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1、(本科）会计专业英语教案 Chapter 1教学目标知识目标：知识目标：Explain the nature of accounting and its types;Understand the basic assumptions and principles of accounting能力目标：能力目标：Interpret the qualitative characteristics of accounting information;Identify the effects of business transactions on the accounting equation素质目标：素
2、质目标：Apply the Double-Entry Bookkeeping教学重点Qualitative characteristics of accounting information;TheAccounting Equation and Double-Entry Bookkeeping教学难点TheAccounting Equation and Double-Entry Bookkeeping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 1Principle of FinancialAccounting理论知识理论知识Topic 1:Natur
3、e of accounting1.Accounting is an Information SystemAccounting is often described as an information system that identifies,records,and communicates relevant,reliable,and comparable information aboutan organizations business activities that can be expressed in monetary terms.2.The Purposes ofAccounti
4、ngThe primary purpose of accounting is to provide information to help peoplemake decisions about economic activities.3.Types ofAccounting Information(1)Financial AccountingFinancialaccountingreferstoinformationdescribingthefinancialresources,obligations and activities of an economic entity,either an
5、 organizationor an individual.(2)Management AccountingManagement accounting involves the development and interpretation ofaccounting information which is for internal use and provides special informationfor the managers of a company.(3)TaxAccountingTax planning means anticipating the tax effects of
6、business transactions andstructuring these transactions in a manner that will minimize the income taxburden.4.Users of Accounting Information(1)IndividualsIndividuals often keeps accounting records to make decisions.Discuss thetypesofaccountinginformationandinformation users.(本科）会计专业英语教案 Chapter 1(2
7、)Managers of BusinessManagers of businesses use accounting information to set goals for theirorganizations,to evaluate progress toward those goals,and to take correctiveaction if necessary.(3)Investors and creditorsInvestors and creditors provide the money a business needs to beginoperations.To deci
8、de whether to help start a new venture,potential investorsevaluate what income they can expect on their investment.(4)Government regulatory agenciesMost organizations face government regulation.For example,the Securitiesand Exchange Commission(SEC).(5)Tax authoritiesTax Authorities levy taxes on ind
9、ividuals and businesses.The amount of thetax is figured using accounting information.(6)Nonprofit organizationNonprofit organizationssuch as churches,government agencies,andcollege,whichoperateforpurposesotherthanprofituseaccountinginformation in much the same way that profit-oriented business do.(7
10、)Other usersEmployees and labor unions make wage demands based on their employersreported income.Consumer groups and the general public are also interested inthe amount of income businesses earn.Topic 2:Qualitative Characteristics ofAccounting Information1.Primary Qualitative Characteristics(1)Relev
11、anceRelevant accounting information must be useful in helping users assess thefuture performance of the firm as well as provide feedback about prior decisions.(2)MaterialityMateriality means that the requirements of accounting principles may beignored if their effects on the financial statements are
12、 unimportant to users.(3)Faithful RepresentationFinancial information must not only represent relevant phenomena,but alsofaithfully represent the phenomena that it purports to represent.To be a perfectlyfaithful representation,a depiction should have following three characteristics:complete,neutral,
13、and free from error.2.Enhanced Qualitative Characteristics(1)ComparabilityComparability is the qualitative characteristic that enables users to identifyand understand similarities in,and differences among items.(2)VerifiabilityVerifiability means that different knowledgeable and independent observer
14、scould reach consensus,although not necessarily complete agreement,that aparticular depiction is faithfully represented.Discussthequalitativecharacteristicsofaccountinginformation(本科）会计专业英语教案 Chapter 1(3)TimelinessTimeliness means having information that could influence decisionsavailable to decisio
15、ns available to decision makers in time.(4)UnderstandabilityAccounting information should be understandable to users who have areasonable knowledge of business and economic activities and who are willing tostudy the information with reasonable diligence.Topic 3：TheAssumption and Principle ofAccounti
16、ng1.Basic Assumptions of Accounting(1)Business Entity AssumptionBusiness entity means that every business unit or enterprise is treated inaccounting as a separate entity.(2)Going Concern AssumptionGoing concern refers to presumption that the entity will continue to operatein the future-that it is no
17、t being liquidated.(3)Monetary Unit AssumptionMonetary unit assumption requires that all the transaction data of an entityshould be measured and entered in terms of money in the accounting records.(4)Accounting Period AssumptionAccounting period concept means the period of time selected for reportin
18、gresults of operations and changes in financial position.2.Basic Principles of Accounting(1)Cost PrincipleCost principle requires that the assets of an entity be recorded at theiroriginal cost.(2)Accrual-basis PrincipleAccrual-basis principle means that revenues and expenses are recognized inthe acc
19、ounting period in which they are earned or incurred,even though the cashreceipt or payments occurs at another time or in another accounting period.(3)Matching PrincipleMatching principle requires that all expenses incurred in generatingrevenues during a period of time be deducted from the revenue ea
20、rned.(4)Realization PrincipleRealization principle specifies that revenue is recognized at the time of sale,which happens when title(ownership)to the product being sold passes from theseller to the buyer or when the services involved in the transaction have beenperformed.(5)Full Disclosure Principle
21、Full disclosure principle means that the financial statements and notes orexplanations should include all necessary information to prevent a reasonablyDiscusstheassumptionsandprinciples ofaccounting(本科）会计专业英语教案 Chapter 1astute user of the financial statements from being misled.(6)Materiality Princip
22、leMateriality principle relates to the extent to which information can beomitted,misstated or grouped with other information without misleading thefinancial information users when they are making their economic decisions.(7)Conservatism PrincipleConservatism principle in accounting relates to making
23、 judgments andestimates that resulting in lower profit and asset valuation estimates rather thanhigher profit and asset valuation estimates.Topic 4:TheAccounting Equation and Double-Entry Bookkeeping1.Accounting Elements(1)AssetsAssets refer to the resources incurred by the past transactions,which a
24、reowned or controlled by the enterprises and are expected to bring economicreturns to the enterprises.(2)LiabilityLiability refers to the financial obligations entered in the balance sheet of abusiness enterprise.(3)The Owners EquityThe owners equity refers to the economic interests that the owner i
25、s blessedwithin the enterprise assets,it is the amount of assets minus liabilities.(4)RevenueRevenue refers to the total inflow of economic interest when sellingproducts,providing labor services,and transferring assets.(5)ExpenseExpense refers to the interest outflow of sale,provision of services an
26、d otherdaily activities.(6)ProfitProfit refers to operating results of enterprises in a certain accountingperiod,including the operating profit plus other business profits,minus operatingexpenses,management expenses and the amount of financial expenses.2.Accounting EquationAssets=Liability+Owners Eq
27、uityAccording to the income statement,we learned the relationship betweenrevenue and expenses:Net Income(Net Loss)=Revenues-ExpensesNext net income or net loss will be closed to owners equity.And we canhave the following presentation of accounting equation.Assets=Liability+Owners Equity+(Revenues-Ex
28、penses)3.Effects of Business Transactions upon theAccounting EquationAny business event that alters the amount of assets,liabilities or owners(本科）会计专业英语教案 Chapter 1equity or that affects the accounting equation is called a transaction.Here we useexample 1-1 to illustrate the effects of business tran
29、sactions.Example1-1we assume that during the month of January,2016,Scarletts Bar had sometransactions：Transaction 1:Scarlett started her business and deposited$l4,000 into abank account opened specially for her business Scarletts BarTransaction 2:Bought equipment like refrigerators,tables and chairs
30、,etc.for$8,500Transaction 3:Bought supplies such as tableware for$2,000Transaction 4:Bought beverages,etc.for$7,500 on accountTransaction 5:Borrowed$5,000 from the bank for a duration of 3 monthsTransaction 6:Paid$5,000 owed on inventoryTransaction 7:Paid electricity and water bills for the month$24
31、5Now lets see how the accountant makes a meaningful record of the series oftransactions,reconciling step by step with the accounting equation.Transaction 1:Scarlett started her business and deposited$14,000 intoa bank accountThere are two accounts that are affected：the assets Cash is increased,andth
32、e capital of the firm is increased by the same amount.Capital C is used in“Cash”and“Capital”to mean the titles of accounts.)Assets=Liabilities+Owners EquityCash=+Scarletts Capital1.+$14,000=+$14,000Transaction 2:Bought equipment like refrigerators,tables and chairs,etc.for$8,500.Here Scarlett is sub
33、stituting one asset(cash)for another asset(equipment).She is receiving(+)the asset Equipment and paying out(-)the asset Cash.Notethat the capital of$14,000 remains unchanged.Assets=Liabilities+OwnersEquityCash+Equipment=+Scarletts Capital$14,000$14,000-$8,500+$8,5002.$5,500$8,500$14,000Transaction 3
34、:Bought supplies such as tableware for$2,000.In this case,Scarlett again substitutes one asset Cash for another assetSupplies(Tableware is current assets which is grouped under the title Supplies).She receives Supplies(+)and pays out Cash(-).Assets=Liabilities+Owners(本科）会计专业英语教案 Chapter 1EquityCash+
35、Supplies+Equipment=+ScarlettsCapital$5,500$8,500$14,000-$2,000+$2,0003.$3,500+$2,000$8,500$14,000Transaction 4:Bought beverages,etc.for$7,500 on account.In this transaction,both sides of the accounting equation are affected:increase on the left side Assets(+)and increase on the right side Liabilitie
36、s(+)bythe same amount.So the accounting equation is still in balance.For ScarlettsBar such goods as beverages,pastry,refreshment,etc.are grouped under the titleInventories.She therefore is receiving the asset Inventories but is not paying forit with the asset Cash.Instead,she will owe the money.Thus
37、 she creates theliability Accounts Payables because she owes that much.Assets=Liabilities+OwnersEquityCash+Supplies+Inventories+Equipment=Accounts Payable+ScarlettsCapital$3,500$2,000$8,500$14,000+$7,500+$7,5004.$3,500$2,000$7,500$8,500$7,500$14,000Transaction 5:Borrowed$5,000 from the bank for a du
38、ration of 3months.Like creating Accounts Payable to purchase an asset,both sides of theaccounting equation increase by the sme amount,but the balancing condition isnot impaired.In this case,Scarlett is receiving Cash(+)and creating a currentlibility-Short-term Borrowings(+).Assets=Liabilities+Owners
39、EquityCash+Supplies+Inventories+Equipment=Short-term Borrowings+Accounts Payable+Scarletts Capital$3,500$2,000$7,500$8,500$7,500+$14,000+$5,000+$5,0005.$8,500$2,000$7,500$8,500$5,500$7,500$14,000Transaction 6:Paid$5,000 owed on inventoryThis transaction reduced Scarletts asset Cash since she is payi
40、ng out moneyby$5,000(-).She also reduced her liability Accounts payable,by$5,000(-).Nowshe owes that much less.Assets=Liabilities+Owners(本科）会计专业英语教案 Chapter 1EquityCash+Supplies+Inventories+Equipment=Short-term Borrowings+Accounts Payable+Scarletts Capital$8,500$2,000$7,500$8,500$5,000$7,500$14,000-
41、$5,000-$5,0006.$3,500$2,000$7,500$8,500$5,000$2,500$14,000Transaction 7:Paid electricity and water bills for the month$245.Electricity and water bills constitute Utilities Expenses.This transactionmeans a deduction from Cash.Incurrence of expense means a deduction ofCapital.Assets=Liabilities+Owners
42、EquityCash+Supplies+Inventories+Equipment=Short-term Borrowings+Accounts Payable+Scarletts Capital$3,500$2,000$7,500$8,500$5,000$2,500$14,000-$245-$245Utilities Ex.7.$3,255$2,000$7,500$8,500$5,000$2,500$13,755In conclusion,accounting works as it satisfies that:(1)Every transaction affects at least t
43、wo items in the accounting equation.Think of a transaction as any economic event that causes a change aassets,liabilities,or owners equity.(2)The accounting equation remains in balance after each transaction.(3)Revenues and owner investments increase owners equity.Expenses andowner withdrawals decre
44、ase owners equity.Therefore,owners equityisdirectly affected by revenues,expenses,investments,and withdrawals.4.Doubble-Entry BookkeepingPreparation of financial statements requires that information about anorganizations economic events be captured and recorded in a rational andsystematic manner.The
45、 fundamental rule of double-entry bookkeeping is thatdebits must equal credits.Debits and CreditsDebits and credits are accounting terms with specialized meanings.Essentially,the term debit and credit means left and right respectively.AT-account is used to illustrate the use of debits and credits.Ca
46、shDebitCreditThe normal balance of each account is on the side where increases arerecorded.Thus,assets and expenses normally have debit balance;liabilities,(本科）会计专业英语教案 Chapter 1equity,and revenues typically have credit balances.Exhibit 1-2 summarizes thedebit/credit relationships of accounts.Exhibi
47、t 1-2 Debit and Credit Relationships ofAccountsAssetsLiabilityEquityRevenuesExpensesIncreasesDebitsCreditsCreditsCreditsDebitsDecreaseCreditsDebitsDebitsDebitsCreditsNormal balanceDebitsCreditsCreditsCreditsDebits小结1.There are three types of accounting information including financial accounting,mana
48、gement accounting and taxing accounting.2.Accounting users include individuals,managers of business,investors andcreditors,government,tax authorities,nonprofit organization and so on.3.There are three principle qualitative characteristics including relevance,materiality and faithful representation;f
49、our enhanced qualitative characteristicsincluding comparable,verifiable,timely,and understandable.4.Four main assumptions are business entity assumption,going concernassumption,monetary unit assumption,and accounting period assumption.5.Accounting elements are divided into six parts:assets,liability,owners equity,income,expenses and profit.6.Accounting equation and the effects of business transactions upon theaccounting equation.7.Double-entry booking.(本科）会计专业英语教案 Chapter 1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