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1、Accounting Equation,Unit Twenty-Five,The accounting equation provides a concept for financial accounting and is the basis for all of the principles and procedures.It is stated as follows:Assets=Liabilities+Capital or:Assets-Liabilities=Capital,accounting equation 会计等式 financial accounting 财务会计业务,It
2、is important to remember that the accounting equation must always remain in balancethe two sides must always be equal.,remain in balance 保持平衡,The most basic tool of the accountant is the accounting equation.This equation presents the assets of the business and the claims to those assets.,accountant
3、会计师claims to those assets 资产的权益,Assets are the economic resources of a business that are expected to be of benefit in the future.,economic resources 经济来源,Cash,office supplies,merchandise,furniture and fixtures,land,and buildings are examples.Claims to those assets come from two sources.,office suppl
4、ies 办公用品 furniture and fixtures 办公设备 Claims to those assets come from two sources.资产的权益来自两个方面:,Liabilities are outsider claims,which are economic obligations,debts payable to outside parties.These outside parties are called creditors.,outsider claims 外部权益 economic obligations 经济上的债务debts payable 应付债
5、务,For example,a creditor who has loaned money to a business has a claima legal rightto a part of the assets until the business pays the debt.,例如,借钱给某企业的债权人对其部分资产有要求权即合法的权利企业偿还债务后,其权益终止。,Insider claims are called owners equity or capital.These are the claims held by the owners of the business.,inside
6、r claims 内部权益 owners equity 业主权益（资本）,An owner has a claim to the entitys assets because he or she has invested in the business.Owners equity is measured by subtracting liabilities from assets.,entity单位，经营实体,The accounting equation shows the relationship among assets,liabilities and owners equity.Ass
7、ets appear on the left-hand side of the equation.,ASSETS=LIABILITIES+OWNERS EQUITY,The legal and economic claims against the assetsthe liabilities and owners equityappear on the right-hand side of the equation:,ASSETS=LIABILITIES+OWNERS EQUITYlegal and economic claims(against or to)法律和经济上的权益,Lets ta
8、ke a closer look at the elements that make up the accounting equation.Suppose you run a business that supplies meat to fast-food restaurants.,element 要素,Some customers may pay you in cash when you deliver the meat.Cash is an asset.Other customers may buy on credit and promise to pay you within certa
9、in time after delivery.,on credit 赊账 after delivery交货后,This promise is also an asset because it is an economic resource that will benefit you in the future when you receive cash from the customer.,这种付款承诺也是资产，因为将来你从客户处收现金时，你可以从中受益的经济来源。,The meat supplier calls this promise an account receivable.If th
10、e promise that entitles you to receive cash in the future is formally written out,it is called a note receivable.All receivables are assets.,account receivable 应收账款 entitle sb.to do给某人做权利 note receivable应收票据receivables 应收,The fast-food restaurants promise to pay you for the meat it purchases on cred
11、it creates a debt for the restaurant.This liability is an account payable of the restaurant,which means that the debt is not formally written out.,account payable 应付账,Instead the reputation and the credit standing of the restaurant and its owner back it up.A written promise of future payment is call
12、ed a note payable.All payables are liabilities.,credit standing 信用状况，资信 back it up 支持 note payable 应付票据payables 应付,Owners equity is the amount of the assets that remains after subtracting liabilities.We often write the accounting equation to show that the owners claim to business assets is a residua
13、l:ASSETS-LIABILITIES=OWNERS EQUITY,residual 剩余的部分,On the balance sheet,assets and liabilities are classified as either current or long-term to indicate their relative liquidity.Liquidity is a measure of how quickly an item may be converted to cash.,balance sheet 资产负债表 relative liquidity 相对的流动性 conve
14、rt to cash 把变现,Therefore,cash is the most liquid asset.The account receivable is a relatively liquid asset because the business expects to collect the amount in cash in the near future.,the most liquid asset 流动性最大的资产，最容易变现的资产,Supplies are more liquid than accounts receivable,and furniture and buildi
15、ngs are even less so.Users of financial statements are interested in liquidity because business difficulties often arise owing to a shortage of cash.,financial statements 财务报表 liquidity 流动性，流动资金,How quickly can the business convert an asset to cash and pay a debt?How soon must a liability be paid?Th
16、ese are questions of liquidity.Balance sheets list assets and liabilities in the order of their relative liquidity.,in the order of their relative liquidity 按其流动性,Current assets are assets that are expected to be converted to cash,sold,or consumed during the next 12 months or within the businesss no
17、rmal operating cycle if longer than a year.,current assets 流动资产 operating cycle 经营周期,The operating cycle is the time span during which(1)cash is used to acquire goods and services,and(2)these goods and services are sold to customers,who in turn pay for their purchases in cash.,time span 期间,For most
18、businesses,the operating cycle is a few months.A few types of business have operating cycles longer than a year.,Cash,Accounts Receivable,Notes Receivable due within a year or less are current assets.Merchandise such as Sears,Penneys and K Mart is an additional current asset.Inventory shows the cost
19、 of goods that are held for sale to customers.,due 到期的；应付的inventory 库存，存货,Long-term assets are all assets other than current assets.They are not held for sale,but rather they are used to operate the business.,long-term assets 长期资产,One category of long-term assets is plant assets,or fixed assets.Land
20、,buildings,furniture and fixtures,and equipment are examples of plant assets.,plant assets 固定资产 fixed assets 固定资产,Financial statement users such as creditors are interested in the due dates of an entitys liabilities.The sooner a liability must be paid,the more current it is.,due dates 到期日,Liabilitie
21、s that must be paid on the earliest future date create the greatest strain on cash.Therefore,the balance sheet lists liabilities in the order in which they are due.,strain 紧张,Knowing how many of a businesss liabilities are current and how many are long-term helps creditors assess the likelihood of c
22、ollecting from the entity.Balance sheets usually have at least two liability classifications,current liabilities and long-tern liabilities.,likelihood of collecting 收到款的可能性 current liabilities 流动负债，短期负债,Current liabilities are debts that are due to be paid within one year or within the entitys opera
23、ting cycle.Notes Payable due within one year,Salary Payable,Unearned Revenue,and Interest Payable owed on notes payable are current liabilities.,salary payable 应付薪水 unearned revenue 通过投资所得的收入 interest payable 应付利息,All liabilities that are not current are classified as long-term liabilities.Some note
24、s payable are paid in installments,with the first installment due within one year,the second installment due the second year,and so on.In this case,the first installment would be a current liability and the remainder a long-term liability.,Translation,长期负债应付薪水应付利息长期资产固定资产流动负债会计等式财务会计业务应付债务业主权益,11)财务
25、报表12)流动资产13)赊账14)应收账款15)应收票据16)应付票据17)资产负债表18)应付账19)信用状况20)经营周期,long-term liabilities salary payable interest payable long-term assets fixed assets current liabilities accounting equation financial accounting debts payable owners equity,financial statements current assets on credit account receivabl
26、e note receivable note payable balance sheet account payable credit standing operating cycle,1)The accounting equation provides a concept for financial accounting and is the basis for all of the principles and procedures of _.,A.accountingB.accountantC.operatingD.marketing,A,2)Which of the following
27、 statements is NOT correct?_.,A.Assets appear on the left-hand side of the accounting equation.B.Liabilities appear on the right-hand side of the accounting equation.C.Liabilities and owners equity appear on the right-hand side of the accounting equation.D.The legal and economic claims against the a
28、ssets appear on the left-hand side of the accounting equation.,D,3)Users of financial statements are interested in liquidity because _.,A.businesses appear to need cash flows in transactionsB.difficulties often make businesses short of cashC.a shortage of liquidity can affect the operation of a busi
29、nessD.businesses often have difficulties owing to a shortage of the statement,C,4)A written promise of future payment is called a _,and a promise written out entitles you to receive cash in the future is called a _.,note payable/note payablenote payable/note receivablenote receivable/note payablenot
30、e receivable/note receivable,note payable,note receivable,5)Liabilities are outsider claims,which are debts payable to outside parties.These outside parties are called _.,A.creditorsB.debtorsC.ownersD.payers,A,6)Assets are the economic resources of a business that are expected to be of benefit in th
31、e future._ are examples.,A.Cash,office supplies,accounts payable,furniture and fixtures,land,and buildingsB.Cash,office supplies,merchandise,interest payable,land,and buildingsC.Cash,notes receivable,merchandise,furniture and fixtures,land,and buildingsD.Cash,office supplies,merchandise,furniture and fixtures,land,and ground rent payable,C,7)Claims to those assets come from two sources:_.,outside claims and creditorsinside claims and owners equitylegal and economic claims against the assetsoutside claims and inside claims,D,
