会计英语第六单元教学教材.ppt

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1、会计英语第六单元一accountingperiod→cashbasis(receivedorpaid)accrualbasis(earnedorrelate):revenuerecognitionconcept→matchingprincipleGAAPrequiretheuseoftheaccrualbasis,smallservicebusinessesmayusethecashbasisbecausetheyhavefewreceivablesandpayables.Thematchingprinciplesupportsrecordingrevenue

2、sandrelateexpensesinthesameperiod.二Attheendofanaccountingperiod,someaccountsintheledgerrequireupdating.Thejournalentriesthatbringtheaccountsuptogateattheendoftheaccountingperiodarecalledadjustingentries.三Fourtypicaladjustingentries:Deferrals---------arecreatedbyrecordingatransaction

3、inawaythatdelaysordeferstherecognitionofanexpenseorarevenue.㈠Deferredexpenses(prepaidexpenses)→becomeexpenseovertime(1)supplies(2)prepaidinsurance(3)prepaidadvertising(4)prepaidinterest㈡Deferredrevenues(unearnedrevenue)→becomerevenuesovertime(1)unearnedrent(2)tuition(3)annualretaile

4、rfee(4)premium(5)magazinesubscriptionsAccruals---------arecreatedbyanunrecordedexpensethathasbeenincurredoranunrecordedrevenuethathasbeenearned.㈢Accruedexpenses(accruedliabilities)→expensehavebeenincurredbutnotrecorded(1)accruedwages(2)accruedinterestonnotespayable(3)accruedtaxes㈣Ac

5、cruedrevenues(accruedassets)→revenuesearnedbutnotrecorded(1)feesforservices(2)unbilledcommissions(3)accruedinterestonnotesreceivable(4)accruedrentSummarize:1Howdoyoutellthedifferencebetweendeferralsandaccruals?Ifcashisreceivedorpaidinthecurrentperiod,buttherevenueorexpenserelatestoa

6、futureperiod,therevenueorexpenseisadeferreditem.Ifcashwillnotbereceivedorpaiduntilafutureperiod,buttherevenueorexpenserelatestothecurrentperiod,therevenueorexpenseisanaccrueditem.Currentaccountingperiod→(cashreceivedorpaid)(revenueorexpenseincurred)→futureaccountingperiod(revenueore

7、xpenseincurred)(cashreceivedorpaid)2Alladjustingentriesaffectatleastoneincomestatementaccountandonebalancesheetaccount.四Examples:1AssumingthatonDecember31theamountofsuppliesonhandis$760,theamounttobetransferredfromtheassetaccounttotheexpenseaccountis$1240.(suppliesusedistheamountofa

8、djustment)Dr.Suppli