格式和方法编制财务报表，包括资产负债表、利润表、现金流量表等；3.会计信息披露：要求会计公司披露一些重要的会计信息，如关键会计政策、重大会计估计等；4.会计核算期间：规定会计公司应该采用什么样的会计核算期间，如一年、半年或更短的期间；5.其他辅助准则：还有一些辅助性的会计准则，如会计政策解释、会计准则解释等，用于解释和补充其他会计准则的内容。
会计准则的重要性经济决策的基础会计准则为经济主体的决策提供了重要的基础。
准确、可靠和可比的会计信息对决策者有着重要的指导作用。
无论是企业管理者、投资者还是政府监管机构，都需要依赖会计准则来进行有效的经济决策。
宏观经济的稳定会计准则对于宏观经济的稳定和发展也具有重要意义。
通过规范会计信息的处理和报告方式，可以提高信息的透明度和真实度，减少经济交易中的不确定性和信息不对称。
这有助于提升市场的效率和公平性，促进经济的健康发展。
国际交流和比较的基础随着国际经济一体化的深入发展，不同国家和地区的经济交流和比较日益频繁。
会计准则的统一和一致性对于不同国家和地区之间的会计信息交流和比较具有重要意义。
只有在相同的准则下，才能保证不同国家和地区的会计信息具有可比性。
会计英语作业一
会计英语作业⼀Accounting Exercises OneⅠ. Match the terms in column A with the definitions in column BA B1. government accountant a. provide useful information for decision-making2. objectives of financial accounting b person must pass a series of examinations andmeet certain other requirements3. private accountant c. work for one employer and offer services such asAccounting, budgeting, and internal auditing4. Certified Public Accountant d. audit tax returns and accumulate financial informationfor federal, provincial, and municipal agencies5. public accountant e. the language of business6. accounting f. offer auditing, management advisory, and tax services7. comprehensive income g. notes payable8. revenues h. sales9. expenses i. interest paid to bank10. gains j. distributions of cash dividends to owners11. losses k. services received as investments by owners12. assets l. land13. liabilities m. losses from incidental transactions of an entity14. equity or net assets n. change in equity of an entity from transactions andcircumstances from non-owner sources15. investments by owners o. residual interest in the assets of an entity16. distributions to owners p. increases in equity from peripheral transactions of an entityⅡ. Decide whether the following statements are true or false. Write T for true and F for false( ) 1. Accountants have an ethical obligation to maintain only moral competence.( ) 2. Accounting equation accounts for the common quantitative relation among accounting elements: Assets = Liabilities + Owner’s Equity( ) 3. Accounting is a system of gathering, summarizing and communicating financial information for a business firm, government or other organizations.( ) 4. Journal entries are made before they have been entered into the ledger accounts.( ) 5. The equality of a trial balance means that there are no error made in the previous accounting procedures. ( ) 6. If at the end of an accounting period there is a debit balance in the income summary account, this means that the revenue has exceeded expense.( ) 7. The important role of the worksheet is to aid the accountant by bringing together all the data needed for preparing financial statements.( ) 8. A worksheet is a substitute for the financial statements.( ) 9. Account Receivable is classified as a current asset.( ) 10. The Allowance for Uncollectible Accounts is a liability because it usually has a net credit ending balance. ( ) 11. Recoveries of an account previously written off are, when an Allowance ofr Uncollectible Accounts account is used, credited to the Bad Debts account.( ) 12. Weighted Average method assigns different unit cost to the same inventory item under both the perpetual inventory system and the periodic inventory method.( ) 13. Inventory pricing methods can be changed from period to period at will to control net income.( ) 14. Under the perpetual inventory system, the Cost of Goods Sold account is debited and the Merchandise Inventory account is credited for each sale of merchandise inventory.( ) 15. When the FIFO method of costing inventory is used, costs are assumed to be charged against revenue in the order in which they are incurred.Ⅲ. Choose the best answer1. Which of the following describes accounting?A. is the language of businessB. is an information systemC. is useful decision makingD. all of the above2. An accounting process includes all of the following steps except ____.A. analyzingB. planningC. classifyingD. summarizing3. Accounting information is used by ____.A. businessesB. government regulation agenciesC. labor unionsD. all of the above4. Traylor Company paid $2,850 on account. The effect of this transaction on the accounting equation is to ____.A. decrease assets and decrease owner’s equityB. increase liabilities and decrease owner’s equity.C. have no effect on total assetsD. decrease assets and decrease liabilities5. Which of these is/ are an example of an asset account? ____.A. CashB. Accounts receivableC. InvestmentsD. All of the above6. The ending Cash account balance is $57,600. during the period, cash receipts equal $124,300. If the cash payments during the period total $135,100, then the beginning Cash amount must have ____.A. $68,400B.$46,800C. $181,900D. Cannot be determined from the information given.7. During 2007, Bustamante Co. incurred salary expense of $240,000. Beginning and ending Salary Payable was $4,000 and $8,000, respectively. In 2007, Bustamante paid salaries of ____.A. $248,000B. $240,000C. $236,000D. $244,0008. An adjusting entry could contain all of following except ____.A. a debit to Unearned RevenueB. a credit to CashC. a debit to Interest ReceivableD. a credit to Salary Payable9. The intangible asset goodwill may be: .A. capitalized only when purchased.B. capitalized either when purchased or created internally.C. capitalized only when created internallyD. written off directly to retained earnings.10. For a non-monetary exchange of plant assets, if the exchange lacks commercial substance, accounting recognition should not be given to: . A. a loss when the assets exchanged. B. a gain when the assets exchangedC. part of a gain when the assets exchanged and cash is received.D. no gain or lass.11. You own a Lawn Service business. If you charge a customer $30 for mowing their lawn, what is the $30 to your business? . A. Revenue. B. An expense. C. A liability D. An obligation12. If total assets were $900,000 and total liabilities were $300,000, the owner’s equity would be:.A. $ 300,000B. $ 600,000C. $ 1200,000D. $ 900,00013. Land is purchased with cash for $40,000. What effect will this transaction have on the accounting equation? .A. Increase assets and owner’s equity by $40,000.B. Increase assets and liabilities by $40,000.C. Decrease owner’s equity by $40,000 and increase assets by $40,000D. No net effect on any of the accounting equation elements.14. The balance in Allowance for Doubtful Accounts, at any given time, represents:A. estimated uncollectible accounts receivable not yet written off.B. the amount of accounts receivable written off.C. the amount reserved to pay for bad debts.D. the amount lost to bad debts15. The method of increasing the expense when the business writes an account off is called:A. aging method.B. allowance method.C. percent of sales method.D. direct write-off methodⅣ. Supply the missing information in the following statementsOneMany people and __1__ use accounting information that __2__ prepare in order to make sound decisions. That’s why it is important for these people to understand how this information is created. To __3__ communication, accountants establish __4__ that business people can use to ensure they are talking about the same thing. Suppose, a bookstore sells books: when should the accountant __5__ the sale----at the moment the books are shipped (accrual accounting) or at the time__6__ for these books is received (cash accounting)? Whether the store owner uses ___7__ or the cash basis accounting rule is not important as long as a rule is established that requires the owner to __8__ which system of rule is being used in __9__. All the rules of measurement for accounting __10__ in one group and called Generally AcceptedAccounting Principles (GAAP).TwoIn practice, it may be necessary to know __1__ of inventory when perpetual inventory records are not maintained and it is impractical to take __2__. For example, a business that uses __3__ may need monthly income statements, but taking a physical inventory each month may be too costly. Moreover, when __4__ such as a fire has destroyed the inventory, the amount of __5__ must be determined. In this case, taking a physical inventory is __6__, and even if __7__ have been kept, these records may also __8__. In such cases, __9__ can be estimated by using (1) the retail method or (2) __10__. Ⅴ. Translate the following into English1. 会计等式2. 复式记账基本原理3. 会计期间4. 确认收⼊原则5. 电汇6. 过账是将分录信息从⽇记账过⼊分类账的过程。
Accounting Principles (10)
Truck
Cash price Sales taxes Painting and lettering
Illustration 10-4 Computation of cost of delivery truck
$22,000 1,320 500 $23,820
LO 1
Cost of Delivery Truck
Cash purchase price.
Sales taxes.
Freight charges. Insurance during transit paid by the purchaser. Expenditures required in assembling, installing, and testing the unit.
3
4 5
10-2
Explain how to account for the disposal of plant assets.
Describe how to account for natural resources and intangible assets.
Discuss how plant assets, natural resources, and intangible assets are reported and analyzed.
the land.
10-7
LO 1
Determining the Cost of Plant Assets
Required: Determine amount to be reported as the cost of the
land.
Land
Cash price of property ($100,000) Net removal cost of warehouse ($7,500-$1,500) Attorney's fees ($1,000) Real estate broker’s commission ($8,000) Cost of Land
会计专业英语 (2)
专业英语复习题复习题一1．Give a brief explanation for the following terms (10%)(1) Journal entry(2) Going concern(3) Matching principle(4) Working capital(5) Revenue expenditure2. Please read the following passage carefully and fill in each of the 11 blanks w ith a word most appropriate to the content (10%)(1) The double-entry system of accounting takes its name from the fact that every business transaction is recorded by (____) types of entries: 1: (_____) entries to one or more accounts and 2: credit entries to one or more accounts. In recording any transaction, the total dollar amount of the (______) entries must (_____) the total dollar amount of credit entries.(2) Often a transaction affects revenues or expenses of two or more different periods, in these cases, an (_____) entries are needed to (_____) to each period the appropriate amounts of revenues and expenses. These entries are performed at the (_____) of each accounting period but (_____) to preparing the financial statements.(3) Marketable securities are highly (_____) investments, primarily in share stocks and bounds, (____) can be sold (_____) quoted market prices in organized securities exchanges.3. Translate the following Chinese statements into English (18%)(1) 财务报表反映一个企业的财务状况和经营成果，是根据公认会计准则编制的。
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12-6
LO 1
Characteristics of Partnerships
Question
All of the following are characteristics of partnerships except:
a. co-ownership of property. b. mutual agency. c. limited life.
LO 1
12-11
Organizations with Partnerships Characteristics
Major Advantages
“LLC”
Major Disadvantages
Owners have limited personal liability for business debts even if they participate in management.
4.
5. 6. 7.
Provision for withdrawals of assets.
Procedures for submitting disputes to arbitration. Procedures for the withdrawal or addition of a partner. Rights and duties of surviving partners in the event of a partner’s death.
12-14
LO 1
Advantages and Disadvantages of Partnerships
Advantages
• Ease of formation
Illustration 12-2
• Combining skills and resources of two or more individuals
LO 1
Partnership Agreement
Should specify relationships among the partners:
1.
2. 3.
Names and capital contributions of partners.
Rights and duties of partners. Basis for sharing net income or net loss.
Each partner is personally and individually liable for all partnership liabilities.
12-5
LO 1
Characteristics of Partnerships
CO-OWNERSHIP OF PROPERTY
12-1
12
1 2 3
Accounting for Partnerships
Learning Objectives
Discuss and account for the formation of a partnership. Explain how to account for net income or net loss of a partnership.
12-16LO 1 NhomakorabeaAct of any partner is binding on all other partners, so long as the act appears to be appropriate for the partnership.
12-4
LO 1
Characteristics of Partnerships
a.
b.
Limited liability partnership.
Limited partnership.
c.
d.
Limited liability companies.
None of the above.
12-13
LO 1
Accounting Across the Organization
Limited Liability Companies Gain in Popularity The proprietorship form of business organization is still the most popular, followed by the corporate form. But whenever a group of individuals wants to form a partnership, the limited liability company is usually the popular choice. One other form of business organization is a subchapter S corporation. A subchapter S corporation has many of the characteristics of a partnership—especially taxation as a partnership—but it is losing its popularity. The reason: It involves more paperwork and expense than a limited liability company, which in most cases offers similar advantages.
More expensive to create than regular partnership.
12-12
LO 1
Partnership Form of Organization
Question
Under which of the following business organization forms do limited partners have little, if any, active role in the management of the business?
LIMITED LIFE
Dissolution occurs whenever a partner withdraws or a new partner is admitted.
Dissolution does not mean the business ends.
UNLIMITED LIABILITY
Special partnership forms are:
Limited Partnerships,
Limited Liability Partnerships, and Limited Liability Companies.
Helpful Hint In an LLP, all partners have limited liability. There are no general partners.
carry on as co-owners of a business for profit. Type of Business:
Small retail, service, or manufacturing companies. Accountants, lawyers, and doctors.
Major Advantages
“LLP”
Major Disadvantages
Mostly of interest to partners in old-line professions such as law, medicine, and accounting. Owners (partners) are not personally liable for the malpractice of other partners.
d. limited liability.
12-7
LO 1
Organizations with Partnerships Characteristics
Special forms of business organizations are often used to provide protection from unlimited liability.
Explain how to account for the liquidation of a partnership.
12-2
LEARNING OBJECTIVE
1
Discuss and account for the formation of a partnership.
Partnership, an association of two or more persons to
12-8
LO 1
Organizations with Partnerships Characteristics
Regular Partnership
Major Advantages
Major Disadvantages
Simple and inexpensive to create and operate.
LO 1
General partners can raise cash without involving outside investors in management of business.
12-10
Organizations with Partnerships Characteristics
Each partner has a claim on total assets.