BÀI GIẢNG MÔN TIẾNG ANH CHUYÊN NGÀNH Accounting and Finance (Kế toán – Tài chính), Phạm Cường

8/12/2019 BÀI GIẢNG MÔN TIẾNG ANH CHUYÊN NGÀNH Accounting and Finance (Kế toán – Tài chính), Phạm Cường

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TRƯỜ NGĐẠI HỌC KINH TẾ VÀ QUẢN TRỊ KINH DOANH THÁI NGUYÊNBỘ MÔN NGOẠI NGỮ

BÀI GIẢNG MÔN TIẾNG ANH CHUYÊN NGÀNH(DÀNH CHO HỆ ĐÀO TẠO LIÊN THÔNG)

Accounting andAccounting andAccounting andAccounting andFinanceFinanceFinanceFinance

Kế toán – Tài chính

PHẠM CƯỜ NG

WWW.DAYKEMQUYNHON.UCOZ.COM



LƯ U HÀNH NỘI BỘ CHƯƠ NG 1: THE WORLD OF ACCOUNTING

“There's no business like show business, but there are several businesseslike accounting.” David Letterman

Liệt kê các chủ đề hoặc các nội dung liên quan tớ i chuyên ngành Kế toán.

MỞ ĐẦU

Accounting

Accounting standards

Accounting equation

Bookkeeping




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2 ©Không sao chép khi ch ư a đượ c chấ p thu ận.

PHẦN I. TỪ VỰ NGA. Sử dụng từ điển để tìm hiểu ý ngh ĩ a các thuật ngữ trong l ĩ nh vự c kế

toánở cột bên trái và ghép vớ i các giải ngh ĩ a bằng tiếng Anh của chúngở cột bên phải.

1. accounting a. A written statement that shows the financial state of a

company at a particular time.

2. assets b. An official financial record that gives details of all a

company's income and expenses for a particular period and

shows if it has made a profit or a loss.

3. expenses c. The activity of keeping detailed records of the amounts of

money a business or person receives and spends.

4. balance sheet d. Money that a business spends on supplies, workers,

services, etc. in order to operate.

5. income statement e. The things that a company owns, that can be sold to pay debts.

6. profit f. An amount of money that is invested in or is used to start a

business.

7. capital g. Debts and obligations of a company.

8. liabilities h. A financial benefit when the amount of revenue gained from

a business activity exceeds the expenses, costs to sustain

the activity.

B. Dùng các thuật ngữ trong Phần Ađể điền vàođoạn văn sau.(1) __ Accounting __ summarizes and submits financial information of a

business or organization in reports and statements. One of the most important financialreports is the (2) ________________________. This report shows the economicperformance of a business, whether it has made a (3) ______________ or loss. Thebasic format is revenues less (4) _____________ equals income (in Britain income iscalled profit). If expenses are greater than sales, then there is a loss.

Another very important report is the (5) _________________________. Thisshows assets, liabilities, and owner’s equity of the business on a specific day, usuallythe last day of the accounting year.

(6) _______________ are normally divided into current and non-current assets.Current assets are the assets that are used to fund day-to-day operations and pay




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ongoing expenses. Noncurrent assets are intended for use in the long-term operationsof a business. Non-current assets will still be with the company in several years.

(7) _______________ can be either short term or long term. The former arecurrent liabilities, which are debts payable within one year, while the latter are

classified as long-term liabilities, which are debts payable over a longer period.

PHẦN II. THẢO LUẬN VÀĐỌC HIỂUA. THẢO LUẬN

1. What are functions of financial information?2. Who may need the financial information of a company?3. What are the responsibilities of an accountant in a company?

B. ĐỌC HIỂU1. Đọc bàiđọc và trả lờ i các câu hỏi sau.1. Why is accounting called the “language of business”?2. How is a standardized accounting system achieved?3. What do the balance sheet and the income statement have in common?

How are they different?4. How are accountants classified in the United States?5. What kinds of services do public accountants probably provide?6. Which type of accounting – public, private, or governmental – appeals to

you the most? Why?

AN INTRODUCTION TO ACCOUNTINGAN INTRODUCTION TO ACCOUNTINGAN INTRODUCTION TO ACCOUNTINGAN INTRODUCTION TO ACCOUNTING

Accounting is frequently called the “language of business” because of its ability

to communicate financial information about an organization. Various interestedparties, including internal users, such as a company's managers and employees, andexternal users, such as creditors, potential investors, governmental agencies, financialanalysts, and labor unions, rely on a company’s financial information to help themmake informed financial decisions. An effective accounting system, therefore, mustinclude accurate collecting, recording, classifying, summarizing, interpreting, andreporting of information on the financial status of an organization.




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In order to achieve a standardized system, the accounting process followsaccounting principles and rules. Regardless of the type of business or the amount ofmoney involved, common procedures for handling and presenting financialinformation are used. Incoming money (revenues) and outgoing money (expenditures)

are carefully monitored, and transactions are summarized in financial statements,which reflect the major financial activities of an organization.

Two common financial statements are the balance sheet and the incomestatement. The balance sheet shows the financial position of a company at one point oftime, while the income statement shows the financial performance of a company overa period of time. Financial statements allow interested parties to compare oneorganization to another and/or to compare accounting periods within one organization.For example, an investor may compare the most recent income statements of twocorporations in order to find out which one would be a better investment.

People who specialize in the field of accounting are known as accountants. Inthe United States, accountants are usually classified as public, private, orgovernmental. Public accountants work independently and provide accounting servicessuch as auditing and tax computation to companies and individuals. Public accountants

may earn the title of CPA (Certified Public Accountant) by fulfilling rigorousrequirements. Private accountant work solely for private companies or corporationsthat hire them to maintain financial records, and governmental accountants work forgovernment agencies or bureaus. Both private and governmental accountants are paidon a salary basis, whereas public accountants receive fees for their services.

Through effective application of commonly accepted accounting systems,private, public and governmental accountants provide accurate and timely financialinformation that is necessary for organizational decision-making.Từ vự ng

- ability (n) - khả năng, năng lực- communicate (v) - truyền đạt- interested parties (n) – các bên quan tâm- creditors (n) – các chủ nợ -

potential investors (n) – các nhàđầu tư tiềm năng- governmental agencies (n) – các cơ quan chính phủ




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- labor unions (n) – các liênđoàn laođộng- financial status (n) – tình hình tài chính- accounting principles and rules (n) – các nguyên tắc và quy tắc kế toán- revenues (n) – doanh thu- expenditures (n) – chi phí- balance sheet (n) - bản cânđối kế toán- income statement (n) – báo cáo thu nhập- financial performance (n) - kết quả hoạt động tài chính- auditing (n) - kiểm toán- rigorous requirements (n) – các quyđịnh nghiêm ngặt- financial records (n) – các ghi chép thông tin tài chính

2. Lự a chọn từ hoặc cụm từ phù hợ p nhất để hoàn thành các câu sau.1. Accounting information is used by __________ to help them to make

financial decisions.A. managers C. potential investorsB. creditors D. all of the above

2. Regardless of the type of business or the amount of money involved

____________.A. all companies use identical accounting systemsB. balance sheets are more important than income statementsC. common procedures are used in handling financial informationD. no standardized accounting system is employed

3. Business monetary transactions are summarized in ______________.A. bank books C. financial statementsB. computers D. cash registers

4. Public accountants may earn the title of CPA by ____________.A. becoming governmental accountantsB. paying a feeC. fulfilling rigorous requirementsD. obtaining a Bachelor of Arts degree in Accounting

5.

Private and governmental accountants are paid on a _________ basis.A. salary B. weekly C. fee D. monthly




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PHẦN III. TRỌNG TÂM NGỮ PHÁPMỆNHĐỀ QUAN HỆ

RELATIVE CLAUSES (Mệnh đề quan hệ)A. Đại từ quan hệ thay cho danh từ chỉ Ngườ i và chỉ Vật

Mệnh đề quan hệ là mệnh đề đượ c bắt đầu bằng các từ that , who , which hoặcwhose để miêu tả và xácđịnh một đối tượ ng là ngườ i hoặc vật. Để chỉ ngườ i, tadùngwho hoặc that. Để chỉ vật, ta dùngwhich hoặc that.Chỉ ngườ i: The business consultants who/that advised us were very

experienced.

Chỉ vật: The services which that company offers are very expensive. B. Mệnh đề quan hệ chủ ngữ và mệnh đề quan hệ tân ngữ

Đôi lúc chúng ta có thể giữ lại hoặc bỏ đi đại từ quan hệ. Nếu theo sauđại từ quan hệ who, which, that là động từ vị ngữ của mệnh

đề quan hệ, chúng ta không thể lượ c bỏ đi đại từ quan hệ:We helped the tourists who had lost their way.

(who had lost their way là mệnhđề cóđại từ quan hệ who là chủ ngữ)

Nếu theo sauđại từ quan hệ who, which hoặc that là một danh từ hoặc mộtđại từ đi liền vớ i một động từ vị ngữ của mệnh đề, ta có thể lượ c bỏ đi đại từ quan hệ. Vì vây, ta viết:

The computers that you ordered have arrived.

Hoặc:

The computers you ordered have arrived.

(Trong câu này, that you ordered là một mệnh đề quan hệ có đại từ quan hệ that thay cho tân ngữ: you ordered the computers )

Trong mệnh đề quan hệ tân ngữ, ta có thể dùngwhom để chỉ ngườ i. Tuynhiên, cách dùng này chỉ thườ ng thấy trong ngôn ngữ viết trang trọng.

The candidate whom they selected had intensive experience of the industry.

E. Mệnh đề quan hệ không hạn địnhTrong một số trườ ng hợ p ta phải dùngwho vàwhich chứ không dùngthat:

Sai: Starbucks Coffee Japan, that was established in 1995 , has beenwalking a different path.




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Đúng: Starbucks Coffee Japan, which was established in 1995 , has been

walking a different path. Mệnh đề quan hệ như trên nhằm cung cấp thêm thông tinđượ c gọi là mệnh đề quan hệ không hạn định và phải đượ c ngăn cách vớ i mệnh đề chính. Cùng xem

xét sự khác biệt giữa hai loại: M ệ nh đề quan h ệ hạ n đị nh:

Citigroup is a US company that was formed in 1998 by bringing

together Citibank and Travelers.

M ệ nh đề quan h ệ không h ạ n đị nh:

Legend Group Holdings, which is controlled by the Chinese

government , owns a majority stake in Lenovo.

PHẦN IV. BÀI TẬP ĐỀ NGHỊ A. Sử dụng các từ vự ng cho sẵn để hoàn thànhđoạn văn phía dướ i.

assets bookkeeping errors credit debit entriesmeasures transactions principles reform relationships practices

DEFINITION OF ACCOUNTINGAccounting is the measurement of nancial (1) …………………….. which are

transfers of legal property rights made under contractual (2) ………………………….Non-nancial transactions are specically excluded due to conservatism andmateriality principles. At the core of modern nancial accounting is the double-entry(3) ……………………… system. This system involves making at least two (4)……………………………… for every transaction: a (5) ……………………… in oneaccount, and a corresponding (6) ……………………… in another account.Basically, the sum of all debits should always equal the sum of all credits; thisprovides a simple way to check for (7) ……………………. This system was rst usedin medieval Europe; however, claims have been made that the system dates back toAncient Rome or Greece. According to critics of standard accounting (8)……………………….., accounting has changed little since. In each generation,

accounting (9) …………………….. of some kind has been made in order to try tokeep bookkeeping relevant to capital (10) …………………….. or production capacity,




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but such changes have not altered the basic (11) ……………………… of accounting.In recent times, the divergence of accounting from economic principles has resulted incontroversial (12) ………………………… to make nancial reports more indicativeof economic reality.

B. Ghép một thuật ngữ về loại hình kế toán vớ i giải ngh ĩ a phù hợ p ở cột bên.

C. Viết giải ngh ĩ a cho các thuật ngữ bằng cách sử dụng cấu trúc sau.

1. Balance sheet is

2. Sales are




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3. Capital is

4. Income tax is

5. Accounts payable are

6. A creditor is

7. Creative accounting is

8. A loan is

D. Chọn lự a từ loại phù hợ p để hoàn thành các câu sau.1. communication / to communicate / communicativea. Supervisors should strive for two-way _______________ with their employees.b. By using an overhead projector, the guest speaker was able

_____________________ his statistical information clearly.c. Because of the clerk’s highly developed _____________________ skills, she

was given a position that required her to deal directly with customers.2. information / informed / informativea. The owner ___________________ his employees that they would all receive

a 5 percent pay increase.b. Getting Acquainted with Accounting, by John L. Carey, is a very

__________________ book.c. Financial ________________ is essential for organizational decision making.3. allowance / allowed / allowablea. The supervisor lost control of his staff members after he __________ them

to override his decisions.b. When the factory was built 50 years ago, little _______________ was

made for remodeling and expansion.c. Capital punishment is ____________ only under exceptional circumstances.




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4. fulfillment / fulfill / fulfillinga. At times the assembly line worker felt a lack of professional ___________.b. When he was promoted to production supervisor, however, his job became

much more _____________________.

c. Before the accountant could become a CPA, she had to ___________ anumber of requirements.

5. standards / has standardized / standarda. The _______________ paper size in the United States for business letters

and memoranda is 8½ X 11 inches.b. The accounts department _______________________ its procedures for

recording and presenting financial information.c. Nowadays, rigorous __________________ are enforced in the area of food

processing and packaging.

E. Đọc đoạn giớ i thiệu về hoạt động kế toán ghi sổ và lự a chọn phươ ng ánđúng nhất (A, B, C hoặc D)để điền vào mỗi ô trống.Bookkeeping, commonly referred to as keeping the books, is the process of

keeping full, accurate, up-to-date business (1) ______. Proper bookkeeping can helpbusinesses (2) ________ manage cash flow, stay abreast of profits and losses, anddevelop plans for the future based on financial trends. Furthermore, accuratebookkeeping is required by tax (3) ________.

Bookkeeping involves making a record of the amounts received by a businessas well as the amounts paid out. It (4) ________ money a company owes to vendors,employees, tax agencies, contractors and any other individual or entity. Likewise,accurate records of amounts owed to a company by outside individuals andorganizations are also recorded in a company's (5) ________.

A company's books are used to determine the amount of taxes the companymust pay. They are also used in preparing (6) ________. Sometimes, a tax agency maydecide to investigate the information reported on a tax return or other type of tax-related document. In such cases, business owners are required to present accurate

records for the tax agency's inspection. Failure to do so could (7) ________ fines,penalties, or in severe cases, imprisonment.




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Though necessary and beneficial to business owners, the task of bookkeeping canbe very time consuming. With no exceptions, every amount that is paid or received mustbe recorded. Additionally, (8) ________ is of the utmost importance, making keeping thebooks in a rushed manner a very bad idea. As business owners are often lacking in time,

many choose to hire bookkeepers to keep company records well maintained.Although hiring bookkeeping professionals may be a good idea for many

companies, not all business owners can afford to do so. This is particularity true ofsmaller, home-based, or start-up businesses. (9) _______, there are many computerbookkeeping programs designed to make the task of keeping the books manageableand less time consuming. Many bookkeeping programs (10) _________ all of thecalculations for the user, taking the worry out of keeping accurate figures.1. A. records B. deals C. account D. contacts

2. A. affect B. effect C. effective D. effectively

3. A. return B. authorities C. income D. payments

4. A. encompasses B. deducts C. makes up D. takes away

5. A. files B. folders C. books D. magnetic disks

6. A. tax breaks B. tax returns C. tax credits D. tax shelters7. A. result from B. cause C. lead to D. file for

8. A. accuracy B. accurate C. inaccurate D. inaccuracy

9. A. Unluckily B. However C. Fortunately D. Likewise

10. A. face B. deal C. encounter D. handle

F. Đọc đoạn bài đọc sau và trả lờ i các câu hỏi phía dướ i.BUDGETING AND ACCOUNTING

Everyone should agree that it is easy to spend money – sometimes too easy –and it is difficult to save money. One may ask himself “Where did my money go?”after counting the money in his purse. So before and after earning, spending andsaving, people and businesses turn to paper and pencil – and now to computers – to

plan what is going to happen with their money and account for what is happening orhas happened to it. A financial plan is called a budget.




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This universal problem affects not only the individual, but all entities – smallbusinesses, big corporations, non-profit organizations, and the government. Manypoliticians have made many speeches about cost over-runs and budget deficits caused byexpenses being greater than income. Husbands and wives worry about living within

their means, and parents caution children about over-spending their allowances.A budget is, quite simply, a forecast of what the revenue will be (how much

money will come in) and what the expenses will be (how much money will go out).Some expenses are the result of purchases, and accountants call these purchasesexpenditures. If the budget is for a profit-making entity, the revenue should exceed theexpenses and the bottom line should show a profit. The family hopes to have abalanced budget, and politicians often demand the government balance its budget, too.

Budgets are prepared for certain periods of time. For example, a 12-monthaccounting period is called a financial year. When the year begins, it then becomes thetask of the bookkeeper to record or enter the income and expense in journals andledgers. The accountant then counts up and analyzes the financial status and thefinancial progress of the entity. The financial status is shown in a balance sheet whichshows the assets (what the business owns) and the liabilities (what the business owes)

and the equities (how much capital the business has). The accountant also prepares afinancial statement which has, in addition to the balance sheet, the income statement,which shows the important bottom line and the entity’s profit or loss.Từ vự ng

- budget (n) – ngân sách- entities (n) –đơ n vị kinh tế - allowances (n) - nguồn kinh phí, trợ cấp- budget deficits (n) - thâm hụt ngân sách- cost over-runs (n) – chi phí vựơ t quá dự toán- exceed (n) - lớ n hơ n, nhiều hơ n- journals (n) - sổ nhật ký- ledgers (n) - sổ cái- profit (n) - lợ i nhuận-

loss (n) – lỗ




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Xác định các thông tin sau có phù hợ p vớ i nội dung trong bàiđọc không.Nếu thông tin sau làđúng, ghi TRUE, nếu thông tinđó sai, ghi FALSE.

1. Saving money is as simple as using the money.2. A budget is often known as a financial result of the business.

3. If the revenue exceeds the expenses at the end of the accounting period, thebusiness has made a profit.

4. The financial year is often longer than the calendar year.5. During the financial year, the bookkeeper records and enters earnings and

expenditures in journals and ledgers.6. The balance sheet gives information about the entity’s earnings and

expenditures.




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CHƯƠ NG 2: THE ACCOUNTS

Brainstorm a list of a company’s assets, debts and capital resources.

MỞ ĐẦU

Assets

Buildings

Land

Liabilities

Bank loans

Owner’s equity

Stocks




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PHẦN I. TỪ VỰ NG

A. Chọn lự a thuật ngữ đúng nhất so vớ i giải ngh ĩ a cho sẵn.

1. Amounts to be received in the future for goods or services sold on credit.

A. Accounts payable C. Income taxB. Withdrawals D. Accounts receivable

2. Payment for the use of someone else's property.A. Rent C. Income taxB. Revenue D. Dividend

3. The cost of the supplies used in running an office.A. Revenue C. Dividends

B. Office supplies D. Withdrawals4. Amounts owed to others but not yet paid.

A. Income tax C. Accounts payableB. Accounts receivable D. Withdrawals

5. Amounts of money invested into businesses in order to earn more money.A. Income tax C. RevenueB. Investments D. Dividends

6. Amount of money taken out of the business by the owner for personal use.A. Withdrawals C. Income taxB. Dividends D. Investments

7. The direct expenses to produce, manufacture, or purchase the goods orservices you sell.A. Withdrawals C. Cost of goods

B. Dividends D. Rent8. Direct tax on the earnings of individuals and corporations.

A. Income tax C. RentB. Revenue D. Investments

9. Earnings distributed to stockholders.A. Rent C. DividendsB. Revenue D. Investments




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10. The total amount of money a business takes in during a given period byselling goods and services.A. Rent C. InvestmentsB. Dividends D. Revenue

B. Ghép các thuật ngữ tiếng Anh kế toán bên trái vớ i giải ngh ĩ a bên phải.

a. current assets1. the cost involved in selling goods, paying shop

and office staff, advertising, etc.

b. fixed assets2. debts that will not have to be paid for several

years (e.g. money borrowed by selling shares or

mortgaging property)

c. intangible assets3. the cost to the firm of the merchandise sold

(including the cost of raw materials, labour,factory overheads)

d. current liabilities4. cash, or other assets, that will be changed into

cash or consumed within a short time

e. long-term liabilities 5. the value of goods that are in stock and for sale

f. cost of sales6. the profit from sales after the costs of selling, and

general expenses, have been subtracted

g. gross profit on sales

7. assets that are intended for use rather than sale,and that will be of use for more than one year(e.g. buildings, cars). Also known as plantassets.

h. net operating profit8. assets that do not have physical reality, such as

the goodwill of customers, trade connections,patents, copyrights

i. merchandise inventory 9. debts that have to be paid within a short time

j. selling and general expenses10. the profit left after the cost of selling has been

subtracted from the value of sales




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PHẦN II. THẢO LUẬN VÀĐỌC HIỂUA. THẢO LUẬN

1. What are some documents that accountants can use to record transactions?2. How are accounts classified? Name some of the widely used accounts.3. What are major activities involved in the accounting process?

B. ĐỌC HIỂU

SYSTEMS OF ACCOUNTSSYSTEMS OF ACCOUNTSSYSTEMS OF ACCOUNTSSYSTEMS OF ACCOUNTS

The accounting process identifies business transactions and events, analyzesand records their effects, and summarizes and presents information in reports and financialstatements. The accounting process that focuses on analyzing and recording transactions

and events follows these steps. Business transactions and events are the starting points.Relying on source documents, the transactions and events are analyzed using the accountingequation to understand how they affect company performance and financial position. Theseeffects are recorded in accounting records, informally referred to as the accounting books,or simply the books. Additional steps such as posting and then preparing a trial balance helpsummarizes and classifies the effects of transactions and events. Ultimately, the accountingprocess provides information in useful reports or financial statements to decision makers.

Source documents identify and describe transactions and events entering theaccounting process. They are the sources of accounting information and can be in eitherhard copy or electronic form. Examples are sales tickets, checks, purchase orders, bills fromsuppliers, employee earnings records, and bank statements.

An account is a record of increases and decreases in a specific asset, liability, equity,revenue, or expense item. The general ledger , or simplyledger , is a record containing allaccounts used by a company. The ledger is often in electronic form. While most companies’ledgers contain similar accounts, a company often uses one or more unique accountsbecause of its type of operations. Accounts are arranged into three general categories (basedon the accounting equation), as shown below.




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Asset accounts Assets are resources owned or controlled by a company and that have expected future

benefits. Most accounting systems include separate accounts for the assets described here.A Cash account reflects a company’s cash balance. All increases and decreases in

cash are recorded in the Cash account. It includes money and any medium of exchange thata bank accepts for deposit (coins, checks, money orders, and checking account balances).

Accounts receivable are held by a seller and refer to promises of payment fromcustomers to sellers. These transactions are often calledcredit sales or sales on account (or on credit ). Accounts receivable are increased by credit sales and are decreased bycustomer payments.

A note receivable , or promissory note, is a written promise of another entity to pay adefinite sum of money on a specified future date to the holder of the note. A companyholding a promissory note signed by another entity has an asset that is recorded in a Note

(or Notes) Receivable account . Prepaid Accounts (also called prepaid expenses) are assets that represent

prepayments of future expenses (not current expenses). When the expenses are laterincurred, the amounts in prepaid accounts are transferred to expense accounts. Common

examples of prepaid accounts include prepaid insurance, prepaid rent, and prepaidservices (such as club memberships). Prepaid accounts expire with the passage of time(such as with rent) or through use (such as with prepaid meal tickets). When financialstatements are prepared, prepaid accounts are adjusted so that (1) all expired and usedprepaid accounts are recorded as regular expenses and (2) all unexpired and unusedprepaid accounts are recorded as assets (reflecting future use in future periods).

Supplies are assets until they are used. When they are used up, their costs arereported as expenses. The costs of unused supplies are recorded in a Supplies asset account . Supplies are often grouped by purpose - for example, office supplies and store supplies.Office supplies include stationery, paper, toner, and pens.Store supplies include packagingmaterials, plastic and paper bags, gift boxes and cartons, and cleaning materials. The costsof these unused supplies can be recorded in an Office Supplies or a Store Supplies assetaccount. When supplies are used, their costs are transferred from the asset accounts to

expense accounts.




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Equipment is an asset. When equipment is used and gets worn down, its cost isgradually reported as an expense (called depreciation). Equipment is often grouped byits purpose - for example, office equipment and store equipment.Office equipment includes computers, printers, desks, chairs, and shelves. TheStore equipment account

includes the costs of assets used in a store such as counters, showcases, ladders, hoists,and cash registers.

Buildings such as stores, offices, warehouses, and factories are assets because theyprovide expected future benefits to those who control or own them. Their costs are recordedin a Buildings asset account.

The cost ofland owned by a business is recorded in a Land account. The cost ofbuildings located on the land is separately recorded in one or more building accounts.

Liabilities accounts Liabilities are claims (by creditors) against assets, which means they are obligations

to transfer assets or provide products or services to other entities. An organization often hasseveral different liabilities, each of which is represented by a separate account that showsamounts owed to each creditor. Creditors are individuals and organizations that own theright to receive payments from a company. If a company fails to pay its obligations, the law

gives creditors a right to force the sale of that company’s assets to obtain the money to meetcreditors’ claims. When assets are sold under these conditions, creditors are paid first, butonly up to the amount of their claims. Any remaining money, the residual, goes to theowners of the company. Creditors often use a balance sheet to help decide whether to loanmoney to a company. A loan is less risky if the borrower’s liabilities are small incomparison to assets because this means there are more resources than claims on resources.Common liability accounts are described here.

Accounts payable refer to oral or implied promises to pay later, which usually arisefrom purchases of merchandise. Payables can also arise from purchases of supplies,equipment, and services. Accounting systems keep separate records about each creditor.

A note payable refers to a formal promise, usually denoted by the signing of apromissory note, to pay a future amount. It is recorded in either a short-term Note Payableaccount or a long-term Note Payable account, depending on when it must be repaid.

Unearned Revenue refers to a liability that is settled in the future when acompany delivers its products or services. When customers pay in advance for




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products or services (before revenue is earned), the revenue recognition principlerequires that the seller consider this payment as unearned revenue. Examples ofunearned revenue include magazine subscriptions collected in advance by a publisher,sales of gift certificates by stores, and season ticket sales by sports teams. The seller

would record these in liability accounts such as Unearned Subscriptions, UnearnedStore Sales, and Unearned Ticket Revenue. When products and services are laterdelivered, the earned portion of the unearned revenue is transferred to revenueaccounts such as Subscription Fees, Store Sales, and Ticket Sales.

Accrued liabilities are amounts owed that are not yet paid. Examples are wagespayable, taxes payable, and interest payable. These are often recorded in separate liabilityaccounts by the same title.

Equity accountsThe owner’s claim on a corporation’s assets is calledequity , stockholders’ equity, or

shareholders’ equity. Equity is the owners’ residual interest in the assets of a business afterdeducting liabilities. Equity is impacted by four types of accounts: common stock,dividends, revenues, and expenses.

When an owner invests in a company in exchange for common stock, theinvested amount is recorded in an account titledCommon Stock. Any further ownerinvestments are recorded in this account. When the company pays any cash dividendsit decreases both the company’s assets and its total equity. Dividends are not expensesof the business. They are simply the opposite of owner investments. ADividends account is used in recording asset distributions to stockholders (owners).

Revenues and expenses also impact equity. Examples of revenue accounts areSales, Commissions Earned, Professional Fees Earned, Rent Earned, and InterestRevenue. Revenuesincrease equity and result from products and services provided to

customers. Expensesdecrease equity and result from assets and services used in acompany’s operations.




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Xácđịnh các thông tin phía dướ i có phù hợ p vớ i nội dung trong bàiđọc không.Nếu thông tinđó làđúng, ghi TRUE, nếu thông tinđó sai, ghi FALSE. 1. The Cash account shows the value of money that the company keeps in the

bank accounts and in the cash registers.

2. The amount of money that customers owe to the corporation is recorded inthe accounts payable.

3. The amount of money that the corporation owes to its suppliers is recordedin the accounts payable.

4. Credit sales do not reflect the cash amount a company keeps in cashregisters or banks.

5. Supplies are always recorded as assets.6. If a company fails to pay its obligations, all the value of its assets that are

sold in a forced sale belongs to the creditors. 7. Buildings and equipment are recorded in asset accounts.

8. All notes payable to the bank are the corporation’s short-term liabilities.

9. Expired prepaid meal tickets are recorded as expenses.

10. Unearned revenue is recorded in liability accounts when the goods havenot been delivered.

11. Revenues and expenses have no relation with shareholder’s equity.

12. Equity is the source of capital that the corporation owns, including thecommon stock, and retained earnings.

Các tài khoản nào sau không thuộc nhóm tài khoản tài sản?A. cash

B. other businesses’ securities (stocks and bonds) that are marketableC. account receivablesD. accounts payableE. prepaid expensesF. unearned store salesG. landH. dividends

I. interest payable




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J. buildingsK. equipmentL. wagesM. common stock

N. retained earnings

PHẦN III. TRỌNG TÂM NGỮ PHÁPCONDITIONALS (CÁC LOẠI CÂUĐIỀU KIỆN)

A. Giớ i thiệuCâu điều kiện đượ c sử dụng để nói về các tình huống và kết quả của nó. Câu

điều kiện phải có 2 mệnh đề: mệnh đề chính và mệnh đề điều kiện.Mệnh đề điều kiện Mệnh đề chínhIf we break into the EU market , our sales will increase a lot.

Mệnhđề điều kiện có thể đứng trướ c hoặc sau mệnh đề chính. Mệnhđề chính Mệnh đề điều kiệnPrices will rise if a deficit is financed by printing more money.

B. Chỉ dẫn điều kiện

If + present tense + imperativeIf a fifteen percent discount is not accepted, please look for another supplier.

If the customer is a very difficult person, please stay calm.

C. Câuđiều kiện loại 1If + present tense + will / will not (won’t) + infinitiveIf + present tense + must / should / can / may + infinitive

Câuđiều kiện loại 1 đượ c dùngđể nói về các kết quả của một sự việc có thể

xảy raở hiện tại hoặc tươ ng lai.If weincrease our order, theywill give us a higher discount.

If our main competitorgoes bankrupt, wewill increase our market share.

If a companyneeds capital, itmay get a loan from a bank, or itmay ask an investment

bank to sell equity or debt (stocks or bonds).

Chúng ta thườ ng dùng câuđiều kiện loại 1 để nói về các điều kiện vàđiềukhoản trong một hợ p đồng hoặc giao dịch.

If youare not fully satisfied with this product, wewill refund your money.Under the terms of their contract, employeesmust give 3 months' notice if theyleave.




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D. Câuđiều kiện loại 2If + past tense + would (not) / could / should / might + infinitive

Chúng ta dùng câuđiều kiện loại 2 để tưở ng tượ ng ra các tình huống khôngcó thật ở hiện tại.

Imagine what itwould be like if every bankissued its own currency.

If prices neverchanged , nominal GDPwould be sufficient.

If Portugalcould make grape juice more efficiently than England, and if Englandcould

make cloth more efficiently than Portugal, then tradewould be beneficial to both.

Câuđiều kiện loại 2 đượ c dùngđể diễn đạt các kết quả tưở ng tượ ng của mộtsự việc không thể xảy raở hiện tại.

If youbought 10,000 shares, youwould own 1 percent of the company.

If the wagerose to $14 per hour, some restaurantswould stop hiring and others

would have to lay off some chefs.

If other companiesentered the market, therewould be more competition.

“Were ” đượ c sử dụng phổ biến vớ i tất cả các chủ ngữ của mệnh đề điều kiệnloại 2 trong văn phong Anh ngữ trang trọng.

If taxable incomewere defined as earned income, taxpayers receiving only interest and

dividends would be excluded from the payment of taxes.

If Iwere the Managing Director, I would restructure our company.

E. Câuđiều kiện loại 3If + past perfect + would /could / might have + past participle

Câuđiều kiện loại 3 đượ c dùngđể nói về những sự việc không xảy ra trongquá khứ (và kết quả có thể của nó nếu sự việc đó xảy ra).

If the price / earnings ratiohad been higher, Iwould have bought some shares.

The FTC estimated that consumerswould have paid about $480 million more for CDs

than they did if priceshad been determined by market forces.

F. Trườ ng hợ p đặc biệt Đôi khi việc kết hợ p các mệnh đề điều kiện vớ i mệnh đề chính không tuân

theo các cấu trúc nói trên. Hãy nghiên cứu một số ví dụ sau.If the managerhad not disguised the company’s financial situation, hewould not be

in trouble now.

If oil pricewere not higher than they were in 2002 when we imported it, wewould

have earned a lot of money.




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We would be grateful if youwould send us your payment made out to the order of

“Media Mart”.

PHẦN IV. BÀI TẬP ĐỀ NGHỊ A. Phân loại các tài sản sau bằng cáchđánh dấu √ vào cột tươ ngứ ng.

Name of Account CurrentAsset

FixedAsset

CurrentLiability

Long-termLiability

Accounts receivableAccounts payable

Notes payableMortgage payableCashSuppliesSalaries payableLandEquipment

GoodwillBondsBuildingsPatentsIncome Tax payable

B. Phân loại tài khoản

Derwood Corporation lập bảng cânđối kế toán sử dụng các phân loại tài khoảnsau:

1. Current assets 5. Current liabilities2. Investments and funds 6. Long-term liabilities3. Property, plant, and equipment 7. Contributed capital4. Intangible assets 8. Retained earningsDướ i đây là một số tài khoản. Hãy sử dụng các con số nói về các phân loại tài

khoản để phân loại các tài khoản sau._____ a. Office Supplies




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_____ b. Accounts payable_____ c. Store equipment_____ d. Merchandise inventory (ending balance)_____ e. Common stock

_____ f. Land held for future expansion_____ g. Patents_____ h. Bonds payable_____ i. Retained earnings_____ j. Allowance for uncollectible accounts_____ k. Mortgage payable_____ l. Short-term investments_____ m. Notes receivable--due in 6 months

_____ n. Salaries payable_____ o. Prepaid Insurance

C. Phân loại các tài khoản1. Accounts Payable

A. Owner’s equity B. Asset C. Liability D. Expense2. Interest receivable

A. Expense B. Asset C. Owner’s equity D. Revenue3. Vehicles

A. Revenue B. Expense C. Owner’s equity D. Asset4. Buildings

A. Owner’s equity B. Asset C. Revenue D. Expense5. Insurance

A. Owner’s equity B. Asset C. Revenue D. Expense6. Sales

A. Revenue B. Expense C. Owner’s equity D. Asset7. Cost of Goods Sold

A. Asset B. Liability C. Owners' Equity D. Expense8. Accounts Receivable

A. Asset B. Liability C. Revenue D. Expense

9. FurnitureA. Asset B. Liability C. Owners' Equity D. Expense




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10. Common StockA. Owners' Equity B. Asset C. Revenue D. Expense

11. Prepaid ExpensesA. Asset B. Liability C. Owners' Equity D. Expense

12. Retained EarningsA. Owners' Equity B. Revenue C. Expense D. Asset

13. InventoriesA. Owner’s equity B. Asset C. Revenue D. Expense

14. Cash at Bank A. Owners' Equity B. Revenue C. Expense D. Asset

15. GoodwillA. Owner’s equity B. Asset C. Revenue D. Expense

D. Điền vào ô trống các từ liên quan tớ i tài sản.book value current assets depreciable assets convertibilityprepaid expenses fixed assets long-term assets intangible assets

Assets are the economic resources of an organization that can usefully beexpressed in monetary terms. The assets can be classified into (1) ______________and (2) ______________. Current assets are cash and the assets that will be convertedinto cash or used up during the normal operating cycle of the business or one year,whichever is longer. Current assets are usually listed in the order of their “liquidity” or(3) _______________ into cash. Some examples of current assets are notes receivableand marketable securities. (4) ______________ such as insurance, rent, and supplies

are normally consumed during the operating cycle rather than converted into cash.Long-term assets are relatively long-lived assets used in operating an

organization and may be further classified into (5) _________________ (or plantand equipment) and (6) ___________________. Fixed assets may include land,buildings, and various kinds of equipment (machinery, store fixtures, officeequipment, delivery equipment, etc.). They constitute the major category of thelong-term assets. (7) ___________________ are normally shown at their original

cost. The accumulated portion of the cost taken as depreciation to date is subtracted




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from its original cost to obtain the (8) _________________ of the asset. Intangibleassets are characterized by the legal claims or rights which may include patents,trademarks, franchises, goodwill, etc.

E. Dự a theo khái niệm trong hoạt động kế toán, xácđịnh các thông tin sau làđúng hay sai. Nếu đúng, ghi TRUE. Nếu sai, ghi FALSE.1. A debt or obligation that must be paid or liquidated within the one year or

one operating cycle of the business is classified as a current liability._____________

2. Assets are the economic resources that are expected to produce futurebenefits. _____________

3. An asset that may reasonably be expected to be realized in cash or beconsumed within one year or one operating cycle of the business,whichever is longer, is classified as a current asset. _____________

4. Land, buildings, and equipment are examples of business expenses._____________

5. Current assets include cash, short-term investments, prepaid expenses, and

accounts payable. _____________6. Long-lived assets (resources used to produce or sell products or services)

that lack physical form and have benefits that are uncertain are calledintangible assets. _____________

7. A twenty-year mortgage note is an example of a long-term liability._____________

8. Prepaid expenses refer to amounts received in advance of when the productor service is received. _____________

F. Đọc bàiđọc sau và trả lờ i các câu hỏi phía dướ i.WHAT IS EQUITY?

Ownership in a company, called equity, is certified through pieces of paper -called shares or stocks - that state that "the holder of this share owns a part of this

company."




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When the company makes a profit, its owners share in the benefits by receivinga dividend or by selling their shares for more money than they originally paid. Whenthe company loses money, however, the dividends are reduced or eliminated and theshare price tends to fall. In the worst case, the company goes bankrupt, i.e. owing more

than it can pay. The shares then become worthless and the owners lose all the moneyinvested in them.

A company's shareholders are paid last after the suppliers, after the banks, andafter the bondholders. The risk is that there may be nothing left for stockholders aftereveryone else has been paid off. The reward is that when a company earns a lot, thestockholders get it all. With equity, there is higher risk but also the opportunity forgreater reward.

All investments involve a certain amount of risk, but a stock is generallyconsidered much more risky than a bond, which is an agreement by the company topay a specific amount of money at a specific time. In contrast to the fixed income of abond, the return on an equity investment is unknown. To reward investors for this risk,equity tends to provide a higher return, either in the form of dividend payments or byan increase in value, when the company retains its earnings. Stocks often rise and fall

in value rapidly, while bonds tend to be more stable. Bondholders are creditors of acompany with a guaranteed return on their investment, whereas shareholders areowners, with all the risks and rewards ownership entails.

International equity investment is not limited to the major financial center ofLondon, New York, and Tokyo. Equity ownership can now mean a share of a fast-food store in Moscow, or it can mean a part of Thailand's booming manufacturingindustry. It can be part ownership of a hotel in Rio de Janeiro or a light bulb companyin Budapest. Equity means ownership, and ownership is now allowed in almost everycountry in the world.

1. What is the risk for stockholders since they are paid last?2. By what documents is ownership in an equity certified?3. How are benefits of shareholders realized when the company makes a profit?4. Is the equity investment limited to the major financial centers?

5.

What is the price of the shares when the company goes bankrupt?6. In what way do bonds differ from shares?




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Tìm từ đồ ng ngh ĩ a vớ i từ đượ c gạ ch chân.

1. Any individual who holds shares owns a part of a company.a) stocks b) ownership c) money

2. Ownership is now allowed in almost every country in the world.

a) friendship b) partnership c) private business3. Equity means ownership which is now allowed in almost every country in

the world.a) share b) goods c) interest rate

G. Hoàn thành phần bài viết dướ i đây bằng cáchđiền vào ô trống các giớ i từ phù hợ p.

by on in up off behindMost people pay their domestic bills (1) _______ cash or (2) _______ cheque.

This is often unrealistic in business. But allowing customers to buy large amounts ofstock (3) _______ credit is not without its problems. It is extremely difficult to ask avalued customer for payment (4) _______ advance because it may look as if you do nottrust them. You cannot really charge them interest (5) _______ the outstanding sumeither, even if they miss the agreed deadline for settlement, or they might get upset and

withdraw their business altogether.To make matters worse, many companies these days will deliberately sit (6)

________ your invoice and wait to see how long it is before you actually put pressure (7)________ them to pay (8) ________. Of course, you can ease both your cashflowsituation and theirs by offering them the facility to pay (9) ________ what they owe you(10) ________ regular instalments. But that does not mean they will not fall (11)________ with their repayments when they are short of cash. And you may end up writing(12) ________ half of the debt altogether.

Things would probably be a lot simpler if everyone paid (13) ________ front forthe goods they bought and in theory a customer should be able to pay straightaway (14)________ direct bank transfer. This, of course, would mean customers remained (15)________ constant credit with their suppliers, but it would also prevent them from playingthe waiting game with their creditors. Since most companies cannot pay you your money

till they get theirs, they will continue to conserve cash until the very last minute.




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H. Nhiều ngườ i thỉnh giáo Kenny Cookham, chuyên viên kế toán quản trị, về kiểm soát tín dụng, dòng tiền, … Đọc phần tóm tắt bài thuyết trình củaKenny.A company with more debts than money to pay them, or in other words more

liabilities than assets, is insolvent and if a creditor takes the matter to court thecompany may be declared bankrupt. This situation can arise even if the company haswonderful sales figures. How is this possible? Some people say that it is not moneythat makes the world go round, but credit. Getting orders is tough enough, but gettingpaid can be even tougher. If the company's cash is tied up in stocks of materials andcredit to customers it may not have enough cash to pay short-term expenses. It has acash-flow problem. Managerial accountants and financial directors know that whatdistinguishes an efficiently managed business from a poorly managed one is the way itcontrols credit and manages cash-flow, in other words the skill with which a companycan make its creditors wait and put pressure on its debtors. So how can credit becontrolled, and the risk of bad debt be minimized? The ideal solution would be tomake the customer pay up front, but the goodwill of your customers is vital to securingtheir business in the future. Charge interest on outstanding debts and again you risk

alienating your customers. Debts do of course show up in a company's assets, but it ishard cash, not promises to pay, that finances new projects. Promises are oftenforgotten, and creditors have better memories than debtors.

Dướ i đây là các câu hỏi Kennyđã cố gắng giải đáp. Lự a chọn câu trả lờ iphù hợ p (A, B hoặc C) vớ i mỗi nội dung.1. What is the difference between insolvent and bankrupt?

A. Insolvency and bankruptcy are the same.B. Insolvency and bankruptcy are similar but there is a legal difference.C. Insolvency and bankruptcy are two completely different things.

2. How is it possible to have good sales figures and a cash-flow crisis?A. You can’t have a cash-flow problem if you sell a lot.B. If you sell a lot you will always have a cash-flow problem.C. If you sell a lot and the customers take a long time to pay you may have

a cashflow problem.




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3. How can credit be controlled?A. It is impossible to control credit.B. It’s best to make the customers pay up front.C. Efficient financial management is the key to controlling credit.

4. How can a company minimize the risk of bad debt?A. The best way to minimize bad debt is to charge the customer extra forpaying late.B. It’s a question of skillful management.C. The best way to minimize bad debt is to take the customer to court.

5. Why not to make the customer pay in advance?A. If you make the customer pay up front you risk losing their goodwill.B. It’s impossible to make the customer pay up front.C. If you make the customer pay up front they will take you to court.




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CHƯƠ NG 3: ANALYZING AND RECORDING TRANSACTIONS

“We don’t do press releases on all of our transactions.” Scott Jones

Sử dụng các gợ i ýđể điền các thuật ngữ bên vào ô chữ .MỞ ĐẦU

Journal

Ledger

Transaction

Account

Posting

Receipt




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ANALYZING TRANSACTIONSThe first step in the accounting process is to analyze every transaction (economic

event) that affects the business. The accounting equation (Assets = Liabilities + Owner'sEquity) must remain in balance after every transaction is recorded, so accountants mustanalyze each transaction to determine how it affects owner's equity and the differenttypes of assets and liabilities before recording the transaction.

Assume Mr. J. Green invests $15,000 to start a landscape business. Thistransaction increases the company's assets, specifically cash, by $15,000 and increasesowner's equity by $15,000. Notice that the accounting equation remains in balance.

Mr. Green uses $5,000 of the company's cash to place a down-payment on aused truck that costs $15,000, and he signs a note payable that requires him to pay theremaining $10,000 in eighteen months. This transaction decreases one type of asset(cash) by $5,000, increases another type of asset (vehicles) by $15,000, and increases aliability (notes payable) by $10,000. The accounting equation remains in balance, andMr. Green now has two types of assets ($10,000 in cash and a vehicle worth $15,000),a liability (a $10,000 note payable), and owner's equity of $15,000.

TỪ VỰ NG 1 – Từ vự ng theo ngữ cảnh





Given the large number of transactions that companies usually have,accountants need a more sophisticated system for recording transactions than the oneshown on the previous page. Accountants use the double-entry bookkeeping system tokeep the accounting equation in balance and to double-check the numerical accuracy

of transaction entries. Under this system, each transaction is recorded using at leasttwo accounts. An account is a record of all transactions involving a particular item.

Companies maintain separate accounts for each type of asset (cash, accountsreceivable, inventory, etc.), each type of liability (accounts payable, wages payable,notes payable, etc.), owner investments (usually referred to as the owner's capitalaccount in a sole proprietorship), owner drawings (withdrawals made by the owner),each type of revenue (sales revenue, service revenue, etc.), and each type of expense(rent expense, wages expense, etc.). All accounts taken together make up the generalledger. For organizational purposes, each account in the general ledger is assigned anumber, and companies maintain a chart of accounts, which lists the accounts andaccount numbers.

Account numbers vary significantly from one company to the next, dependingon the company's size and complexity. A sole proprietorship may have few accounts,

but a multinational corporation may have thousands of accounts and use ten- or eventwenty-digit numbers to track accounts by location, department, project code, andother categories. Most companies numerically separate asset, liability, owner's equity,revenue, and expense accounts. A typical small business might use the numbers 100–199 for asset accounts, 200–299 for liability accounts, 300–399 for owner's equityaccounts, 400–499 for revenue accounts, 500–599 for cost of sales expense accounts,and 601–699 for operating expense accounts.

Tìm từ hoặc cụm từ trong bài khóa theo giải ngh ĩ a sau.a. a business deal or action, such as buying or selling something __________b. having a value in money __________________c. highly complicated or developed __________________d. the usual way of keeping a company's financial records, in which each

amount spent, received, etc. is recorded with a credit in one account and a

debit in another ___________________________e. a business that is owned and run by one person ___________________





f. a company's accounting records ________________________g. list of all accounts used in the ledger by a company _____________h. A corporation with operations in two or more countries ______________

1. How do accountants record transactions of a business during an accountingyear or a period of operation?

2. Work with a partner and describe the basic accounting cycle.

Debits and CreditsA T-account represents a ledger account and is a tool used to understand the effects

of one or more transactions. Its name comes from its shape like the letter T. The layout of aT-account is the account title on top, a left, or debit side, and a right, or credit, side.

The left side of an account is called thedebit side, often abbreviated Dr. Theright side is called thecredit side, abbreviated Cr. To enter amounts on the left side of

an account is to debit the account. To enter amounts on the right side is to credit theaccount. The terms debit or credit does not mean increase or decrease. Whether a debit

ĐỌC HIỂU

THẢO LUẬN





or a credit is an increase or decrease depends on the account. In an account where adebit is an increase, the credit is a decrease; in an account where a debit is a decrease,the credit is an increase. The difference between total debits and total credits for anaccount, including any beginning balance, is theaccount balance. When the sum of

debits exceeds the sum of credits, the account has adebit balance . It has acredit

balance when the sum of credits exceeds the sum of debits. When the sum of debitsequals the sum of credits, the account has a zero balance .Double-Entry Accounting

Double-entry accounting requires that each transaction affect, and be recordedin, at least two accounts. It also means thetotal amount debited must equal the total

amount credited for each transaction. Thus, the sum of the debits for all entries mustequal the sum of the credits for all entries, and the sum of debit account balances in theledger must equal the sum of credit account balances.

The system for recording debits and credits follows from the usual accountingequation. Two points are important here. First, net increases or decreases on one side haveequal net effects on the other side. For example, a net increase in assets must beaccompanied by an identical net increase on the liabilities and equity side. Second, the left

side is thenormal balance side for assets, and the right side is thenormal balance side forliabilities and equity. This matches their layout in the accounting equation where assets areon the left side of this equation, and liabilities and equity are on the right.

Equity increases from revenues and owner investments and it decreases fromexpenses and owner withdrawals. These important equity relations are conveyed byexpanding the accounting equation to include debits and credits in double-entry form.Increases (credits) to capital and revenuesincrease equity; increases (debits) to withdrawalsand expensesdecrease equity. The normal balance of each account (asset, liability, capital,withdrawals, revenue, or expense) refers to the left or right (debit or credit) side whereincreases are recorded. Understanding these diagrams and rules is required to prepare,analyze, and interpret financial statements.









Journalizing and Posting TransactionsProcessing transactions is a crucial part of

accounting. Step 1 analyzes a transaction and itssource document(s) and applies double-entry

accounting to identify the effect of a transaction onaccount balances. Step 2 requires that we recordtransactions in a record called a journal beforerecording them in accounts. This is to avoid thepotential for error and the difficulty in trackingmistakes. A journal gives us a complete record ofeach transaction in one place. It also directly linksthe debits and credits for each transaction. Theprocess of recording transactions in a journal iscalled journalizing. Step 3 is to transfer (or post)entries from the journal to the ledger. The processof transferring journal entry information to theledger is calledposting. Step 4 requires the

preparation of atrial balance to check whetherdebit and credit account balances are equal.





Journalizing TransactionsThe process of journalizing transactions requires an understanding of a journal.

While companies can use various journals, every company uses a general journal. It canbe used to record any transaction and includes the following information about each

transaction: (1) date of transaction, (2) titles of affected accounts, (3) amount of eachdebit and credit, and (4) explanation of the transaction. A complete journal entry gives usa useful description of the transaction and its effects on the organization.

Posting Journal Entries

To ensure that the ledger is up to date, entries are posted as soon as possible.This might be daily, weekly, or when time permits. All entries must be posted to theledger by the end of a reporting period. This is so that account balances are currentwhen financial statements are prepared. Because the ledger is the final destination forindividual transactions, it is referred to as the book of final entry.

When posting entries to the ledger, the debits in journal entries are copied intoledger accounts as debits, and credits are copied into the ledger as credits.

For each journal entry, the usual process is to post debit(s) and then credit(s). Thesteps in posting are: (1) identify the ledger account that was debited in the journal entry,(2) enter the date of the journal entry in this ledger account, (3) enter the source of thedebit in the PR column, both the journal and page - the letter G shows it came from theGeneral Journal, (4) enter the amount debited from the journal entry into the Debit columnof the ledger account, (5) compute and enter the account’s new balance in the Balancecolumn, (6) enter the ledger account number in the PR column of the journal entry.





Posting in Computerized SystemsComputerized systems require no added effort to post journal entries to the

ledger. These systems automatically transfer debit and credit entries from the journalto the ledger database. Journal entries are posted directly to ledger accounts. Manysystems have programs that test the reasonableness of a journal entry and the account

balance when recorded.Trial BalanceA trial balance is a list of accounts and their balances at a point in time. Account

balances are reported in the debit or credit column of the trial balance. The trial balanceis used to check whether debit and credit account balances are equal and used as aninternal report for preparing financial statements. Preparing statements is easier whenwe can take account balances from a trial balance instead of searching the ledger.

We know that one or more errors exist when a trial balance does not balance(when its columns are not equal). When a trial balance does balance, the accounts are







7. What is journalizing? What is posting?8. What is often referred to as the book of final entry?9. Why do we need the trial balance?10. Can errors exist in a computerized accounting system?

A. Lự a chọn thuật ngữ có nội dung phù hợ p vớ i giải ngh ĩ a.1. Source of information for accounting entries that can be in either paper or

electronic form; also called business papers.

A.

Account C. Source documentsB. T-account D. Journal

2. Liability created when customers pay in advance for products or services;earned when the products or services are later delivered.A. Account balance C. Unearned revenueB. Trial balance D. General journal

3. List of accounts used by a company; includes an identification number for

each account. A. Chart of accounts C. AccountB. Source documents D. T-account

4. Journal entry that affects at least three accounts.

A. Compound journal entry C. General journalB. Account balance D. Journalizing

5. Recorded on the left side; an entry that increases asset and expenseaccounts, and decreases liability, revenue, and most equity accounts;abbreviated Dr.A. Credit B. Creditor C. Ledger D. Debit

6. Accounting system in which each transaction affects at least two accountsand has at least one debit and one credit.

A. Double entry accounting C. T-account

B. Balance column account D. Chart of accounts

TỪ VỰ NG 2





7. Account showing the owner's claim on company assets; equals ownerinvestments plus net income (or less net losses) minus owner withdrawalssince the company's inception; also referred to as equity.

A. Debt C. General journal

B. Journal D. Owner’s capital8. Process of transferring journal entry information to the ledger;

computerized systems automate this process.

A. Account C. CreditB. Journal D. Posting

B. Xácđịnh nhữ ng giải ngh ĩ a thuật ngữ sau là đúng hai sai. Nếu đúng, ghi

TRUE. Ngượ c lại, ghi FALSE.1. Account → Record within an accounting system in which increases anddecreases are entered and stored in a specific asset, liability, equity,revenue, or expense.

2. Source documents → Source of information for accounting entries thatcan be in either paper or electronic form; also called business papers.

3. Credit → Recorded on the right side; an entry that decreases asset andexpense accounts, and increases liability, revenue, and most equity

accounts; abbreviated Cr.4. General ledger or Ledger → All-purpose journal for recording the debits

and credits of transactions and events.5. Account balance → Difference between total debits and total credits

(including the beginning balance) for an account.6. Balance column account → Account with debit and credit columns for

recording entries and another column for showing the balance of theaccount after each entry.

7. Journalizing → Process of recording transactions in a journal.8. General Journal → Record in which transactions are entered before they

are posted to ledger accounts; also called book of original entry.9. Posting (PR) Reference → Process of transferring journal entry

information to the ledger; computerized systems automate this process.10. Double Entry Accounting → Accounting system in which each

transaction affects at least two accounts and has at least one debit and one

credit.





11. Posting → Process of transferring journal entry information to the trialbalance; computerized systems automate this process.

12. Trial balance → Difference between total debits and total credits(including the beginning balance) for an account.

MODALS (Động từ khuyết thiếu)A. Giớ i thiệu

Modals là các động từ khuyết thiếu như can, could, may, might, must,

should, would, ought to . Chúngđượ c gọi làđộng từ khuyết thiếu do chúng phảiđi kèm vớ i một động từ khácđể diễn đạt các ý ngh ĩ a như khả nă ng, s ự cho

phép, ph ỏ ng đ oán, l ờ i khuyên hoặc ngh ĩ a vụ.We should carry out a market research to know what our customers really

need and want.

Oil prices may be much higher in the next five years.

You can complain about the quality of their services.

Consumers have to pay more for goods than they would in a market open to

imports.Governments might seek foreign investment from multinational

corporations through sales of government bonds.

Động từ khuyết thiếu có dạng phủ định.can - cannot / can’tcould - could not / couldn’tmay - may not / mayn’t (không phổ biến)

might - might not / mightn’t (không phổ biến)must - must not / mustn’tshould - should not / shouldn’twould - would not / wouldn’tought to - ought not to / oughtn’t to (không phổ biến)

B. Ý ngh ĩ a của động từ khuyết thiếu Động từ khuyết thiếu diễn đạt nhiều ý ngh ĩ a khác nhau. Những ý ngh ĩ a

chínhđượ c diễn đạt bao gồm:

TRỌNG TÂM NGỮ PHÁP





Sự cho phépYou may leave if you have finished the report.

Our loyal customers can get a ten percent discount for all the services

they use.

I wonder if I might employ extra staff for my branch.

You could use the budget provided that you do not get in trouble with

budget deficit.

Năng lự cOur new devisional manager can speak four languages fluently.

The new production line can produce 1000 units per day.

He could program a computer when he was only thirteen years old.

Khả năng và phỏng đoán Making decisions in complicated situations can be extremely difficult.

You can use ATM and debit cards to purchase goods and services.

High levels of foreign debt could pose a problem in the future.

It could be weeks before we get a reply.

It would cost very much more for us to expand our business into Italy.

America might sell more cars to that market if they were made with the

steering wheel on the right.

The firm may be forced to make a number of employees redundant in the

coming months, but the situation may improve in the longer term.

Trách nhiệm, ngh ĩ a vụ, sự cần thiết và cấm đoánTo run a business, firms must purchase what they need from the factor

market.

The minimum wage is a legal minimum amount that an employer must

pay for one hour of work.

As the EU expands, new members must meet specific economic standards

before they can adopt the euro.

We ought to increase our prices in order to make a profit.

Retailers cannot / may not sell below cost price in some countries.You mustn’t enter a joint venture unless both parties benefit from the





deal.

Lờ i khuyên, gợ i ý,đề xuất, mờ i chào I would look for another distributor if I were you.

They might be wise to stop advertising on television.

If you need more information, you might try the Internet.

May I suggest that you consider the matter further before taking any

action?

Perhaps you would like to pay a visit to London branch.

I think we should employ some extra marketing staff for the campaign.

Would you like to join our venture?

A. Nối thuật ngữ kế toán vớ i phần giải ngh ĩ a phù hợ p.1. Ledger ___________2. Journal ___________3. Prepaid Expense ___________4. Debit and Credit ___________

5. Closing Entries ___________6. Unearned Revenues ___________7. Account Cycle ___________8. Adjusted trial balance ___________

a. Trial balance taken immediately after all adjustments have been posted.b. The formal process by which the enterprise reduces all nominal accounts to

zero and determines and transfers the net Income or net loss to an ownersequity account.

c. Revenues received in cash and recorded as liabilities before a companyearns.

d. Analysis of transaction and selected other events.e. The book or computer printouts containing accounts.f. Meaning left and right respectively to describe where a company entries in

the recording process.

BÀI TẬP ĐỀ NGHỊ







8. After closing entries have been journalized and posted, all temporaryaccounts in the ledger should have zero balances. _________

D. Sử dụng các thuật ngữ trong khungđể hoàn thành các câu sau.

accounting cycle closing entries journalpost-closing trial balance fiscal year journalizingtrial balance general journal postinggeneral ledger source document ledgercorrecting entry compound entry

1. A(n) _____________________ is an accounting period of twelve months

ending on the last day of any month.2. The various activities a business completes to organize its accounting

records in an orderly fashion is called the _____________________.

3. A(n) _____________________ is any type of business paper that verifiesthat a transaction occurred.

4. A(n) _____________________ is often called a book of original entry.

5. The _____________________ is an all-purpose journal used for recordingbusiness transactions.

6. Another term used for "recording" a business transaction is ____________.

7. A(n) _____________________ is a journal entry with two or more debitsor two or more credits.

8. Transferring data from the journal to the ledger is called ______________.

9. The accounts used by a business can be kept on pages or cards, which are

kept together in a book or file called a(n) _____________________.10. Whether accounts are kept manually in a special file or electronically on

magnetic disks or tapes, the ledger is often called a(n) ________________.

11. A periodic report prepared by a business to test the equality of total debitsand total credits in the ledger is called a(n) _____________________.

12. _____________________ are made to close out or reduce to zero thebalance of certain general ledger accounts.

13. A(n) ____________________ is prepared to prove that debits in the ledger





accounts are equal to the credits after the closing entries have been posted.

14. Errors discovered after posting has taken place require a(n) ____________.

E. Hoàn thànhđoạn bài viết sau vớ i nhữ ng từ trong khung.

credits debits double-entry invoice journals ledger posted receipttransactions transferred trail balance vouchers

Bookkeepers record every purchase and sale that a business makes, in the orderthat they take place, in (1) ___________________. On a later date, these temporaryrecords are entered in or (2) ___________________ to the relevant account book or

(3) ___________________. Of course the “books” these days are likely to becomputers files. At the end of an accounting period, all the relevant totals are (4)________________________ to the profit and loss account. (5) __________________bookkeeping records the dual effect of every transaction – a value both received andparted with. Payments made or (6) ______________________ are entered on the left-hand (debtor) side of an account, and payments received or (7) ___________________on the right-hand side. Bookkeepers will periodically do a (8) __________________to test whether both sides of an account book match. In most business (9)____________________, the seller of goods or services sends the buyer a bill or (10)___________________, and later a (11) __________________ acknowledge payment.Business are obliged to retain documents – known as (12) __________________ - thatsupport or prove an item in an account, and make them available to the internal andexternal auditors who check the accounts. Bookkeepers are not to be confused with

librarians, who also keep books, or with bookmakers, who “make books” in the sensethat they accept bets (on horse races, etc.) and traditionally wrote them down in a booklike a bookkeeper’s journal. Accountants, unlike bookkeepers, analyze financialrecords, and decide how to present them.

F. Khoanh tròn lự a chọn từ vự ng phù hợ p nhất vớ i giải ngh ĩ a.1. The recording of debit and credit parts of a transaction.

a. sales invoice c. journalizingb. source document d. double-entry accounting





2. Information for each transaction recorded in a journal.a. invoice b. check c. journal d. entry

3. A business form giving written acknowledgment for cash received.a. check b. receipt c. invoice d. entry

4.

A business form ordering a bank to pay cash from a bank account. a. invoice b. entry c. check d. receipt5. A form on which a brief message is written describing a transaction.

a. entry b. journal c. invoice d. memorandum6. A business paper from which information is obtained for a journal entry.

a. memorandum b. journalizing c. source document d. receipt7. All-purpose journal for recording the debits and credits of transactions and

events.

a. trial balance b. journal c. general journal d. T-account8. A journal with two amount columns in which all kinds of entries can be

recorded.a. general journal b. source document c. memorandum d. journal

9. A form for recording transactions in chronological order.

a. journal b. entry c. receipt d. journalizing10. Journal entry that affects at least three accounts.

a. general journal c. compound journal entryb. journalizing d. account balance

11. Tool used to show the effects of transactions and events on individual accounts.

a. T-account b. account c. journal d. debtors12. Process of transferring journal entry information to the ledger; computerized

systems automate this process.

a. posting b. account c. debtors d. credit13. List of accounts and their balances at a point in time; total debit balances equal

total credit balances. a. trial balance b. account balance c. dividends d. T-account14. Account with debit and credit columns for recording entries and another

column for showing the balance of the account after each entry.

a. source documents c. T-accountb. chart of accounts d. balance column account

15. A column in journals in which individual ledger account numbers are enteredwhen entries are posted to those ledger accounts.

a. balance column account c. source documentsb. posting d. posting reference (PR)





G. Lự a chọn phươ ng ánđúng nhất để hoàn thành hoặc trả lờ i các câu sau.1. If a transaction is properly analyzed and recorded, _________

a. only two accounts will be used to record the transaction.b. one account balance will increase and another will decrease.

c. one asset account will be debited and one liability account will be credited.d. the total amount debited will equal the total amount credited.2. When an entry is made in the general journal, __________

a. assets should be listed first.b. accounts to be debited should be listed first.c. accounts to be increased should be listed first.d. accounts may be listed in any order.

3. When an entry is made in the general journal, ___________

a. the accounts to be credited should be indented.b. the first account entered should be indented.c. liability, capital, and revenue accounts should be indented.d. asset accounts should be indented.

4. A sales invoice is a source document that ________________a. provides support for goods purchased for resale.b. provides evidence of incurred operating expenses.c. provides evidence of credit sales.d. serves only as a customer receipt.

5. If an amount is recorded on the side of a T account opposite the normal balanceside, the account balance is ___________.a. increased b. decreased c. unaffected d. correct

6. When the owner invests cash in a business, the owner's capital account is ____.a. increased by a debit c. decreased by a debitb. increased by a credit d. decreased by a credit

7. When a business buys an asset on one date and agrees to pay on a later date, thetransaction is ______________.a. delayed c. on accountb. increased d. none of the above

8. If total liabilities are $60,000, total assets are $180,000, and contributed capitalis $100,000, then retained earnings would be:a. $20,000 b. $80,000 c. $120,000 d. $160,000

9. Which of the following are the elements of owners’ equity?a. Assets, liabilities, revenues and expensesb. Owner investments, withdrawals, revenues and expenses.







c. a debit to Cash and a credit to Salaries Expense.d. a debit Salaries Expense and a credit to Accounts Payable.

17. A company shows a balance in Salaries Payable of $40,000 at the end of themonth. The next payroll amounting to $50,000 is to be paid in the following

month. What will be the journal entry to record the payment of salaries?a. Salaries Expense .............................................................. 50,000Salaries Payable .................................................... 50,000

b. Salaries Expense ............................................................. 50,000Cash ...................................................................... 50,000

c. Salaries Expense ............................................................. 10,000Cash ...................................................................... 10,000

d. Salaries Expense .............................................................. 10,000

Salaries Payable .............................................................. 40,000Cash ...................................................................... 50,000

18. The journal entry to record the payment of a monthly utility bill would include ____a. a debit to Utilities Expense and a credit to Capital.b. a debit to Capital and a credit to Cash.c. a debit to Utilities Expense and a credit to Cash.d. a debit to Utilities Expense and a credit to Accounts Payable.

19. In the transaction, RECORDED CASH SALES FOR THE MONTH, you should____________a. debit Cash and credit Merchandise.b. debit Cash and credit Sales and Sales Tax Payable.c. debit Cash and credit Accounts Receivable.d. debit Cash and credit Accounts Payable.

20. In the transaction, RECEIVED PAYMENT ON ACCOUNT FROM SMITHELECTRONICS, you should ______________________

a. debit Accounts Payable/Smith Electronics and credit Cash.b. debit Cash and credit Accounts Payable/Smith Electronics.

c. debit Cash and credit Accounts Receivable/Smith Electronics.d. debit Accounts Receivable/Smith Electronics and credit Cash.

21. Which of the statements below is NOT true?a. An adjusted trial balance should show ledger account balances.b. An adjusted trial balance can be used to prepare financial statements.c. An adjusted trial balance proves the mathematical equality of debits and

credits in the ledger.d. An adjusted trial balance is prepared before all transactions have been





journalized.22. Accounts often need to be adjusted because ______________________

a. there are never enough accounts to record all the transactions.b. many transactions affect more than one time period.

c. there are always errors made in recording transactions.d. management can't decide what they want to report.23. Adjusting entries are __________________

a. not necessary if the accounting system is operating properly.b. usually required before financial statements are prepared.c. made whenever management desires to change an account balance.d. made to balance sheet accounts only.

24. Adjusting entries are required ____________________

a. because some costs expire with the passage of time and have not yet been journalized.

b. when the company's profits are below the budget.c. when expenses are recorded in the period in which they are earned.d. when revenues are recorded in the period in which they are earned.

25. Closing entries are journalized and posted ______________________a. before the financial statements are prepared.b. after the financial statements are prepared.c. at management's discretion.d. at the end of each interim accounting period.







Match an accounting term on the right with its meaning on the left.

Work with a partner and discuss the following topics:1. The purposes of preparing a balance sheet.2. The purposes of preparing an income statement.

THE BALANCE SHEETFinancial statements are the final product of the accounting process. They

provide information on the financial condition of a company. The balance sheet, onetype of financial statement, provides a summary of what a company owns and what itowes on one particular day.

Assets represent everything of value that is owned by a business, such as property,

equipment, and accounts receivable. On the other hand, liabilities are the debts that acompany owes – for example, to supplier and banks. If liabilities are subtracted from

TỪ VỰ NG 1

THẢO LUẬN

ĐỌC HIỂU

Statement that summarizesrevenues and expenses

Amount a business's revenuesexceed (greater than) expenses

Statement of a business’ assets,liabilities and owner’s equity

A coded listing of all theaccounts in the general ledger

Process of transferring journalbalances to the general ledger

A financial report summarizingall the changes in owner's equity

Chart of accounts

Income statement

Balance sheet

Posting

Capital statement

Profit





assets (assets – liabilities), the amount remaining is the owners’ share of a business. Thisis known as owners’ or stockholders’ equity.

One key to understand the accounting transactions of a business is to understandthe relationship of its assets, liabilities, and owners’ equity. This is often represented by

the fundamental accounting equation: assets equal liabilities plus owners’ equity.Assets = Liabilities + Owners’ Equity (Shareholders’ Equity)

These three factors are expressed in monetary terms and therefore are limited toitems that can be given a monetary value. The accounting equation always remains inbalance; in other words, one side must equal the other.

The balance sheet expands the accounting equation by providing more informationabout assets, liabilities, and owner’s equity of a company at a specific time (for example,on December 31, 2009). It is made up of two parts. The first part lists the company assets,and the second part details liabilities and owners’ equity. Assets are divided into currentand fixed assets. Cash, accounts receivable and inventories are all current assets. Property,

building, and equipment make up the fixed assets of a company. The liabilities section ofthe balance sheet is often divided into current liabilities (such as accounts payable, andincome taxes payable) and long-term liabilities (such as bonds and long-term notes).

The balance sheet provides a financial picture of a company on a particular date,and for this reason, it is useful in two important areas. Internally, the balance sheetprovides managers with financial information for company decision-making. Externally, itgives potential investors data for evaluating the company’s financial position.





A. Đọc bài khóa và trả lờ i các câu hỏi sau. 1. What is the final product of the accounting process?2. Does the balance sheet provide financial information for a long period?3. What is the difference between assets and liabilities?

4. How is owners’ or stockholders’ equity determined?5. How can the relationship between assets, liabilities, and owners’ equity be

represented?6. Does the accounting equation always remain in balance? Why or why not?B. Dùng các từ trong khung hoàn thành Bảng cânđối kế toán sau.▪ assets ▪ current liabilities ▪ current assets

▪ stockholders’ equity▪ liabilities ▪ long-term liabilities ▪ fixed assets

An Income Statement presents a company's revenues and expenses for a givenaccounting period, e.g., a month, quarter, or year. Also called aStatement ofEarnings or aStatement of Operations, the income statement compares a company'srevenues with its expenses during a specific period.

Although income statements measure revenues, expenses, etc. in terms of dollars,these figures do not necessarily correspond to specific amounts of cash a company has.





For example, a company most likely does not have the amount of cash corresponding toits net income on an income statement. Instead, this figure represents both the actual cashthe company has received as well as promises from customers and clients to pay thecompany for products and services purchased on credit. Nevertheless, companies record

revenues when they earn them and expenses when they incur them, not when theyactually receive cash. This practice is referred to as theaccrual basis of accounting.

The Financial Accounting Standards Board (FASB) establishes the definitionsof key elements of the income statement, such as revenues, expenses, gains, andlosses.Revenues (sales) refer to the total amount of money a business earns by sellingits products or by providing its services during a specific period. Revenues alsoinclude money earned from dividends, and interest.Expenses refer to the total costs acompany incurs for doing business in a specific period, such as the cost of materials,supplies, labor, leases, and utilities. In addition, expenses must directly relate togenerating revenues for a company. Materials and utilities are obvious expenses,

because a company needs both materials and utilities to manufacture and sell products.





Gains are increases in the excess of what a company owns over what it owes(owners' equity) from peripheral or incidental transactions of a business entity andfrom all other transactions and events affecting the company during the accountingperiod, except those that result from revenues or investments by owners. Examples are

a gain on the sale of a building and a gain on the early retirement of long-term debt. Losses are decreases in owners' equity from peripheral or incidental transactions of abusiness entity and from all other transactions and events affecting the entity duringthe accounting period, except those that result from expenses or distributions toowners. Examples are losses on the sale of investments and losses from litigation.

Net income, or the "bottom line," is the excess of all revenues and gains for adesignated period over all expenses and losses of that period. Conversely, net loss isthe excess of expenses and losses over revenues and gains for a designated period.

The income statement can be prepared using either the single-step or themultiple-step format. Thesingle-step format lists and totals all revenue and gainitems at the beginning of the statement. All expense and loss items follow the revenueand gain items. Finally, the total expenses and losses are deducted from the totalrevenues and gains, yielding the net income. A sample income statement in the single-

step format would look like this:





The multiple-step income statement, on the other hand, presents operatingrevenue at the beginning of the statement and non-operating gains, expenses, andlosses near the end of the statement. Various items of expenses, however, are deductedthroughout the statement at intermediate levels, providing useful subtotals along the

way. The statement is arranged to show explicitly several important amounts, such asgross margin on sales, operating income, income before taxes, and net income. At thefirst step, the cost of products sold is deducted from the net revenues. At the secondstep, operating expenses are deducted. At the final step, non-operating revenues areadded and non-operating expenses are subtracted resulting in the net income.

Each format of the income statement has its advantages. The advantage of themultiple-step income statement is that it explicitly displays important financial andmanagerial information that the user would have to calculate from a single-step incomestatement. The single-step format has the advantage of being relatively simple to prepareand to understand. Here is a sample income statement in the multiple-step format:





Xác định các câu sau có phù hợ p vớ i nội dung bài đọc hay không. GhiTRUE nếu nội dung câuđó phù hợ p vớ i nội dung bàiđọc, ngượ c lại ghi FALSE.

1. Income statement shows the revenues and the expenses of a companyduring an accounting period.

2. The accounts included in the income statement must reflect the amounts ofactual cash the company has received.

3. Dividends and interest cannot be added to revenue account.4. Regardless of directly relating to generating the company’s revenues, all

expenses must be included in the income statement.5. A gain on the sale of a building and a gain on the early retirement of long-

term debt during the accounting period must be included in the incomestatement.

6. Losses resulting from expenses or distributions to owners are shown on theincome statement.

7. The bottom line shows the net income of the company at the end of theaccounting period.

8. The multi-step income statement segregates the operating revenues and

operating expenses from the non-operating revenues, non-operatingexpenses, gains, and losses.

A. Xem lại Bảng cânđối kế toán và hoàn thành nhữ ng chỗ trống sau.Class: Assets Class: LiabilitiesMembers: current assets Members:

Class: current assets Class:Members: Members: accounts payable

Class: Class: long-term liabilities

Members: Members:

TỪ VỰ NG 2





B. Gạch đi nhữ ng mục không thuộc tài sản cố định.office supplies machinery land

marketable securities buildings inventories

cash plant equipment

C. Các khoản nợ phải trả sau đây là dài hạn hay ngắn hạn?short-term notes payable accounts payable mortgage

long-term notes payable bonds payable taxes payable

CURRENT LIABILITIES LONG-TERM LIABILITIES

D. Hoàn thành các câu sau.1. The statement that shows net income for a period is known as the

__________ statement.2. The statement that shows net loss for a period is known as the __________

statement.3. Another term for the income statement is the ___________ ________

__________ account.4. Two groups of items that make up the income statement are ___________

and ____________.5. Withdrawal of money by the owner is not an expense but a reduction of

_________________6. To show the change in the capital of a business, the _____________

statement is used.

CÂU VÀ MỆNHĐỀ THÀNH PHẦN TRONG CÂUA sentence has both a subject and a predicate and expresses a complete thought.

Conventionally, a sentence begins with a capital letter and ends with a period, a

question mark, or an exclamation mark.

TRỌNG TÂM NGỮ PHÁP





Example:The FDI flow into Vietnam is increasing remarkably.

CHỦ NGỮ - THESUBECT

The part of the sentence that names the person, thing, or idea is called thesubject. The complete subject consists of the person, thing, or idea and all of itsmodiers, such as adjectives and adverbs.

An individual uses credit cards or charge accounts for items such as clothing or food.

The most common example of nonphysical investment is investment in human

capital.

The industrial base of the United States in the nineteenth century - railroads,

factories, and so on - was built on foreign finance, especially from Britain.

We have had problems with our main distributor.

VỊ NGỮ - THE PREDICATEThe part of the sentence that contains the verb that explains something about

the subject is called the predicate. The complete predicate consists of the verb and allof its modiers.

The newspaper article mentioned our newest menu item. Mrs. Dawson is our most difficult customer.

Investment fluctuates a lot.

Moreover, the government also invests.

MỆNHĐỀ - CLAUSESLike sentences, clauses are groups of words that have a subject and a predicate.

Clauses are eitherindependent or dependent .Mệnh đề độc lập - Independent ClausesIndependent clauses are groups of words in a sentence that can stand alone,

because they express a complete thought.The simple sentence consists of oneindependent clause.

Companies need cash in order to grow and expand their businesses.

Sometimes, more than one independent clause is included in the same sentence,

which is known asa compound sentence. When this happens, the clauses are separatedby a comma and a conjunction, or joining word (for, and, nor, but, or, yet, so).

PREDICATESUBJECT





You deposit money into your bank, and the bank loans that money to consumers

and companies in need of capital (cash).

A company may get a loan from a bank, or it may ask an investment bank to sell

equity or debt (stocks or bonds).

Several companies rate credit, but Standard & Poor's and Moody's are the two

largest.

Mệnh đề phụ thuộc - Dependent ClausesDependent clauses, also known as subordinate clauses, are groups of words in a

sentence that have a subject and predicate but cannot stand alone because they do notexpress a complete thought. They are dependent on independent clauses.

When a bond is actually downgraded by Moody's or S&P.

Sometimes, sentences are made up of one independent clause and one or moredependent clauses. These are known ascomplex sentences.

When a bond is actually downgraded by Moody's or S&P , the bond's pricedrops dramatically.

A. Điền dấu √ vào các cột phù hợ p để xác định nhóm tài khoản phù hợ p chomỗi tài khoản.

Income statement Balance sheetIncome Expense Asset Liability Capital

Accounts payableAccounts receivableBuildingCapitalEquipmentFees incomeGeneral expenseInterest expenseInterest income

Land

BÀI TẬP ĐỀ NGHỊ





Notes payableRent expenseRent incomeSalaries expenseSuppliesSupplies expenseTax expensePrepaid insuranceMarketable securities

B. Đọc bảng cânđối kế toán và trả lờ i các câu hỏi.





1. What is the long-term debt for Miles Laboratories, Inc.?2. How much are the total current assets of this company? The total fixed

assets? The total assets?3. Which current liability equals $5,613,000?

4. Which type of assets is the highest current asset?5. There is no total given for long-term liabilities in this balance sheet. Which

these categories should be added together to get this total?________________________________________________________

What are the total long-term liabilities? ________________________6. What is the accounting equation for Miles Laboratories, Inc. on December

31? (Assets = Liabilities + Owners’ Equity)______________ = __________________ + ___________________

7. If Miles Laboratories, Inc. sells $50,000 in stock in order to raise capitalfor a new warehouse, which figures in the balance sheet must be changed?________________________________________________________

C. Sử dụng các thông tin cho sẵn để hoàn thành Bảng cân đối kế toán cho

công ty sản xuất nông nghiệp Green Farmhouse.

Green Farmhouse Accounts Payable $ 1,700.00

Accounts Receivable $ 1,000.00

Accrued expenses $ -

Inventory $ 2,900.00

Non Current Liabilities $ 10,000.00

Land Debt $ 176,371.00

Current Portion of debt $ 9,737.00Non Current Assets at cost $ 496,380.00

Cash $ 77,526.00Accumulated Depreciation $ 71,870.00

Prepaid expenses $ 2,000.00

Land $ 1,500,000.00

Income Taxes Payable $ -





BASIC BALANCE SHEET ASSETS

ABC

DCurrent Assets A + B + C + D = E $ -

FGH

Non-Current Assets (F - G) + H = I $ -

Total Assets E + I = J $ -

LIABILITIESKLMN

Current Liabilities K + L + M + N = O $ -PQ

Non-current Liabilities P+Q

Total Liabilities O + P + Q = R $ -

EQUITYOwner's Equity J - R = S $ -

Total Liabilities & Equity R + S = T $ -

D. Sử dụng các thông tin cho sẵn để hoàn thành Báo cáo thu nhập cho công ty

sản xuất nông nghiệp Green Farmhouse. Green Farmhouse

TotalUtilities $ 10,193.00

Depreciation $ 32,870.00

Non Cash Transfer out $ 48,000.00Capital gains (losses) $ (13,364.00)

Labor $ 48,000.00





Veterinary $ 5,825.00Sales $ 34,636.00

Inventory change (Expenses) $ 5,470.00

Interest Expense $ 18,454.00

Repairs and Maintenance $ 38,629.00

Cash Receipts $ 175,838.00

Feed $ 23,400.00

Inventory and Accounts Receivable Change $ 29,000.00

E. Đọc phần giớ i thiệu ngắn về Báo cáo lư u chuyển tiền tệ và sử dụng cácthông tin cho sẵn để hoàn thành bản Báo cáo lư u thông tiền tệ của Công tyAgri Co. Ltd.The statement of cash flows is one of the main financial statements. The

statement of cash flows may provide considerable information about what is really









Taxes $ 10,500.00

Cash Withdrawals $ -Sales $ 34,636.00

Expenses $ 131,517.00

New Borrowings $ -

Receipts $ 175,838.00

F. Lự a chọn phươ ng án đúng nhất để hoàn thành hoặc trả lờ i câu hỏi.1. Financial reports that summarize the financial condition and operations of a

business are called ____________.A. accounting system C. sale on accountB. liability D. financial statements

2. What basic financial statements can be found in a corporate annual report?A. Earnings statement and statement of retained earningsB. Balance sheet, income statement, statement of shareholders' equity, and

statement of cash flowsC. Balance sheet, auditor's report and income statementD. Statement of cash flows and five-year summary of key financial data

3. The financial statement that lists the entity's assets, liabilities and owner'sequity as of a specific date, usually the end of a month or a year, is called______________________.A. The income statement C. The cash flow statementB. The statement of changes in equity D. The balance sheet

4. Which of the following would not be included on a balance sheet?A. Accounts receivable C. SalesB. Accounts payable D. Cash

5. Which of the following accounts would be classified as current assets?A. Accounts receivable, inventory, equipment.B. Cash, accounts receivable, accounts payable.C. Marketable securities, inventory, goodwill.D. Accounts receivable, inventory, marketable securities.

6. An investor wants to review the revenues and expenses of a business. Thefinancial statement the investor should consult is the __________.A. Statement of changes in equity C. Cash flow statementB. Balance sheet D. Income statement





7. What are the two basic formats of the income statement?A. Accrual basis and multiple-step.B. Cash basis and single-step.C. Multiple-step and single-step.

D. Accrual basis and single-step.8. An investor wants to review the cash inflows and cash outflows of anentity. The financial statement the investor should consult is the ________.A. Cash flows statement C. Balance sheetB. Statement of changes in equity D. Income statement

9. Why is the statement of cash flows useful to the analyst?A. It is the only source in financial statements for learning about cash

generation.

B. Focusing on net income can be misleading if a company has a healthyprofit, but cannot translate the profit into cash.

C. The statement of cash flows reveals why a company was able togenerate a profit.

D. Both (A) and (B).10. Dividend revenue received is reported as an operating activity, while

dividends paid is reported as a(n) _______________ activity.A. indirect B. investing C. financing D. operating

11. Sales revenue is reported on the income statement, while cash fromcustomers is reported as a(n) ___________ activity.A. indirect B. investing C. financing D. operating

12. Interest revenue from a debenture investment is reported as an operatingactivity, while the purchase of the debenture investment is reported as a(n)_____________ activity.A. investing B. indirect C. operating D. financing

13.

Cash flows from investing activities include ______________.A. Cash payments to acquire non-current assets and investmentsB. Payment of cash dividendsC. Cash receipts of interestD. Proceeds from issue of shares and debt

14. Which of the following is a financing activity?A. A manufacturing company purchases supplies.B. A retail company borrows $40,000 from a bank.

C. A manufacturing company acquires a new building.D. A service organization pays the monthly utility bill.





15. Which of the following is an investing activity?A. A manufacturer borrows from creditors.B. A service firm pays a return to its stockholders.C. A retailer sells goods to a not-for-profit agency at cost.

D.

A government agency purchases a new mainframe computer system.16. Which of the following is NOT an operating activity?A. Merchandise is sold to customers.B. Utility bills are paid.C. Merchandise is shipped to customers.D. Equipment is purchased for use in manufacturing.

17. Which statement tests the accuracy of total debits and credits aftertransactions have been recorded?

A. Income Statement C. Balance SheetB. Trial Balance D. Owner's Equity

18. The process of allocating the cost of a long-term asset to operations duringits expected useful life is known as _____________A. dispensing C. amortizationB. capitalizing D. accumulating the asset

19. Which item below DOES NOT describe a balance sheet?A. Assets + Liabilities = Stockholders' Equity.B. Assets – Liabilities = Stockholders' Equity.C. Financial position at a point in time.D. Assets = Liabilities + Stockholders' Equity.

20. A(n) __________ examines a company's accounting information system todetermine whether financial reports reliably represent its operations.A. asset accounting B. leverage C. liability D. audit

G. Xácđịnh nội dung các câu sau làĐúng hay Sai theo nghiệp vụ kế toán. Nếu

đúng, ghi TRUE. Ngượ c lại, ghi FALSE.1. Companies may choose a natural business year end, rather than December31, as the end of their fiscal year for accounting reporting. ________

2. The balance sheet is prepared before the statement of changes in owner'sequity. ___________

3. The income statement represents the basic accounting equation. _________4. The balance sheet reports the final balances of the permanent accounts at

the end of the fiscal period. ___________

5. Long-term investments would appear in the capital asset section of thebalance sheet. ____________




6. A net income for the period is the amount left after the expenses for theperiod have been subtracted from revenue. ___________

7. Net income or net loss is the difference between total revenue and totalexpenses over a specific period of time. ___________

8.

Depreciation is recorded to reflect the decline in market value of plantassets. _____________9. Financial statements can be prepared from the information provided by an

adjusted trial balance. _____________10. Financial statements that reflect financial data for two or more periods are

often referred to as comparative statements. _____________

H. Dùng các từ /cụm từ trong khungđể hoàn thành các câu sau.

statement of changes in owner's equity net income or net loss balance sheetratio analysis financial statements return on sales

1. ________________________ summarize the changes resulting frombusiness transactions that have occurred during an accounting period.

2. The _______________________________ is completed as a supportdocument for the balance sheet.

3. ________________________ is a comparison of two items on a financial

statement, resulting in a percentage that is used to evaluate the relationshipbetween the two items.

4. A(n) ________________________ is the financial statement that reportsthe final balances in all asset, liability, and owner's equity accounts at theend of the accounting period.

5. ________________________ is reported on the income statement.6. ________________________ indicates what percentage of net sales

represents profit.


Documents

BÀI GIẢNG MÔN TIẾNG ANH CHUYÊN NGÀNH Accounting and Finance (Kế toán – Tài chính), Phạm Cường