会计概念英文名词解释Word文件下载.docx
- 文档编号:8107298
- 上传时间:2023-05-10
- 格式:DOCX
- 页数:9
- 大小:22.75KB
会计概念英文名词解释Word文件下载.docx
《会计概念英文名词解释Word文件下载.docx》由会员分享,可在线阅读,更多相关《会计概念英文名词解释Word文件下载.docx(9页珍藏版)》请在冰点文库上搜索。
Gain–increaseinequityresultingfromsellingassetsorrecognizingtheincreaseinvalueofassets(ordecreaseinvalueofliabilities);
itismeasuredonanetbasisasthepositivedifferencebetweencurrentvalueandamountrecordedonthebalancesheet.
Loss–decreaseinequityresultingfromsellingassetsordecreaseinvalueofassets(orincreaseinvalueofliabilities);
itismeasuredonanetbasisasthenegativedifferencebetweencurrentvalueandamountrecordedonthebalancesheet.
Accountingperiod-thetimeperiodbetweenconsecutivebalancesheetsforwhichafirmpreparesanincomestatementandstatementofcashflows.,anannualreporthasa12-monthaccountingperiodandaquarterlystatementhasa3-monthaccountingperiod).
b.Elements:
Sales-revenuefromsellinggoodsorprovidingservicestocustomers,whichisreportedasthetoplineontheincomestatement.
CostofGoodsSoldorCostofSaleslabor,material,andoverheadcostsdirectlyrelatedtoprovidinggoodsorservices.
GrossProfitisthedifferencebetweenSalesRevenueandCostofGoodsSold,whichrepresentstheprofitthatisavailabletocoveralloftheotherexpensesontheincomestatement.
OperatingExpensesareexpensesrelatedtotheordinaryoperatingactivitiesofthefirmofprovidinggoodsorservicestocustomersorgainsandlossesrelatedtooperatingassetslikePPE.
OperatingProfitorIncomeequalsgrossprofitminusoperatingexpenses.
OtherNonoperatingRevenueandExpenseareitemsrelatedtoFINANCINGactivities.,interestexpense)andINVESTINGactivities.,interestincomeandgainsandlossesoninvestments).
IncomeBeforeTaxequalsoperatingprofitminusotherincomeandexpense.
TaxexpenseequalsaGAAPbasedmeasureofthegovernmentchargesonincome.
NetIncomeequalsincomebeforetaxminustaxexpense.
c.IncomestatementaccountsarecalledTEMPORARYACCOUNTSbecauseamountsaccumulateforadefinedperiodoftimeandarethenzeroedoutwhenthebalanceistransferredtoretainedearnings.Annualincomestatementamountsrepresentthetotalrevenuesorexpensesfora12monthperiodcalledthefiscalyear.
II.Balancesheet–“snapshot”ofassets,liabilities,stockholders’equityatapointintime
a.BasicDefinitions
Operatingcycle-averagetimeittakestogofromcashtogoodsandservicessoldtocustomersandthenbacktocashcollectedfromcustomers.
Asset:
resourcethefirmcontrolsbecauseofapasttransactionoreventthatprovidesexpectedfuturebenefits.
Currentasset:
assetafirmexpectstoconverttocash,sell,orconsumewithinthelongerofoneyearoranoperatingcycle.
Noncurrentasset:
assetnotclassifiedascurrent.
Liability:
creditor’sclaimsorobligationthatrepresentsaprobablefutureeconomicsacrificeofassetsorservicesbasedonapasttransactionorevent.
Currentliability:
obligationafirmexpectstopaywithinthelongerofoneyearoranoperatingcycle.
Noncurrentliability:
liabilitynotclassifiedascurrent.
Shareholders’equity:
measureoffinancingprovidedbyownersofthefirmthatcapturesowners’residualclaimonassetsofthefirmaftersatisfyingliabilities.
Retainedearnings:
cumulativenetincomeminusdividendsoverthelifeofthefirm.
Retainedearningsareasourceoffinancing.Whenearningsexceedthedividendspaidouttoshareholders,itincreasesequityortheowner’sclaimonthefirm.
ThereisNOTacorresponding“cashfund”intheassetsectionequaltothebalanceinretainedearnings.Changesinretainedearningsareafunctionofnetincomeanddividendsdeclared,whichmayormaynotcorrespondtochangesincash.
Dividends:
distributionofcashtotheownersofthefirm.
c.BalancesheetaccountsarecalledPERMANENTACCOUNTSbecausetheamountsaccumulateyearafteryear.Theendingbalancefromthepreviousyearbecomesthebeginningbalanceforthenextyear.Forexample,endingcashamountin2011willbethebeginningcashamountin2014,thatisthenadjustedfor2014inflowsandoutflowstodeterminethe2014cashamount.
d.Basicaccountingequation:
ASSETS=LIABILITIES+STOCKHOLDERS'
EQUITY
ThepowerfulimplicationisinvestmentsinassetscanbefinancedwitheitherDEBTorEQUITY!
Assetsareresourcesandliabilitiesandequityrepresenttheclaimsonthoseresources.
III.StatementofRetainedEarnings(includedinStatementofShareholders’Equity)presentsa“video”ofthechangeinretainedearningsfromnetincomeanddividendsduringtheperiod.
IV.StatementofCashFlows–“video”ofthesourcesandusesofcashoveraperiodoftimethatexplainsthechangeinthecashbalanceonthebalancesheet.
a.Operating–coreoperationsanditemsrelatedtomeasurementofnetincome
b.Investing-firmsINVESTinassetssoincludesassettransactions:
i.buyandsellpropertyplantandequipment
ii.buyandsellinvestments
c.Financing-firmsFINANCEwithdebtandequitysoincludesdebtandequitytransactions
i.borrowandpaybacknonoperatingdebt
ii.issueandrepurchasestock
iii.paydividends
d.Format
+NetOperatingCashFlow
+NetInvestingCashFlow
+NetFinancingCashFlow
=ChangeinCashforthePeriod
BeginningCashfromLastYear
+/-ChangeinCashforthePeriod
=EndingCashforThisYear
BalanceSheetAccountNameDefinitions
Anaccountaccumulatestheincreasesanddecreasesthatoccurforasingleitem.GAAPdoesnotprovideanall-inclusivelistofacceptableaccountnamessotheirusage
variesbyfirm.
Separateaccountsarereportediftheyare“material”orcrucialtounderstandingfirmperformance.Forexample,somefirmsdivideinterestrevenueandinterestexpenseintoseparateaccountswhileotherfirmscombinethemintoonenetaccount.
Youwillreceivecreditinexamsaslongasthenameispotentiallyusedinpracticeandaccuratelydescribesandcorrectlyclassifiesanaccountasasset,liability,orshareholders’equity.Itisacceptable,butnotrequired,tousemorespecificaccountnameslikeprepaidrentforprepaidexpense.
Thefollowinglistofaccountnamesarecommonlyused.
Assets:
Cash–currencyorbalancesincheckingaccounts,CDs,ormoneymarketaccountsavailabletomeetcurrentobligations.Highlyliquidshort-terminvestmentswithlessthan
90daystomaturityandlittleriskofvaluechangesarecalled"
cashequivalents"
and
includedinthecashaccount.
Short-terminvestmentormarketablesecurities–currentvalueofinvestmentsinanotherfirm’sdebtorequitysecuritiesthatcanbequicklysoldforcash.
Accountsreceivable–amountduefromcustomersforgoodsandservicesalreadydelivered.Grossaccountsreceivableistheamountowed.Netaccountsreceivableistheamountexpectedtobecollectedaftersubtractinganallowanceforuncollectibleaccounts.
Notesreceivable–amounttobereceivedfromanoutsideentityformalizedwithanoteorlendingagreementthatspecifiesinterestandpaymentterms.
Inventory–rawmaterials,workinprocess(productsstartedbutnotfinished),andfinishedgoodsavailableforsaletocustomers.
Prepaidexpenses–assetrecognizedwhencashpaidinadvanceofwhenfutureexpenseswillbeincurred.
Long-terminvestments–investmentsinbondsorequitysecuritiesexpectedtobeheldforthelong-term.
Property,plant,andequipment(gross)–originalcosttoobtainandputintoservicebuildings,land,andequipment.
Accumulateddepreciation–acontraoroffsettingaccountwiththecumulativeamountofthecostofproperty,plantandequipmentassignedtodepreciationexpense.
Property,plantandequipment(net)–originalcostminusaccumulateddepreciation.
Intangibleassets–itemslikepatentsandcopyrightsthatprovidefuturebenefitbutdonothavephysicalsubstance.Intangibleassetsareonlyrecognizedwhentheyarepurchasedfromanoutsidesource.Forexample,ifafirmpurchasesapatentfromanothercompanythecostisshownasanasset.However,ifafirmdoesresearchthatresultsinapatent,thoseresearchcostsareincludedinR&
Dexpenseandanassetisonlyrecognizedforthelegalandregistrationfeestoobtainthepatent.
Goodwill–purchasepriceofanacquiredcompanyminusthemarketvalueoftheidentifiableassetsminusliabilitiesofthatcompany.Themarketvaluesofbothtangibleandintangibleassetsareconsideredinthecalculationofidentifiableassets.GoodwillisONLYrecognizedwhenonecompanypurchasesanothercompanyatapremiumforthingslikefuturepotential,marketpower,andqualityofworkforcethatarenotconsidered“identifiableassets.”
Liabilities:
Accountspayable–amountowedtosuppliersforinventoryorothergoodsorservicespurchasedoncredit.
Otherpayablesoraccruedexpenses–amountsowedforexpensesthathavealreadybeenrecognizedlikeinterest,taxes,salaries,andrent.
Short-termloanspayableornotespayable–obligationsformalizedwithanoteorlendingagreementthatspecifyinterestandpaymenttermsandareduewithinthenextyear.
Currentmaturitie
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 会计 概念 英文 名词解释