悉尼大学会计基础课程第四周

18/03/20111ACCT1005Accounting,BusinessandSocietyWeek4BalanceSheetDrRosinaMladenovic-McAlpineBUSINESSSCHOOLLEARNINGTIP11aIdentifyingthelearningobjectivesdirectsandfocusesyourlearning.1bUnderstandinghowonetopicfitsintothewholepicturesupportsintegratinglearning2LearningObjectives/OutcomesWhatisthislectureabout?BalanceSheet(StatementofFinancialPosition)›Appreciatethenatureandpurposeofthebalancesheetpppp›Definekeyaccountingelements:assets,liabilitiesandequity›Applytherecognitioncriteriaforassetsandliabilities›Befamiliarwiththeformatandpresentationofthebalancesheet›Befamiliarwiththeclassification,presentationanddisclosureofelementsinthebalancesheet›Understandthemeasurementofassetsandliabilitiesinthebalancesheet›DiscussthelimitationsofabalancesheetThislecturehasbeenadaptedfrommaterialspreparedbyAnneAbraham,UniversityofWesternSydney3DifferentTypesofOrganisations,EntitiesandBusinessStructuresManagementAccountingFinancialAccountingTransactionsPlanningandBudgetsCostsIntroduction&FrameworkCorporateGovernance&AccountabilityInternaluserfocusExternaluserfocus4BalanceSheetIncomeStatementCashFlowStatementFinancialStatementAnalysisCostsPricingPerformanceEvaluationPerformanceEvaluationAccountinginthePast,PresentandtheFutureNATUREANDPURPOSEOFTHEBALANCESHEET›Alsocalled:StatementofFinancialPositionPresentsthe_____________________ofanentityatthe____________________›Listsanentity’sassets,liabilitiesandequity›Reflects-_____________________-theassetsinwhichtheentityhasinvested,and-_____________________-howtheentityhasfinancedtheassets5NATUREANDPURPOSEOFTHEBALANCESHEETcontinuedCashatbank12000Accountspayable37000MamaDudesCaféBalancesheetasat30June2010SimplebalancesheetCashatbank12000Accountspayable37000Accountsreceivable12000Mortgage10000Inventory30000Loans45000Motorvehicles40000Totalliabilities92000Buildings80000Owner’sequity82000Totalassets174000Totalliabilities&equity174000Reflectsdualitysystem&accountingequationAssets=Liabilities+Equity618/03/20112LEARNINGTIP2›Activelearningpromotesunderstandingandimprovesrecall›Activelearningincludes:-Pre-readingbeforeclassPrereadingbeforeclass-Listening-Notetaking-Practicingexamples-Askingquestions-Discussingwithorteachingothers-Reflecting,connectingandthinkingabout7THEDEFINITIONANDRECOGNITIONOFASSETS›TheInternationalAccountingStandardsBoard(IASB)ConceptualFrameworkforfinancialreporting(indevelopment)Documentthatsetsout:-theobjectiveoffinancialstatements(w1)j()-assumptionsunderlyingfinancialstatements(w4)-qualitativecharacteristicsoffinancialstatements(w1)-_________________offinancialstatements(w1,3,4)-_________________________fortheelementsoffinancialstatements(w4)8Assetdefinition›Essentialcharacteristicsforanassetare:-theresourcemustbe_____________bytheentity-theresourcemustbeasaresultofa___________-futureeconomicbenefitsareexpectedtoflowtotheentityfromtheresource9PRACTICEAPPLICATIONASSETDEFINITIONIdentifywhichofthefollowingitemsmeetthedefinitionofanassetITEMCONTROLLEDPASTEVENTFUTUREECOBENCashAccountsPayableBuilding10Assetrecognition/recording›Toberecognisedasanassetonthebalancesheet,thefutureeconomicbenefitsexpectedtoflowfromtheassetmust:-Be____________________and-Becapableofbeing__________________-Example:accountsreceivable11THEDEFINITIONANDRECOGNITIONOFLIABILITIES-Liabilitydefinition›Essentialcharacteristicsforaliabilityare:-A_______________________toanotherentity-ThepresentobligationarisesasaresultofThepresentobligationarisesasaresultof_____________________-Anoutflowofresourcesembodyingeconomicbenefitsisexpectedtoflowfromtheentityasaresultofsettlingthepresentobligation1218/03/20113Liabilityrecognition›Toberecognisedasaliabilityonthebalancesheet,theoutflowofresourcesembodyingeconomicbenefitsmust-Be____________________and-Becapableofbeing__________________›________________________arisefromapasteventthatmaybeconfirmedonlybyuncertainfutureeventsnotcontrollablebytheentity.›Theymustbedisclosediftheycouldhaveasignificantimpactonthecompany.13›RECENTCASE:MsFraser-Kirk'sagainstDavidJones&formerchief,MarkMcInnes›ClaimwasservedontheCompanyanditsDirectorsbyanemployeealleginganumberofclaims,includingmisleadinganddeceptiveconductundertheTradePracticesActandbreachofcontract.›Theemployeeisseekingcompensationanddamagesofanunspecifiedamount,andpunitivedamagesatthelevelof5%oftheCompany’sprofitsearnedintheperiodfrom2003to2010.›Ifsuccessful,theclaimwouldamountto$37million›Isitaliabilityandshoulditbereported?›Usethedefinitionandrecognitioncriteriafortheelementsoffinancialstatementstosupportyouranswer.14PRACTICE:DefinitionandrecognitioncriterialiabilityDEFINITION/RECOGNITIONYES/NOPRESENTOBLIGATIONPASTEVENT15REQUIREANOUTFLOWOFRESOURCESPROBABLEMEASURERELIABLY16Casesettled›MsFraser-Kirk'scaseagainstDavidJonesanditsformerchief,MarkMcInnes,wassettledoutofcourt,withapaymentof$850,000.›Wouldthisberecordedinthefinancialstatements?›ShowtheaffectontheaccountingequationbelowASSETS=LIABILITIES+EQUITY17LEARNINGTIP3›PicturesMid›Mindmaps›DiagramsSupportLearning,MemoryandRecall1818/03/20114Summaryofassetandliabilitydefinitionand