会计英语

WELCOME!Haven’tseenyouforsometime!辽宁对外经贸学院外语系李海红会计英语ACCOUNTINGUNITONEFinancialPositionandAccountingEquationFinancialposition:economicresourcesbelongingtoacompanyandtheclaims(equities)againstthoseresourcesatapointintime.Economicresources=equitiesEconomicresources=creditor’sequity+owner’sequityAccountingequation:assets=liabilities+owner’sequityfourtypesoftransactionsthataffectowner’sequityOwner’sinvestmentsOwner’sequityrevenuesOwner’swithdrawalsexpensesThefullformofaccountingequation:Assets=Liabilities+Owner’sEquity+Revenue-ExpensesOwner’sequityDefinition:theresidualinterestintheassetsofanentitythatremainsafterdeductingitsliabilities.Owner’sequity=assets–liabilitiesOwner’sequity=netassetsLiabilitiesDefinition:probablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsofaparticularentitytotransferassetsorprovideservicestootherentitiesinthefutureasaresultofpasttransactionsorevents.Kindsofliabilities:currentliabilitiesandlong-termliabilitiesAssetsDefinition:probablefutureeconomicbenefitsobtainedorcontrolledbyaparticularentityasaresultofpasttransactionsorevents;economicresourcesownedbyabusinessthatareexpectedtobenefitfutureoperations.Kindsofassets:currentassets,fixedassetsandintangibleassets.Economicresourcesarereferredtoasassetsandcreditors’equitiesarereferredtoasliabilities.Equities:creditor’sequityandowner’sequityCurrentassets:cash,accountsreceivable,inventories,Fixedassets:land,buildings,andequipmentIntangibleassets:patent,trademarkandbrandname,copyright,franchiseCurrentliabilities:accountspayable,salariespayable,taxespayable,Long-termliabilities:bondspayableCLASSROOMEXERCISESIndicatebelowwhethereachaccountisanassets(A),liabilities(L),orapartofowner’sequity(OE).CashSalariesPayableAccountsReceivableJohnson,CapitalLandAccountsPayableSuppliesClassroomexercises:1.Identifythefollowingtransactionsbytypeofowner’sequitytransactionbymarkingeachaseitheranowner’sinvestment(I),owner’swithdrawal(W),revenue(R),expense(E)ornotanowner’sequitytransaction(NOE).a.Receivedcashforprovidingaservice.b.Tookassetsoutofbusinessfromapersonalaccount.C.Receivedcashfromacustomerpreviouslybilledforaservice.d.Transferredassetstothebusinessfromapersonalaccout.e.Paidservicestationforgasoline.f.Performedaserviceandreceivedapromiseofpayment.g.Paidcashtopurchaseequipment.h.Paidcashtoemployeeforservicesperformed.Part2ILLUSTRATIVETRANSACTIONSTransactions1.Johnbeginshisbusinessbydepositing$50,000inabankaccountinthenameofShannonRealty.(investment)Assets=Liabilities+Owner’sEquity1$50,000$50,000Bal.$50,000$50,0002.Johnpurchasesalotfor$10,000andasmallbuildingonthelotfor$25,000withcash.(purchaseofassetswithcash)Assets=Liabilities+Owner’sEquity$50,000$50,0002.+10,000(land)+25,000(building)-35,000(cash)Bal.$50,000$50,0003.Johnbuyssomeofficesuppliesfor$500oncredit.(Purchaseofassetsbyincurringaliability)Assets=Liabilities+Owner’sEquity$50,000$50,0003.+$500(supplies)+$500(accountspayable)Bal.$50,500$500$50,0004.Johnpays$200ofthe$500owedforthesupplies.(paymentofaliabilities)Assets=Liabilities+Owner’sEquity$50,500$500$50,000-$200(cash)-$200(accountspayable)Bal.$50,300$300$50,0005.ShannonRealtysellsahouseandreceivesacommissionincashof$1,500.Assets=Liabilities+Owner’sEquity$50,300$300$50,0005.+$1,500(cash)+$1,500(revenue)Bal.$51,800$300$51,5006.Johnsellsahousecallingforacommissionof$2,000,butJohnagreestowaitforthepayment.(revenueoncredit)Assets=Liabilities+Owner’sEquity$51,800$300$51,500$2,000(accountsreceivable)$2,000(revenue)Bal.53,800$300$53,5007.AfewdayslaterShannonreceives$1,000fromtheclient.Assets=Liabilities+Owner’sEquity$53,800$300$53,5007.+$1,000(cash)-$1,000(accountsreceivable)bal.$53,800$300$53,5008.JohnShannonpays$1,000torentsomeequipmentfortheoffice.Assets=Liabilities+Owner’sEquity$53,800$300$53,5008.-$1,000(cash)-$1,000(expense)bal.$52,800$300$52,5009.Johnpays$400inwagestoapart-timehelper.(expense)Assets=Liabilities+Owner’sEquity$52,800$300$52,5009.-$400(cash)-$400(expense)Bal.$52,400$300$52,10010.Johnhasn’tpaidthebillofutilityexpenseof$300.Assets=Liabilities+Owner’sEquity$52,400$300$52,10010.+$300(accountspayable)-$300(expense)Bal.$52,400$600$51,80011.Johnwithdraws$600incashfromShannonRealtyanddepositsitinhispersonalaccount.Assets=Liabilities+Owner’sEquity$52,400$600$51,80011.-$600(cash)-$600(capital)Ba.$51,800$600$51,200ClassroomexercisesCharleneRudekfinishedlawschoolinJuneandimmediatelysetupherownlawpractice.Duringthefirstmonthofoperationshecompletedthefollowingtransactions:1.Beganthelawpracticebyplacing$2,000inabankaccountestablishedforthebusiness.2.Purchasedalawlibraryfor$900cash.3.Purchasedofficesuppliesfor$400oncredit.4.Accepted$500incashforcompletingacontract.5.Billedclients$1,950forservicesrenderedduringthemonth.6.Paid$200oftheamountowedforofficesupplies.7.Received$1,250incashfromoneclientwhohadbeenpreviouslybilledforservicesrendered.8.Paidrentexpenseforthemonthintheamountof$1,200.9.Withdrew$400fromthepracticeforpersonaluse.Onasheetofpaper,listthen