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1、(本科）会计专业英语教案 Chapter 2教 学目标知识目标：知识目标：Understand the basics of accounting cycleExplain the principle of journaling and posting process能力目标：能力目标：Be familiar with preparing a trail balance素质目标：素质目标：Apply the adjusting proceduresApply the closing process教 学重点Apply the adjusting proceduresApply the closi
2、ng process教 学难点Apply the adjusting proceduresApply the closing process教 学手段结合理论与案例小组讨论教 学学时2 课时教学内容与教学过程设计注释Chapter 2Accounting Cycle理论知识理论知识Topic 1:Basics ofAccounting CycleThe accounting cycle include standardized procedures that are performed insequence during every accounting period.The sequence
3、 of accounting procedures usedto record,classify,and summarize accounting information is often termed theaccounting cycle.Accounting cycle can be divided into the following steps：1.Journalize transactions.2.Post to ledger accounts.3.Prepare a trial balance.4.Make end-of-period adjustments.5.Prepare
4、an adjusted trial balance.6.Prepare financial statements and appropriate disclosures.7.Journalize and post the closing entries.8.Prepare an after-closing trial balance.Topic 2:Journals and Ledgers1.JournalsIn a western accounting system,the information about each business transaction isinitially rec
5、orded in an accounting record called a Journal.The information about each transaction that should be recorded in the journal isthe date of the transaction,the debit and credit changes in specific ledger accounts,anda brief explanation of the transaction.(1)Advantages of using journals.(本科）会计专业英语教案 C
6、hapter 2The journal shows all information about a transaction in one place and alsoprovides an explanation of the transaction.The journal provides a chronological record of all the financial events in thelife of a business.The use of a journal helps to prevent errors.If transactions were recordeddir
7、ectly in the ledger,it would be very easy to make errors such as omittingthe debit or the credit,or entering the debit twice or the credit twice.(2)Types of JournalsGeneral JournalsIt has only two money columns,one for debits and one for credit;it may be usedfor all types of transactions.Exhibit 2-2
8、 shows the standard format of a general journalentry.Exhibit 2-2 General journal entryJournalPage 1DateAccounts titles and explanationPost.Ref.DebitCreditSpecial JournalsIn the modern world,a business of any size enters into so many transactions thatthe use of a single journal would impose intolerab
9、le restrictions on its ability tomaintain adequate records.It is,therefore,usual to break down or subdivide the journalinto a number of specialized journals,each being used to record transactions of certainkind.It is much simpler and more efficient to group together those transactions whichare repet
10、itive such as sales,purchases,cash receipts and cash payments and place eachof them in a special journal.2.LedgersThe complete set of accounts for a business entity is called a ledger.It is the“reference book of the accounting system and is used to classify and summarizetransactions and to prepare d
11、ata for financial statements.There are two types ofledgersgeneral ledger and subsidiary ledger.(1)General LedgerA general ledger contains a specific account for each item listed on the financialstatements and shows how each transaction changes the balances of these accounts.Acompanys size and divers
12、ity of operations affect the number of accounts needed.Asmall company can get by with as few as 20 or 30 accounts;a large company canrequire several thousand.Exhibit 2-3 shows a partial chart of accounts for a smallcompany.Exhibit 2-3 Charts ofAccounts(本科）会计专业英语教案 Chapter 2Account NumberAccount Name
13、101Cash106Accounts receivable126Supplies128Prepaid insurance167Equipment201Accounts payable236Unearned revenue307Common Stock319Dividends403Fees revenue406Rental revenue622Salaries expense637Insurance expense640Rent expense652Supplies expense690Utilities expense(2)Subsidiary LedgersFurther simplific
14、ation of the general ledger is brought about by the use ofsubsidiary ledger.Transactions are first recorded in the journal,and at specifiedintervals the same transactions are recorded in both the general and,when appropriate,subsidiary ledger accounts.The balances in the general ledger are then used
15、 to preparefinancial statements.3.Posting TransactionsPosting is the process of copying journal entry information from the journal to theledger.The posting of journal entry to ledger is performed in the following steps:(1)Record the date and the amount of the entry in the account.(2)Insert the numbe
16、r of the journal page in the Posting Reference column of theaccount.(3)Insert the ledger account number in the Posting Reference column of thejournal.Topic 3：The Trail BalanceThe equality of debits and credits in the ledger is tested periodically by preparinga trial balance,which lists the balance i
17、n each account after the posting process hasbeen completed.The trial balance is prepared using the following procedures:(1)Determine the balance of each account in the ledger.(2)List each account and place its balance beside it.(3)Compute the total of the debit balances.(4)Compute the total of the c
18、redit balances.(5)Verify that the sum of the debit balances equals the sum of the credit balances.(本科）会计专业英语教案 Chapter 2Each amount in the trial balance is simply the final balance of each account in theledger.Topic 4:Adjusting Procedures1.The need for adjustmentsFor purposes of measuring income and
19、 preparing financial statements,the 1ife ofa business is divided into a series of accounting periods.But some transactions affectedthe revenue or expenses of more than one period.Therefore,adjusting entries areneeded whenever transactions affect the revenues or expenses of more than oneaccounting pe
20、riod.2.Adjusting the AccountsAdjusting entries can be divided into deferrals and accruals.Each adjustmentaffects both the balance sheet and income statement.The adjustments can be furtherdivided into five categories:prepaid expenses,depreciation,unearned revenues,accrued expenses,and accrued revenue
21、s.(1)Prepaid ExpensesA prepaid expense is an economic benefit that has been paid for in advance of itsuse.It requires adjustment because the cash is paid in one period,but the resource isnot completely used until a later period.There are two methods to adjust prepaidexpenses.Asset method.If prepayme
22、nts are initially recorded as assets,they will be incorrectly statedduring the accounting period as they are consumed.This must be adjusted at the end ofthe accounting period to reflect the amount used.Part of the asset or the entire asset hasbecome an expense.The adjusting entry requires a debit to
23、 an expense account and acredit to an asset accounts,as follows:ExpensexxxAssetxxxExpense method.Prepayments initially recorded as expenses will be improperly stated during theaccounting period and must be adjusted at the end of the accounting period to reflectthe amount of future benefit remaining
24、and to avoid overstating expenses.(2)DepreciationDepreciation is the allocation of the cost of a plant asset to expense over its usefullife.The amount of the asset used in a period is determined by allocating the netamortizable cost of the asset(original cost less expected trade-in allowance)over th
25、eexpected useful life of the asset.The general format of the entry to record depreciationexpense of an asset is shown as follows:Expense(Depreciation expense)xxxAsset(Accumulated depreciation)xxx(3)Unearned Revenues(本科）会计专业英语教案 Chapter 2Unearned revenues(also called advance from clients or deferred
26、revenue)represents payment received for goods or services in advance of their delivery.Unearned revenue arises when a business receives cash in one period but does not earnall of it until a later period.Thus,unearned revenue is a liability because the businessowes the customer a good or service.The
27、receipt of the cash would increase cash anincrease a liability.When the revenue is earned,the adjustment would usually decreasethe liability and increase the revenue.(4)Accrued ExpenseAn accrued expense is recorded by preparing an adjusting entry.An adjustingentry is required because an expense has
28、been incurred during the accounting periodbut it has not been recorded through the normal course of accounting entries.According to the matching principle,these accrued expenses must be recorded in theperiod that the effort was expended.(5)Accrued RevenueAccrued revenue is recorded by preparing an a
29、djusting entry.An adjustment entryis required because revenue has been earned during the accounting period but is has notbeen recorded through the normal course of accounting entries.3.Adjusted Trial BalanceAfter adjusted entries are made,we can go ahead with adjusted trial balance.Bypreparing and u
30、sing adjusted trial balance,we can prove that the ledger is still inbalance after all the necessary adjusting entries have been journalized and posted.Oncean adjusted trial balance has been prepared,the process of recording changes infinancial position for this accounting period is complete.Topic 5:
31、Closing process1.The closing entriesThe term of closing the account refers to the end-of-period procedure that closesthe revenue and expense accounts for recording the transactions of the next period.Closing sets the balances of the revenue and expense accounts back to zero in order tomeasure the ne
32、t income of the next period.2.The closing process(1)Close the various revenue accounts by transferring their balances into theincome summary account.(2)Close the various expense accounts by transferring their balances into theincome summary account.(3)Close the income summary account by transferring
33、 its balance into theowners capital account.(4)Close the account of owners withdrawals by transferring its balance into theowners capital account.3.Preparing the closing entries(1)Closing entries for the revenue accounts(2)Closing entries for the expense accounts(3)Closing the income summary account
34、(本科）会计专业英语教案 Chapter 2(4)Closing theAccounts of withdrawals小结1.Accounting cycle can be divided into the eight steps.2.The journals include general journals and special journals.3.The ledgers include general ledgers and subsidiary ledgers.4.The adjustments can be divided into five categories:prepaid expenses,depreciation,unearned revenues,accrued expenses,and accrued revenues.5.Prepare closing entries.(本科）会计专业英语教案 Chapter 2感谢您的支持与使用感谢您的支持与使用如果内容侵权请联系删除如果内容侵权请联系删除仅供教学交流使用仅供教学交流使用