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1、Why do you take the course of Accounting English?What are the learning objectives of Accounting English?Is Accounting English difficult?Study toolsAn English Chinese Dictionary of Accounting，英汉双解财会词典英汉双解财会词典，外，外语教学与研究出版社，语教学与研究出版社，英英 P.H.Collin,Adrian Joliffe 编，张炜等译，编，张炜等译，2002年年9月第月第1版版Game Introdu
2、ce yourself in EnglishResponding to an introductionExamples I love shopping!My mom says,I should become a legislator，because I bring so many bills into the house.Im a Leo.Some good traits of Leo are:broad-minded,loving,faithful.Bad traits are:bossy,patronizing.Im a typical Leo.Im faithful but patron
3、izing.Im a person of principle.I do not compromise.Because I dont smoke,I do not wear a T-shirt with a Marlboro logo,even if somebody gives one to me free.CHAPTER 1ACCOUNTING:THE BASIS FOR DECISIONSLearning ObjectivesExplain the definition of accounting;Understand the basic function of accounting;Un
4、derstand the types of accounting information;Ascertain the users of accounting information and know why they need the information;Have a general idea of the professional fields of accounting and their duties.Definition of AccountingAccounting is an information system designed to record,classify and
5、summarize systematically significant financial and other economic information about business firms,and analyses and interprets its results,with monetary unit as its main criterion.Different expressions about“企业企业”in English BusinessEnterpriseFirm Accounting 会计（学）会计（学）Accountant 会计师会计师Bean Counter 数豆
6、子的人数豆子的人Accounting:Information for Decision MakingThe primary objective of accounting is to provide information that is useful for making decisions.Types of accountingFinancial AccountingManagement Accounting Tax AccountingFinancial AccountingFinancial accounting information describes the financial
7、position(财务状财务状况况),result of operation(经营成果经营成果),and cash flow(现金流现金流)of an economic entity.Question:Who use the financial accounting information?Income tax returns 纳税申报纳税申报 Management AccountingQuestion:Whats the purpose of management accounting?Bank account 银行账户银行账户Owe to 欠欠债债Tax AccountingPrepare
8、 编制编制Confirm to/with 与与相一致相一致Question:What functions does tax accounting encompass?Users of Accounting InformationExternal usersInternal usersUsers of Accounting InformationInternal users of accounting informationQuestion:How to define internal users of accounting information?Who are internal users
9、of accounting information?Internal users of accounting informationMature=be due v.到期到期 Maturity n.到期到期Meet=pay off 偿还偿还Inventory 存货存货Expense 费用费用Revenue 收入收入Earnings=profits 利润利润Internal users of accounting informationQuestion:Which decisions are to be made by internal users?External users of accoun
10、ting informationQuestion:How to define external users of accounting information?Who are external users of accounting information?And who are the two primary external users of accounting information?Which decisions are to be made by external users?Objective of External Financial ReportingQuestion:Wha
11、t is the objective of external financial reporting?Wholesale houses=wholesalers 批发商批发商Debt-paying ability 偿债能力偿债能力Return on investment 投资回报投资回报Return of investment 投资回收投资回收练习：练习：P13 Exercises 1Profession Fields of Accountingprivate accountingpublic accounting accounting for governments and nonprofit
12、 organizationsPublic AccountingCPA(Certificated Public Accountants)CPA firm普华永道普华永道(Price Waterhouse Coopers，PwC)安永安永(Ernst&Young，E&Y)毕马威毕马威(KPMG)德勤德勤(Deloitte Touche Tohmatsu，DTT)安达信安达信(Arthur Andersen)(已倒闭已倒闭)ACCA(Association of Chartered Certificated Accountants)AICPA(American Institute of CPA)CI
13、CPA(Chinese Institute of CPA)Auditing 审计，审计学审计，审计学Internal/external auditing AuditorPrivate AccountingController 总会计师，会计主管总会计师，会计主管Treasurer 财务主管财务主管CFOQuestion:What are the responsibilities of accountants at the private business?Accounting for Governments and Nonprofit OrganizationsFour Types of En
14、terprise Service organization provides services(does something for you)rather than selling something Merchandising business buys goods,maybe add value to them,then sells them to customers Manufacturer makes the products it sells Financial services company doesnt make tangible products and doesnt sel
15、l products made by other companies;deals in services related to money There are three types of business organizationsProprietorship or Sole Proprietorship PartnershipCorporationA sole proprietorship is an unincorporated business owned by one individual.Joes AdvantagesEasy formationLow cost of organi
16、zingtotal undivided authorityDisadvantageslimitation on size:fund raising powerUnlimited liabilitylife of entity:limited by owners choice or deathJoes A sole proprietorshipA sole proprietorship pays no separate business income taxes.The owner merely adds any profits or subtracts any losses from the
17、business when determining personal taxable income.It is widely used in small retail stores,farms,service business,and professional practices in law,medicine,and accounting.A partnership is an unincorporated business owned by two or more individuals voluntarily acting as partners(co-owners).Joe and M
18、artys AdvantagesRaise more fund than a sole proprietorship.Additional management skills.DisadvantagesUnlimited liability.life of entity:limited by owners choice or deathJoe and Martys A partnershipA partnership has two types:a general partnership and a limited partnership.In a general partnership,al
19、l partners have unlimited liability for the debts of the firm.These partners are called general partners.Limited partner has liability confined to that amount of his invest.In a limited partnership,there is at least one general partner.A corporation is organized under the law as a legal entity separ
20、ate from its owners.Advantagesseparate legal existencelimited liability of stockholders or shareholderstransferability of ownership relatively easyDisadvantagesDouble taxation.Extensive governmental regulationJ&M,Inc.Characteristics of EnterpriseCase for DiscussionMarks and SpencerIn 1882,a Russian
21、refugee named Michael Marks came to the North East of England.Needing work,he put a tray round his neck and started selling haberdashery in the villages around Leeds.Two years later he borrowed 5 from his friend Isaac Dewhirst to buy stock,and was able to open a stall in Leeds market.Case for Discus
22、sionMarks and SpencerWithin ten years Markss success as a trader had enabled him to establish a chain of stalls in markets throughout North East England.In 1894,Marks realized that his business was getting too large for him to manage effectively on his own.He decided to form a partnership with Tom S
23、pencer and Marks&Spencer was born.The business continued to thrive and grow,so in 1903 Marks and Spencer registered their partnership as a private limited company.This allowed more people to become involved with managing the growing company and increase its finances by buying shares in the company.O
24、ne shareholder was Israel Sieff,who became chairman of the company in 1917.Sieff can be credited with shaping the future of Marks&Spencer.By 1926,Marks&Spencer had opened 125 stores.In order to continue its successful development the company finally registered as a public limited company in order to
25、 obtain as much capital as possible to finance its continued growth.Suggested QuestionsHow many people started the original business that eventually became Marks&Spencer?Who owned the original business?Who owns Marks&Spencer plc?Why do you think Marks&Spencer became a public limited company?Do you t
26、hink the business would have developed in the way it has if it was still owned by one person?Accounting EthicAccountants have a significant responsibility to the public.Why do accountants have a significant responsibility to the public?AICPAs Code of Professional Conduct emphasizes the obligation of CPAs to serve the public interest,and their responsibility to act with integrity,objectivity,independence,and due professional care.