财务专业英语提纲Fanacial Acoounting.docx
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财务专业英语提纲Fanacial Acoounting.docx
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财务专业英语提纲FanacialAcoounting
Cash现金
MarketableSecurities有价证券
AccountsReceivable应收账款
NotesReceivable应收票据
InterestReceivable应收利息
Inventory存货
AdvancestoSuppliers预付账款
PrepaidRent预付租金
PrepaidInsurance预付保险
InvestmentsinSecurities证券投资
Land土地
Buildings建筑物
Equipment设备
Property,Plant,andEquipment固定资产
FurnitureandFixtures家具
AccumulatedDepreciation累计折旧
Patents专利权
Goodwill商誉
AccountsPayable应付账款
NotesPayable应付票据
InterestPayable应付利息
IncomeTaxesPayable应付所得税
AdvancesfromCustomers预收账款
AdvancesfromTenants(RentReceivedinadvance)预收租金
MortgagePayable应付抵押款
BondsPayable应付债券(长期)
DeferredIncomeTaxes递延所得税
CommonStock普通股
AdditionalPaid-InCapital资本公积
PreferredStock优先股
RetainedEarings留存收益
AccumulatedOtherComprehensiveIncome累计其他综合收益
SalesRevenue销售收入
CostofGoodsSold生产成本
Selling,General,andAdministrative营销管理费用(不含财务费用)
ResearchandDevelopmentExpense研发费用
AdvertisingExpense广告支出
InterestExpense利息支出
IncomeTaxExpense所得税支出
一、
1.OnFebruary5Millerpurchasesanadditional$25,000ofmerchandiseonaccount.
MerchandiseInventory$25,000
AccountsPayable$25,000
2.DuringFebruary,Millersellsmerchandisetocustomersfor$50,000.Ofthisamount,$3,000representssalestocustomerswhopaid$3,000toMilleronJanuary31.Millermakestheremaining$47,000ofsalesonaccount.
AdvancesfromCustomer$3,000
AccountsReceivable$47,000
SalesRevenue$50,000
3.Theacquisitioncostofthemerchandisesoldtocustomersintransaction
(2)is$30,000.
CostofGoodsSold$30,000
MerchandiseInventory$30,000
4.MillerCorporationincursandpays$14,500ofsellingandadministrativecostsduringFebruary.
SellingandAdministrativeExpenses$14,500
Cash$14,500
5.MillerCorporationcollects$35,000fromcustomersforsalespreviouslymadeonaccount.
Cash$35,000
AccountsReceivable$35,000
6.Millerpays$20,000tosuppliersformerchandisepreviouslypurchasedonaccount.
AccountsPayable$20,000
Cash$20,000
7.MillerCorporationdeclaresandpaysadividendtoshareholdersof$1,000.
RetainedEarnings$1,000
Cash$1,000
8.Millerrecordsthecostofinsurance,whichistheportionofprepaidinsuranceattributabletoinsuranceservicesreceivedduringFebruary.Millerpaidthe$600one-yearinsurancepremiumonJanuary31forcoveragefromFebruary1ofthisyearthroughJanuary31ofnextyear.
SellingandAdministrativeExpenses$50
PrepaidInsurance$50
9.MillerCorporationrecordsthecostofrent,whichistheportionofprepaidrentthatisattributabletorentalservicesconsumedduringFebruary.Millerpaid$12,000onJanuary31toprepayitsrentforFebruary1ofthisyearthroughJanuary31ofnextyear.
SellingandAdministrativeExpenses$1000
PrepaidRent$1000
10.OnFebruary1,MillerCorporationbeginsconsumingtheservicesofthebuildingthatitpurchasedonJanuary31for$40,000andrecordedasanassetonthatdate.MillerrecordsdepreciationonthebuildingstartingfromFebruary1toreflecttheconsumptionovertimeofbuildingservices.AssumethatMillerexpectsthebuildingtolastfor20yearsandthatMillerbelievesthebuildingwillhavenovalueatthattime.
SellingandAdministrativeExpenses(DepreciationExpense)$167
AccumulatedDepreciation$167
11.MillerCorporationrecordsinterestexpenseonthenotepayableforthemonthofFebruary.OnJanuary31,Millersignedanotepayablepromisingtorepaythebankthe$40,000ofprincipalborrowedinthreeyears’timeandtomakeyearlyinterestpaymentsattherateof10%perannum,or$4,000(=10%×$40,000)peryear.
InterestExpense$333
InterestPayable$333
12.MillerCorporationrecognizesincometaxexpenseonFebruary’sincomebeforeincometaxes.Assumeanincometaxrateof35%.NetincomebeforeincometaxesforFebruaryis$3,950(=$50,000−$30,000−$14,500−$50−$1,000−$167−$333).Incometaxexpenseistherefore$1,382(=0.35×$3,950).Firmspayincometaxesquarterly,soMiller’sincometaxesremainunpaidattheendofFebruary.
IncomeTaxesExpense$1,382
IncomeTaxesPayable$1,382
13.Closingentryforalltherevenueandexpenseaccounts.
SalesRevenue$50,000
CostofGoodsSold$30,000
SellingandAdministrativeExpenses$15,717
InterestExpense$333
IncomeTaxesExpense$1,382
RetainedEarnings$2,568
3.1AccountingProcessforRevenues,Expenses,andDividends
Example1.OnFebruary5Millerpurchasesanadditional$25,000ofmerchandiseonaccount.
MerchandiseInventory$25,000
AccountsPayable$25,000
Example2.DuringFebruary,Millersellsmerchandisetocustomersfor$50,000.Ofthisamount,$3,000representssalestocustomerswhopaid$3,000toMilleronJanuary31.Millermakestheremaining$47,000ofsalesonaccount.
AdvancesfromCustomers$3,000
AccountsReceivable$47,000
SalesRevenue$50,000
Example3.Theacquisitioncostofthemerchandisesoldtocustomersintransaction
(2)is$30,000.
CostofGoodsSold30,000
MerchandiseInventory30,000
Example4.MillerCorporationincursandpays$14,500ofsellingandadministrativecostsduringFebruary.
SellingandAdministrativeExpenses$14,500
Cash$14,500
Example5.MillerCorporationcollects$35,000fromcustomersforsalespreviouslymadeonaccount.
Cash$35,000
AccountsReceivable$35,000
Example6.Millerpays$20,000tosuppliersformerchandisepreviouslypurchasedonaccount.
AccountsPayable$20,000
Cash$20,000
Example7.MillerCorporationdeclaresandpaysadividendtoshareholdersof$1,000.
RetainedEarnings$1,000
Cash$1,000
Example8.Millerrecordsthecostofinsurance,whichistheportionofprepaidinsuranceattributabletoinsuranceservicesreceivedduringFebruary.Millerpaidthe$600one-yearinsurancepremiumonJanuary31forcoveragefromFebruary1ofthisyearthroughJanuary31ofnextyear.
SellingandAdministrativeExpenses50
PrepaidInsurance50
Example9.MillerCorporationrecordsthecostofrent,whichistheportionofprepaidrentthatisattributabletorentalservicesconsumedduringFebruary.Millerpaid$12,000onJanuary31toprepayitsrentforFebruary1ofthisyearthroughJanuary31ofnextyear.
SellingandAdministrativeExpenses1,000
PrepaidRent1,000
Example10.OnFebruary1,MillerCorporationbeginsconsumingtheservicesofthebuildingthatitpurchasedonJanuary31for$40,000andrecordedasanassetonthatdate.MillerrecordsdepreciationonthebuildingstartingfromFebruary1toreflecttheconsumptionovertimeofbuildingservices.AssumethatMillerexpectsthebuildingtolastfor20yearsandthatMillerbelievesthebuildingwillhavenovalueatthattime.
SellingandAdministrativeExpenses167
AccumulatedDepreciation167
Example11.MillerCorporationrecordsinterestexpenseonthenotepayableforthemonthofFebruary.OnJanuary31,Millersignedanotepayablepromisingtorepaythebankthe$40,000ofprincipalborrowedinthreeyears’timeandtomakeyearlyinterestpaymentsattherateof10%perannum,or$4,000(=10%×$40,000)peryear.
InterestExpense333
InterestPayable333
Example12.MillerCorporationrecognizesincometaxexpenseonFebruary’sincomebeforeincometaxes.Assumeanincometaxrateof35%.NetincomebeforeincometaxesforFebruaryis$3,950(=$50,000−$30,000−$14,500−$50−$1,000−$167−$333).Incometaxexpenseistherefore$1,382(=0.35×$3,950).Firmspayincometaxesquarterly,soMiller’sincometaxesremainunpaidattheendofFebruary.
IncomeTaxExpense1,382
IncomeTaxPayable1,382
Example13.Closingentryforalltherevenueandexpenseaccounts.
SalesRevenue50,000
CostofGoodsSold30,000
SellingandAdministrativeExpenses15,717
InterestExpense333
IncomeTaxExpense1,382
RetainedEarnings$2,586
4.1RevenueRecognitionandMeasurement
Example1.GreatDealsoldatelevisionfor$1,000toacustomerwhopayswithcash.Thetelevisionismarkeddown,andthecustomercannotreturnorexchangeit.
Cash$1,000
Salesrevenue$1,000
Example2.GreatDealsoldatelevisionfor$1,000toacustomerwhopaidwithaGreatDealcreditcard.Thetelevisionismarkeddownandthecustomercannotreturnorexchangeit.
AccountsReceivable$1,000
SalesRevenue$1,000
Example3.IfGreatDealsellsagiftcardfor$1,000onthefirstdayofitsfiscalyear,GreatDealexpectstodeliveronitspromiseofprovidingmerchandiseduringthenext60months.GreatDealhasreceived$1,000cash.
Cash$1,000
Advancesfromcustomers$1,000
Ifthecardholderusedthecardtopurchasea$700computermonitor.
Advancesfromcustomers$700
Salesrevenue$700
Thecardholderdon’tpurchaseanythingelsebyusingthecarduntilthegiftcard’sexpirationdate.Thejournalentryrecordedatthegiftcard’sexpirationdate:
Advancesfromcustomers$300
Salesrevenue$300
Example4.AnotherbuyerofagiftcardpaidforthegiftcardwithaGreatDealcreditcard.
AccountsReceivable$1,000
Advancesfromcustomers$1,000
4.2ExpenseRecognitionandMeasurement
Example1.IfGreatDealoriginallypurchasedthetelevisioninExample1for$650.
CostofGoodsSold$650
Inventory$650
Example2.GreatDealprintsandmailsadvertisementstoitspreferredcustomerspriortoannualsalesevents.Assumethattheseexpenditurescost$2millionperyear.
AdvertisingandPromotionExpense2,000,000
Cash2,000,000
4.3ComprehensiveIncome
Example1.AssumethatU.S.GAAPandIFRSre
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