优质审计专业英语资料.docx
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优质审计专业英语资料.docx
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优质审计专业英语资料
Chapter1AnoverviewofAccounting
Learning0bjectives:
Afterlearningthischapter,thestudentsshould:
1.Understandthedefinitionofaccounting.
2.Identifythequalitativecharacteristicsofaccountinginformation.
3.Figure0utthebasicelementsoffinancialstatementsandequations
5.Comprehendthebasicaccountingassumptions.
6.Understandtheimportantaccountingprinciples.
Words:
Financialaccounting;Reliability;Relevance;Comparability;Consistency
Timeliness;Understandability;Conservatism;Materiality;Industrypractices
Assets;Liabilities;Equity;Revenues;Expenses;Netincome
BasicAssumptionsofAccounting(会计基本假设)
(1)economicentity;
(2)going-concern
(3)periodicity;(4)monetaryunit
BasicPrinciplesofAccounting(会计的一般原则)
§Historicalcost;§Revenuerecognition;§Matchingprinciple
§Fulldisclosureprinciple;§AccrualBasis;§Revenueexpenditure
§Capitalexpenditure;
AccountingEquation;Businesseconomicactivities;CertifiedPublicAccountant
Readingmaterial:
1.1IntroductionaboutAccounting
Accountingisaninformationsystemofinterpreting,recording,measuring,classifying,summarizing,reportinganddescribingbusinesseconomicactivitieswithmonetaryunitasitsmaincriterion.Concerningthisdefinition,weshouldpayattentiont0threeimportantpoints.Firstly,theaccountinginvolvesmanyactivities:
interpreting,recording,measuring,classifying,summarizing,reportinganddescribing.Secondly,the0bjectofaccountingisbusinesseconomicactivities.Thirdly,themonetaryunitisthemaincriterionusedinaccounting.Besides.Theobjectiveofaccountingistorecordandmeasurethebusinesseconomicactivitiesofanentityandpresentthefinancialreporttousersincludingmanagement,creditors,andotherpotentialinvestors,etc.
Thefieldofaccountants’workisdividedintothreekinds:
publicaccounting.accountingforprivatebusiness,andaccountingforgovernmentandnonprofit0rganjzation.TheaccountantsworkinpublicaccountingarecalledCPAs(CertifiedPublicAccountants).InUSA,AICPA(AmericanInstituteofCertifiedPublicAccountant)willorganizetheexaminationfortheCPAs,andthedifferentstatessetadditionalqualifications.InChina,CICPA(ChineseInstituteof
CertifiedPublicAccountant)willorganizetheexaminationfortheCPAs.PublicaccountingfirmsarecalledCPAfirms,andtheyhavedifferentformssuchasproprietorship,partnership,andcorporation.InChina,CPAfirmscannotbeaproprietorship.TheprimaryserviceofferedbyCPAfirmsincludeauditing,taxservice.andconsultativeservice.Auditingistheaccumulationandevaluationofevidenceaboutinformationtodetermineandreportonthedegreeofcorrespondence
betweentheinformationandtheestablishedcriteria.Auditingshouldbedonebyacompetent,independentperson.TaxserviceofferedbyCPAfirmsusuallyincludehelpingtheclientsto“lethetaxreportandgivingtheclientssomesuggestionstominimizethetaxamount.Theconsultativeservicesmainlyrefertomanagementadvisoryservicessuchaswhetherthebusinessearnsprofitproperly,howtobudgetthebusinessresources,andsoon.Theaccountantsinprivateenterprisesareinchargeofdesigningtheaccountingsystem,costaccounting,andinternalcontrolandauditing.Theaccountingforgovernmentandnonprofitorganizationissimilartothatforprivatecompanyexceptthattheobjectiveofearningaprofitisabsentfromaccountingforgovernmentandnonprofitorganization.
1.2FundamentalConcepts
Inthispart,thequalitativecharacteristicsofaccountinginformationareexplained,andtheelementsoffinancialstatementsaredefined.
1.2.1QualitativeCharacteristicsofAccountingInformation
InChina.thequalitativecharacteristicsofaccountinginformationinclude:
(1)reliability,
(2)relevance,(3)comparabilityandconsistency,(4)timeliness,(5)understandability,(6)Conservatism,(7)Materiality,(8)Industrypractices
Reliability
Reliabilitymeansthattheaccountinginformationisreliabletotheextentthatitisverifiable,isafaithfulrepresentation,andisreasonablyfreeoferrorandbias.
Reliabilityisthebaseofaccounting.Ifthrcontentsintheaccountinginformationarenottrue,orthefiguresintheaccountinginformationarenotcorrect.thefinancialstatementscannotreflectthefinancialposition,theresultsofoperation,andcashflowsfaithfully.
Relevance
Relevancemeansthatthereisaconnectionbetweentheaccountinginformationandthedecisiontheusersmake,andtheaccountinginformationisabletomakeadifferenceinadecision.Ithaspredictivevalueandfeedbackvalue.Thepredictivevaluemeansthattherelevantinformationhelpsusersmakepredictionsabouttheultimateoutcomeofpast,present,andfutureevents.Thefeedbackvaluemeansthattherelevantinformationcanhelpuserstoconfirmorcorrectpriorexpectations.
Comparability
Comparabilitymeansthatinformationshouldbem,measuredandreposedinasimilarmannerfordifferententerprises.Undercomparability,theuserscancomparetheresultsofthecompanieswithdifferentplacesanddifferentindustriesduringthesameordifferentperiods.
Consistency
Consistencymeansthatanentityappliesthesameaccountingtreatmenttosimilareventsfromperiodtoperiod.Butitdoesnotmeanthecompaniescannotswitch:
fromonemethodofaccountingtoanother.Companiescanchangemethods,butthechangesarerestrictedtosituationsinwhichitcanbedemonstratedthatthenewlyadoptedmethodispreferabletotheold.Andthenatureandeffectoftheaccountingchange,aswellasthejustificationforit,mustbedisclosedinthefinancialstatementsfortheperiodinwhichthechangeismade.
Timeliness
Timelinessmeansthatthemeasurementofaccountingshouldbetimely,andshouldnotbeadvancedordeferred.Therearethreeaspectsabouttimeliness.Firstly,theaccountantsshouldcollecttheaccountinginformationtimely.Secondly.theaccountantsshoulddealwiththeaccountinginformationtimely.Thirdly,theaccountantsshoulddeliveraccountinginformationtimely.
Understandability
Understandabilitymeansthatthereasonablyinformeduserscanperceivethequalityofinformation.Iftheaccountinginformationcannotbeunderstoodbytheusers.theinformationisuseless.Toobeytheunderstandability,theaccountantsshouldassurethattheaccountingentriesarecorrectandclear,ledgers’relationshipisunderstandable,a11itemsincludedarerecorded,andnoomissionoroverstatementexists.
Conservatism
Conservatismmeanswhenindoubtchoosethesolutionthatwillbeleastlikelytooverstateassetsandincome.
Materiality
Materialityisrelatedtoanitem’simpactonafirm’soverallfinancialoperations.Anitemismaterialifitsinclusionoromissionwouldinfluenceorchangethejudgmentofareasonableperson.
Industrypractices
Industrypracticesmeanthatthepeculiarnatureofsomeindustriesandbusinessconcernssometimesrequiresdeparturefrombasictheory.
1.2.2BasicElements
InChina.thebasicelementsincludesixcomponents--assets,liabilities,equity,revenues,expenses,andnetincome.
Assets:
Probablefutureeconomicbenefitsobtainedorcontrolledbyaparticularentityasaresultofpasttransactionsorevents.
Liabilities:
Probablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsofaparticularentitytotransferassetsorprovideservicestootherentitiesinthefutureasaresultof
pasttransactionsorevents.
Equity:
Residualinterestintheassetsofanentitythatremainsafterdeductingitsliabilities.Inabusinessenterprise,theequityistheownershipinterest.
Revenue:
Inflowsorotherenhancementsofassetsofanentityorsettlementofitsliabilities(oracombinationofboth)duringaperiodfromdeliveringorproducinggoods,renderingservices,orotheractivitiesthatconstitutetheentity’songoingmajororcentraloperations.
Expenses:
Outflowsorotherusingupofassetsorincurrenceofliabilities(oracombinationofboth)duringaperiodfromdeliveringorproducinggoods,renderingservices,orcarryingoutotheractivitiesthatconstitutetheentity’songoingmajororcentraloperations.
Profits:
Theresultsofoperationsduringanaccountingperiodinanentity.
Gains:
Increasesinequity(netassets)fromperipheralorincidentaltransactionsofanentityandfromallothertransactionsandothereventsandcircumstancesaffectingtheentityduringaperiodexceptthosethatresultfromrevenuesorinvestmentsbyowners.
Losses:
Decreasesinequity(netassets)fromperipheralorincidentaltransactionsofanentityandfromallothertransactionsandothereventsandcircumstancesaffectingtheentityduringaperiodexceptthosethatresultfromexpensesordistributionstoowners.
1.2.3BasicEquation:
Assets=Equity
=Liabilities+Stockholders’Equity
Thisequationshowstherelationshipamongassets,liabilities,andstockholders’equity.
Assets–Liabilities=Stockholders’Equity(NetAssets)
Thisequationshowsthattheowner’sclaimtobusinessassetsisresidual
1.3RecognitionandMeasurementConcepts
1.3.1BasicAssumptionsofAccounting
(1)EconomicEntityAssumption
Theeconomicentitymeansthattheunit,whichofferstheaccountinginformation,anditcanbeabusinessenterprise,andepartment,adivision,oranentireindustry.
Theeconomicentityassumptionmeansthattheactivityofabusinessenterprisecanbekeptseparateanddistinctfromitsownersandanyotherbusinessunit.
Theentityconceptdoesnotnecessarilyrefertoalegalentity.
(2)GoingConcernAssumption
Thegoingconcernassumptionmeansthatthebusinessenterprisewillremainalonglifeaccordingtocurrentsituation.
(3)PeriodicityAssumption
Theperiodicity(ortimeperiod)assumptionmeansth
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