初级会计实务 Junior Accounting Practice 双语(汉英)教学讲义

Part one Fundamentals of Accounting （第1部分 会计基础） 1. Introduction to Financial Accounting 2. Balance Sheet Concepts :Assets, Liabilities, and Equities 3.Income Statement Concepts: Income, Revenues, and Expenses 4.Statement of Cash Flows: Operating, Investing, and Financial Activities

Chapter one What Is Accounting? (第2章 什么是会计？ ) Objective: Learn what financial accounting is . Accounting is the gathering and reporting of a financial history of an organization. Keeping this financial history is a continual process of capturing financial data, organizing it into a useful set of accounting records, and issuing periodic financial reports to users. We will see that accurate, up –to –date financial reports contain a great deal of useful information.

Framework for Understanding Accounting Information 理解会计信息的框架 Objective: Learn what economic information is conveyed in financial statements. Three things determine the information in accounting reports: economic concepts, accounting conventions, and institutional context. 1. Economic concepts are the ideas that guide the construction of accounting reports. 2. Accounting conventions are the rules and customs of accounting that help apply those economic concepts to practical situations. 3. Institutional context is the environment that shapes the consequences of adopting special accounting conventions.

Why Study Accounting? 为什么学会计? Objective: Learn how accounting information is used and why it is important. Making Many decisions can be improved with accounting information. Accounting Is More Than Just Numbers . All users will benefit by being aware of more than just the numbers and descriptions in the accounting reports.

Economic Concepts 经济学概念 Objective: Learn a framework for understanding accounting information. Financial Value The financial value of an item is the amount of money it would bring if sold. Wealth An organization’s wealth is the sum of the financial values of all the things it owns. Economic Income An organization’s economic income over a period is the change in its wealth, excluding capital transactions with its owners.

Accounting Convention 会计惯例 Objective: Learn to read actual financial statements by looking at excerpts from the reports of real companies. Nature of Accounting Conventions GAAP Accounting valuation Recognition Disclosure Factors Affecting Accounting market richness complexity of transactions form of organization

Chapter two （第2章 资产负债表概念） In this chapter you will learn: 1.Basic definitions of assets, liabilities, and equities 2.To analyze transactions in terms of their effects on balance sheet accounts 3.To use debits, credits, and T-accounts to analyze transactions and construct balance sheets 4.To begin to read real company reports

Basic Definitions and Theory 基本定义和理论（一） Objective: Learn basic definition of assets, liabilities, and equities. Assets (资产) is a “probable future economic benefit obtained or controlled by an entity as a result of a past transaction.” Cash Marketable Securities Accounts Receivable Inventory Prepaid Expenses Deferred Income Taxes Property, Plant, and Equipment Other Assets Patents, Copyrights, Trademarks, Licenses

Basic Definitions and Theory 基本定义和理论（二） Objective: Learn basic definition of assets, liabilities, and equities. Liabilities (负债) is “a probable future sacrifice of economic benefits arising from present obligations of an entity to transfer assets or provide services as a result of a past transaction or event.” Accounts Payable Accrued Liabilities Short-Term Borrowing Dividends Payable Bonds

Basic Definitions and Theory 基本定义和理论（三） Objective: Learn basic definition of assets, liabilities, and equities. Equities(业主权益) Total equity is the difference between total assets and total liabilities. Common Stock Additional Paid-In-Capital Preferred Stock Accounting Equation ASSETS = LIABILITIES + EQUITY

T-Accounts, Debits, and Credits Objective: Learn to use debits, credits, and T-accounts to analyze transactions and construct balance sheets. Assets Increases Decreases (Dr) (Cr) Liabilities/Equities Decreases Increases (Dr) (Cr) DEBITS=CREDITS ASSETS=LIABILITIES+EQUITIES

Chapter three (第3章 损益表概念) In this chapter you will learn: 1.Basic definition of income, revenue, and expense 2.To analyze transactions in terms of their effects on income statement accounts 3.To use debits, credits, and t-accounts to analyze transactions and construct income statements

Objective: Learn basic definitions of income, revenue, and expense. Income (Loss) 收益(损失) Objective: Learn basic definitions of income, revenue, and expense. 1. Income is an increase in a entity’s net assets resulting from its operations over a period of time. If an entity’s operations over a period of time result in a decrease in its net assets, it has a loss. NET ASSETS= ASSETS-LIABILITIES=EQUITIES 2. Revenues are increases in net assets resulting from operations over a period time Recognition is the act of making an entry into the accounting. 3.Expenses are decreases in net assets resulting from operations over a period of time. Matching is the process of making sure all the costs incurred in generating the revenues recognized in a period are taken as expenses in that period.

Chapter four (第4章 现金流量表) In this chapter you will learn: 1.The basic definition of cash 2.To understand the relation between net income and cash flow from operations 3.To distinguish cash flows from investing, financing, and operating activities 4.Two methods for constructing cash flow statements (the direct and indirect methods) Cash Flow Statements

Cash(现金) Cash is readily transferable value Different forms of cash : Currency Checking accounts

Investing activities (投资活动) Investing activities are actions aimed at acquiring and disposing of assets that generate a financial return over a long period of time

Financing Activities (筹资活动) Financial activities are actions aimed at acquiring and repaying funds to be used over a long period of time.

Operating Activities (经营活动) Operating activities are actions that are neither investing nor financing activities.

Methods of Deriving Cash Flow Statement Objective: Learn two methods for constructing cash flow statements (the direct and indirect methods). Direct Method The direct method of presenting cash flows statements presents cash flows from operations in terms of their uses and sources. Indirect Method The indirect method of presenting cash flows from operations shows how net income must be adjusted to get back to cash flows.

Part two （第2部分 价值基础与会计计量） Valuation Basics and Accounting 5. Economic Concepts: Behind the Accounting Numbers 6. Financial Statement Analysis: Connecting Economic Concepts to Accounting Reports

Cash flows and Economic Value (现金流量与经济价值) Objective: Learn to understand the role of cash flow in determining economic value Cash is king. Economic value of an assets is determined by the cash flows and the cash flow will generate.

Cash flows over time: The Time Value of Money Objective: Learn how to compute compound interest Present Value Future Value Uncertain Cash Flows: Expected Value Time and Uncertainty:

Chapter six (第6章 财务报表分析:联结经济概念和会计报告) In this chapter you will learn: 1. How stock markets provide estimates of the economic values of firms. 2. What financial statement analysis is and begin to develop a conceptual framework for it. 3. Two basic ratios useful in financial analysis Financial Statement Analysis: Connecting Economic Concepts to Accounting Reports

Alternative Measures of Value: Alternative Measures of Value: A Framework for Financial statement Analysis 1.The Value of a firm in the Stock Market 2.GAAP Valuation 3.Financial Statement Analysis 4.Conceptual Framework for Financial Statement Analysis

Part three （第3部分 财务报告主题) Topics in Financial Reporting 7.Accounts Receivable 8.Inventories 9.Marketable Securities 10.Long-lived Assets 11.Long-term Liabilities 12.Equities 13.Income Taxes 14. Financial Statement Analysis and the Valuation of Common Stock

Chapter seven (第7章 应收帐款) In this chapter you will learn: 1.To understand the definition of accounts receivable 2.To analyze the economic value of accounts receivable

Accounts Receivable Nature of Accounts Receivable Economic Value of Accounts Receivable GAAP for Accounts Receivable Determining Bad Debt Expense and the Allowance for Bad Debts Financial Statement Analysis of Accounts Receivable

Chapter eight (第8章 存货) In this chapter you will learn: 1.To understand the definition of inventories 2.To analyze the economic value of inventories.

Inventories Nature of Inventories Economic Value of Inventories GAAP for Inventories Financial Statement Analysis of Inventory

Chapter nine (第9章 有价证券) In this chapter you will learn: 1.To understand the definition of marketable securities 2.To analyze the economic value of marketable securities

Marketable Securities Nature of Marketable Securities Economic value of Marketable Securities GAAP for Marketable Securities Financial Statement Analysis of Marketable Securities

Chapter ten (第10章 长期资产) In this chapter you will learn: 1.To understand the definition of tangible and intangible long-lived assets 2.To analyze the economic value of long-lived assets Long-Lived Assets

Long-Lived Assets Nature of Long-Lived Assets Economic value of Long-Lived Assets GAAP for Long-Lived Assets Financial Statement Analysis of Long-Lived Assets

Chapter eleven (第11章 长期负债) In this chapter you will learn: 1.To understand the definition of long-term liabilities 2.To analyze the economic value of long-term liabilities Long-Term Liabilities

Long-Term Liabilities Nature of Long-Term Liabilities Economic value of Long-Term Liabilities GAAP for Long-Term Liabilities Financial Statement Analysis of Long-Term Liabilities

Chapter twelve (第12章 业主权益) In this chapter you will learn: 1.To understand the nature and function of equities 2.To understand more about the distinction between debt and equities 3.To discuss the economic value of common stock equities

Nature of Equities Economic value of Equities GAAP for Equities Financial Statement Analysis of Equities

Chapter thirteen (第13章 所得税) In this chapter you will learn: 1To understand the nature and function of income taxes 2To analyze how income taxes impact the economic value of a firm’s assets and liabilities

Income Taxes Nature of Income Taxes Tax Accounting Principles Depreciation Assets Impairments Economic Value of Deferred Income Taxes GAAP for Deferred Income Taxes

Chapter fourteen (第14章 财务报表分析与普通股价值) In this chapter you will learn: 1.To use your knowledge of accounting in analyzing financial reports 2.To use accounting fundamentals to forecast future cash flows 3.To use projections of future cash flows to estimate the value of a company

Financial Statement Analysis and the Valuation of Common Stock Valuation of a company using discounted cash flow analysis Time-series benchmarks Current Ratio Quick Ratio Debt-to-Equity Long-Term Debt-to-Equity Cross-Sectional Benchmarks

Explanation This material was based on the book Financial Accounting (written by Rick Antle and Stanley J. Garstka, Tsinghua University Press). The students taking this course should have finished learning Fundamental Accounting and Financial Accounting (Chinese version).

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