会计概念英文名词解释讲课稿.docx
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1、会计概念英文名词解释精品文档Session 1 Definitions and Elements of Financial Statements You will need to learn these underlined terms for the midterm! I. Income statement “video” of revenues, expenses, gains, losses over a period of timea. Basic definitions:Revenue increase in equity (and associated increase in as
2、sets and/or decrease in liabilities) earned from the sale of goods or provision of services to customers; it is measured on a gross basis as the amount of assets to be received. Expense decrease in equity (and associated decrease in assets and/or increase in liabilities) created by sale of goods, re
3、ndering of services or passage of time; it is measured on a gross basis as the amount of assets consumed. Gain increase in equity resulting from selling assets or recognizing the increase in value of assets (or decrease in value of liabilities); it is measured on a net basis as the positive differen
4、ce between current value and amount recorded on the balance sheet.Loss decrease in equity resulting from selling assets or decrease in value of assets (or increase in value of liabilities); it is measured on a net basis as the negative difference between current value and amount recorded on the bala
5、nce sheet.Accounting period - the time period between consecutive balance sheets for which a firm prepares an income statement and statement of cash flows (e.g., an annual report has a 12-month accounting period and a quarterly statement has a 3-month accounting period).b. Elements:Sales - revenue f
6、rom selling goods or providing services to customers, which is reported as the top line on the income statement. Cost of Goods Sold or Cost of Sales labor, material, and overhead costs directly related to providing goods or services.Gross Profit is the difference between Sales Revenue and Cost of Go
7、ods Sold, which represents the profit that is available to cover all of the other expenses on the income statement.Operating Expenses are expenses related to the ordinary operating activities of the firm of providing goods or services to customers or gains and losses related to operating assets like
8、 PPE. Operating Profit or Income equals gross profit minus operating expenses. Other Nonoperating Revenue and Expense are items related to FINANCING activities (i.e., interest expense) and INVESTING activities (i.e., interest income and gains and losses on investments).Income Before Tax equals opera
9、ting profit minus other income and expense.Tax expense equals a GAAP based measure of the government charges on income.Net Income equals income before tax minus tax expense. c. Income statement accounts are called TEMPORARY ACCOUNTS because amounts accumulate for a defined period of time and are the
10、n zeroed out when the balance is transferred to retained earnings. Annual income statement amounts represent the total revenues or expenses for a 12 month period called the fiscal year. II. Balance sheet “snapshot” of assets, liabilities, stockholders equity at a point in timea. Basic DefinitionsOpe
11、rating cycle - average time it takes to go from cash to goods and services sold to customers and then back to cash collected from customers.b. Elements:Asset: resource the firm controls because of a past transaction or event that provides expected future benefits.Current asset: asset a firm expects
12、to convert to cash, sell, or consume within the longer of one year or an operating cycle. Noncurrent asset: asset not classified as current. Liability: creditors claims or obligation that represents a probable future economic sacrifice of assets or services based on a past transaction or event. Curr
13、ent liability: obligation a firm expects to pay within the longer of one year or an operating cycle.Noncurrent liability: liability not classified as current. Shareholders equity: measure of financing provided by owners of the firm that captures owners residual claim on assets of the firm after sati
14、sfying liabilities.Retained earnings: cumulative net income minus dividends over the life of the firm. Retained earnings are a source of financing. When earnings exceed the dividends paid out to shareholders, it increases equity or the owners claim on the firm. There is NOT a corresponding “cash fun
15、d” in the asset section equal to the balance in retained earnings. Changes in retained earnings are a function of net income and dividends declared, which may or may not correspond to changes in cash. Dividends: distribution of cash to the owners of the firm.c. Balance sheet accounts are called PERM
16、ANENT ACCOUNTS because the amounts accumulate year after year. The ending balance from the previous year becomes the beginning balance for the next year. For example, ending cash amount in 2011 will be the beginning cash amount in 2014, that is then adjusted for 2014 inflows and outflows to determin
17、e the 2014 cash amount. d. Basic accounting equation:ASSETS = LIABILITIES + STOCKHOLDERS EQUITYThe powerful implication is investments in assets can be financed with either DEBT or EQUITY! Assets are resources and liabilities and equity represent the claims on those resources.III. Statement of Retai
18、ned Earnings (included in Statement of Shareholders Equity) presents a “video” of the change in retained earnings from net income and dividends during the period.IV. Statement of Cash Flows “video” of the sources and uses of cash over a period of time that explains the change in the cash balance on
19、the balance sheet.a. Operating core operations and items related to measurement of net incomeb. Investing- firms INVEST in assets so includes asset transactions:i. buy and sell property plant and equipment ii. buy and sell investmentsc. Financing - firms FINANCE with debt and equity so includes debt
20、 and equity transactionsi. borrow and pay back nonoperating debtii. issue and repurchase stockiii. pay dividendsd. Format+Net Operating Cash Flow + Net Investing Cash Flow + Net Financing Cash Flow = Change in Cash for the PeriodBeginning Cash from Last Year+/- Change in Cash for the Period= Ending
21、Cash for This YearBalance Sheet Account Name DefinitionsAn account accumulates the increases and decreases that occur for a single item. GAAP does not provide an all-inclusive list of acceptable account names so their usagevaries by firm.Separate accounts are reported if they are “material” or cruci
22、al to understanding firm performance. For example, some firms divide interest revenue and interest expense into separate accounts while other firms combine them into one net account.You will receive credit in exams as long as the name is potentially used in practice and accurately describes and corr
23、ectly classifies an account as asset, liability, or shareholders equity. It is acceptable, but not required, to use more specific account names like prepaid rent for prepaid expense.The following list of account names are commonly used.Assets:Cash currency or balances in checking accounts, CDs, or m
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