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Chapter 5 Accounting for Merchandising Operations

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会计英语第四版参考答案

会计英语第四版参考答案

会计英语第四版参考答案Chapter 1: Introduction to Accounting1. What is accounting?- Accounting is the systematic recording, summarizing, and reporting of financial transactions and events of a business entity.2. What are the main functions of accounting?- The main functions of accounting are to providefinancial information for decision-making, ensure compliance with laws and regulations, and facilitate the management of a business.3. What are the two main branches of accounting?- The two main branches of accounting are financial accounting and management accounting.4. What is the purpose of financial accounting?- The purpose of financial accounting is to provide an accurate and fair representation of an entity's financial position and performance to external users.5. What is the double-entry bookkeeping system?- The double-entry bookkeeping system is a method of recording financial transactions in which every transactionis recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Chapter 2: Accounting Concepts and Principles1. What are the fundamental accounting concepts?- The fundamental accounting concepts include the accrual basis of accounting, going concern, consistency, and materiality.2. What is the accrual basis of accounting?- The accrual basis of accounting records transactions when they occur, regardless of when cash is received or paid.3. What is the going concern assumption?- The going concern assumption is the premise that a business will continue to operate for the foreseeable future.4. What is the principle of consistency?- The principle of consistency requires that an entity should apply accounting policies consistently over time.5. What is the principle of materiality?- The principle of materiality states that only items that could potentially affect the decisions of users of financial statements are included in the financial statements.Chapter 3: The Accounting Equation and Financial Statements1. What is the accounting equation?- The accounting equation is Assets = Liabilities +Owner's Equity.2. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, statement of changes in equity, and cashflow statement.3. What is the purpose of the balance sheet?- The balance sheet provides a snapshot of an entity's financial position at a specific point in time.4. What is the purpose of the income statement?- The income statement reports the revenues, expenses, and net income of an entity over a period of time.5. What is the purpose of the cash flow statement?- The cash flow statement reports the cash inflows and outflows of an entity over a period of time.Chapter 4: Recording Transactions1. What is a journal entry?- A journal entry is the initial recording of atransaction in the general journal.2. What are the steps in the accounting cycle?- The steps in the accounting cycle are analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries.3. What is the difference between a debit and a credit?- A debit is an increase in assets or a decrease inliabilities or equity, while a credit is an increase in liabilities or equity or a decrease in assets.4. What are adjusting entries?- Adjusting entries are made at the end of an accounting period to ensure that revenues and expenses are recorded in the correct period.5. What is the purpose of closing entries?- Closing entries are made to transfer the balances of temporary accounts to the owner's equity account and to prepare the accounts for the next accounting period.Chapter 5: Accounting for Merchandising Businesses1. What is a merchandise inventory?- A merchandise inventory is the stock of goods held by a business for sale to customers.2. What is the cost of goods sold?- The cost of goods sold is the direct cost of producing the merchandise sold during an accounting period.3. What is the gross profit?- The gross profit is the difference between the sales revenue and the cost of goods sold.4. What is the difference between a perpetual and a periodic inventory system?- A perpetual inventory system updates inventory records in real-time with each sale or purchase, while a periodicinventory system updates inventory records at specific intervals, such as at the end of an accounting period.5. What is the retail method of inventory pricing?- The retail method of inventory pricing is a method of estimating the cost of ending inventory by applying a cost-to-retail ratio to the retail value of the inventory.Chapter 6: Accounting for Service Businesses1. What are the main differences in accounting for service businesses compared to merchandise businesses?- Service businesses do not have inventory and their primary expenses are typically labor and overhead costs.2. What is the main source of revenue for service businesses? - The main source of revenue for service businesses is the fees charged for the services provided.3. What are the typical expenses。

财务会计专业英语 (1)

财务会计专业英语 (1)


©2009 The McGraw-Hill Companies, Inc., All Rights Reserved
Learning Objectives-Conceptual
C1: Explain the purpose and importance of accounting in the information age C2: Identify users and uses of accounting C3: Identify opportunities in accounting and related fields C4: Explain why ethics are crucial in accounting C5: Explain GAAP, and define and apply several key accounting principles
Introduction
Textbook

Principles of Accounting (Nineteenth Edition), by John J. Wild, Ken W. Shaw, Barbara Chiappetta, 崔学刚，饶菁改编，中国人民大学出版 社，2009年7月出版
©2009 The McGraw-Hill Companies, Inc., All Rights Reserved
©2009 The McGraw-Hill Companies, Inc., All Rights Reserved
Learning Objectives-Analytical
A1: Define and interpret the accounting equation and each of its components A2: Analyze business transactions using the accounting equation
罗斯 公司理财 英文第九版Chap005

罗斯 公司理财 英文第九版Chap005


5-8
5.4 The Internal Rate of Return

IRR: the discount rate that sets NPV to zero Minimum Acceptance Criteria:


Ranking Criteria:


Accept if the IRR exceeds the required return Select alternative with the highest IRR

Independent Projects: accepting or rejecting one project does not affect the decision of the other projects.

Must exceed a MINIMUM acceptance criteria
5-2
5.1 Why Use Net Present Value?

Accepting positive NPV projects benefits shareholders.
NPV
uses cash flows NPV uses all the cash flows of the project NPV discounts the cash flows properly

Mutually Exclusive Projects: only ONE of several potential projects can be chosen, e.g., acquiring an accounting system.

RANK all alternatives, and select the best one.
6. Accounting for Merchandising__ Activities

6. Accounting for Merchandising__ Activities


+
Cost of Goods Sold
Income Statement
Becomes beginning inventory of Month 2
Accounting for Merchandising Activities
Balance Sheet
7
2 Merchandising cost accounts
Accounting for Merchandising Activities 4
1 Operating cycle of merchandising companies
• The simple example of calculation of net sales : – Gross Sales $ 350,000 – Sales Returns & Allowances $ 5,000 – Sales Discounts$ 2,500 – Net Sales $?
实地盘存制也称“以存计销制”，是指会计人员平时只在账簿中登记各 项财产的增加数不登记减少数，通过定期对实物的清点，来确定各项财 产的期末结存数量，从而计算出发出数量和金额以及结存金额的一种方 法。 Inventories are vital assets of a merchandising company.
Transaction
Merchandise returned by customer.
Periodic
Perpetual
Sales Returns and Allow. Accounts Receivable
XX
Sales Returns and Allow. XX Accounts Receivable Inventory Cost of Goods Sold
会计英语

会计英语

7
1）Account、Accounting & Accountant
• Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是 会计的两个主要的专门领域。 Accounting elements 会计要素
18
① Accounting is an Information System Measure
Identify
Record Summarize
Decision Making
Economic Events
Report
Reports
Exhibit 1-1
19
Users：使用者
• • • • • Investors：投资者 Creditors：债权人 Government： 政府 Labour Unions： 工会 General Public： 公众
3
Contents—内容
7. Long-term Assets: Investments, Fixed Assets, Natural Resources and Intangible Assets—长期资产： 投资、固定资产、自然资源和无形资 产 8. Current and Long-term Liabilities—流动负债与长期负债
34
Exhibit 1-2-④
Going Concern Principle Users of financial statements assume that the records reflect the business is going to continue its operations as opposed to being closed or sold unless information is provided to the contrary. Also called the Continuing Concern Principle
会计学原理(英文)

会计学原理(英文)

《会计学原理（英文）》教学大纲王燕祥编写工商管理专业课程教学大纲610 目录Chapter 1 Accounting in Action 第一章会计实践活动 (613)学习目标 (613)Teaching and homework hours 教学与作业时间 (613)Reading and References 学生必读和参考书目 (613)Chapter 2 The Recording Process 第二章记录过程 (615)学习目标 (615)Teaching and homework hours 教学与作业时间 (615)Reading and References 学生必读和参考书目 (615)Chapter 3 Adjusting the Accounts 第三章调整账户 (617)学习目标 (617)Teaching and homework hours 教学与作业时间 (617)Reading and References 学生必读和参考书目 (617)Chapter 4 Completion of the Accounting Cycle 第四章完成会计循环 (619)学习目标 (619)Teaching and homework hours 教学与作业时间 (619)Reading and References 学生必读和参考书目 (619)Chapter 5 Accounting for Merchandising Operations 第五章商品经营活动的会计核算 (621)学习目标 (621)Teaching and homework hours 教学与作业时间 (621)Reading and References 学生必读和参考书目 (621)Chapter 6 Inventories 第六章存货 (623)学习目标 (623)Teaching and homework hours 教学与作业时间 (624)Reading and References 学生必读和参考书目 (624)Chapter 7 Accounting Information Systems 第七章会计信息系统 (626)学习目标 (626)Teaching and homework hours 教学与作业时间 (626)Reading and References 学生必读和参考书目 (626)Chapter 8 Internal Control and Cash 第八章内部控制和现金 (628)学习目标 (628)Teaching and homework hours 教学与作业时间 (628)Reading and References 学生必读和参考书目 (628)Chapter 9 Accounting for Receivables 第九章应收款项的会计核算 (630)学习目标 (630)Teaching and homework hours 教学与作业时间 (630)Reading and References 学生必读和参考书目 (630)Chapter 10 Plant Assets, Natural Resources, and Intangible Assets 第十章厂场资产、自然资源和无形资产 (632)会计学原理（英文）学习目标 (632)Teaching and homework hours 教学与作业时间 (632)Reading and References 学生必读和参考书目 (633)Chapter 11 Current Liabilities and Payroll Accounting 第十一章流动负债和工资的核算 (634)学习目标 (634)Teaching and homework hours 教学与作业时间 (634)Reading and References 学生必读和参考书目 (634)Chapter 12 Accounting Principles 第十二章会计原则 (636)学习目标 (636)Teaching and homework hours 教学与作业时间 (636)Reading and References 学生必读和参考书目 (636)Chapter 13 Accounting for Partnerships 第十三章合伙企业的会计核算 (638)学习目标 (638)Teaching and homework hours 教学与作业时间 (638)Reading and References 学生必读和参考书目 (638)Chapter 14 Corporations: Organization and Capital Stock Transactions 第十四章公司：组织和股本交易 (640)学习目标 (640)Teaching and homework hours 教学与作业时间 (640)Reading and References 学生必读和参考书目 (640)Chapter 15 Corporations: Dividends, Retained Earnings, and Income Reporting 第十五章股利、保留盈余和收益报告 (642)学习目标 (642)Teaching and homework hours 教学与作业时间 (642)Reading and References 学生必读和参考书目 (642)Chapter 16 Long-Term Liabilities 第十六章长期负债 (644)学习目标 (644)Teaching and homework hours 教学与作业时间 (644)Reading and References 学生必读和参考书目 (644)Chapter 17 Investments 第十七章投资 (646)学习目标 (646)Teaching and homework hours 教学与作业时间 (646)Reading and References 学生必读和参考书目 (646)Chapter 18 The Statement of Cash Flows 第十八章现金流量表 (648)学习目标 (648)Teaching and homework hours 教学与作业时间 (648)Reading and References 学生必读和参考书目 (648)Chapter 19 Financial Statement Analysis 第十九章财务报表分析 (650)学习目标 (650)Teaching and homework hours 教学与作业时间 (650)Reading and References 学生必读和参考书目 (650)Chapter 20 Managerial Accounting 第二十章管理会计 (652)611工商管理专业课程教学大纲612 学习目标 (652)Teaching and homework hours 教学与作业时间 (652)Reading and References 学生必读和参考书目 (652)Chapter 21 Job Order Cost Accounting 第二十一章分批成本法 (654)学习目标 (654)Teaching and homework hours 教学与作业时间 (654)Reading and References 学生必读和参考书目 (654)Chapter 22 Process Cost Accounting 第二十二章分步成本法 (656)学习目标 (656)Teaching and homework hours 教学与作业时间 (656)Reading and References 学生必读和参考书目 (657)Chapter 23 Cost-V olume-Profit Relationships 第二十三章本量利分析 (658)学习目标 (658)Teaching and homework hours 教学与作业时间 (658)Reading and References 学生必读和参考书目 (659)Chapter 24 Budgetary Planning 第二十四章编制预算 (660)学习目标 (660)Teaching and homework hours 教学与作业时间 (660)Reading and References 学生必读和参考书目 (660)Chapter 25 Budgetary Control and Responsibility Accounting 第二十五章预算控制和责任会计 662 学习目标 (662)Teaching and homework hours 教学与作业时间 (662)Reading and References 学生必读和参考书目 (662)Chapter 26 Performance Evaluation through Standard Costs 第二十六章利用标准成本进行业绩评价 (664)学习目标 (664)Teaching and homework hours 教学与作业时间 (664)Reading and References 学生必读和参考书目 (664)Chapter 27 Incremental Analysis and Capital Budgeting 第二十七章增量分析和资本预算 (666)学习目标 (666)Teaching and homework hours 教学与作业时间 (667)Reading and References 学生必读和参考书目 (667)会计学原理（英文）Chapter 1 Accounting in Action第一章会计实践活动STUDY OBJECTIVESAfter studying this chapter you should be able to:1．Explain what accounting is.2．IDENTIFY THE USERS AND USES OF ACCOUNTING.3．UNDERSTAND WHY ETHICS IS A FUNDAMENTAL BUSINESS CONCEPT.4．EXPLAIN THE MEANING OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLESAND THE COST PRINCIPLE.5．EXPLAIN THE MEANING OF THE MONETARY UNIT ASSUMPTION AND THE ECONOMIC ENTITY ASSUMPTION.6．STATE THE BASIC ACCOUNTING EQUATION AND EXPLAIN THE MEANING OF ASSETS, LIABILITIES, AND OWNER’S EQUITY.7．ANALYZE THE EFFECT OF BUSINESS TRANSACTIONS ON THE BASIC ACCOUNTING EQUATION.8．Understand what the four financial statements are and how they are prepared.学习目标学完本章之后，学生应该能够达到以下目标：1．解释什么是会计。

财务会计英文版原书第5版ch02bwzg


Steps in the Recording
Process
Journal Ledger
The Recording Process Illustrated
Summary illustration of journalizing and posting
The Trial Balance
Limitations of a trial balance Locating errors Use of dollar signs
Expense
Debit / Dr.
Credit / Cr.
Normal Balance
Chapter 3-25
Revenue
Debit / Dr.
Credit / Cr.
Chapter 2-8
Normal Balance
Chapter 3-27
Normal Balance
Chapter 3-26
SO 2
See notes page for discussion
Chapter 2-11
SO 2 Define debits and credits and explain their use in recording business transactions.
Assets and Liabilities
Common Stock
Debit / Dr.
Credit / Cr.
Retained Earnings
Debit / Dr.
Credit / Cr.
Dividends
Debit / Dr.
Credit / Cr.
Chapter 3-25
Chapter 2-13

会计学原理(双语)Chapter 5

of merchandise.
5- 6
C 2 Inventory Systems存货系统
5- 7
C2
Inventory Systems
Perpetual systems永 续盘存制
continually update accounting records for merchandising transactions
5- 3
C1
Merchandiser
Merchandising Companies
Manufacturer
Wholesaler
RetailLeabharlann rConsumers5- 4
C1
Reporting Income for a
Merchandiser
Merchandising companies sell products to earn revenue.
1,000 $ 5.25
5,250 (1,575) $ 3,675
5- 10
P1 Accounting for Merchandise Purchases
5- 11
P1 Purchase Discounts购买折扣
A deduction from the invoice price granted to induce early payment of the amount due.
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
5- 2
C1
Service Companies
Service organizations sell time to earn revenue.

Accounting for Merchandising Businesses


Continued
Property, plant, and equipment: Land $20,000 Store equipment $27,100 Less accumulated depreciation 5,700 21,400 Office equipment $15,570 Less accumulated depreciation 4,720 10,850 Total property, plant, and equipment 52,250 Total assets $261,560
Cost of Merchandise Purchased
Purchases Less: Purchase returns and allowances $9,100 Purchase discounts 2,525 Net purchases Add transportation-in Cost of merchandise purchased $521,980
Concluded
Sales Transactions
Cash Sales
JOURNAL
Date 1 Jan. 3 Cash 2 3 4 5
2007
PAGE 26
Post. Ref.
Description
Sales
Dr
Cr.
1 800 00
1 800 00
To record cash sales.
Continued
Other income and expenses: Rent revenue Interest expense Net income
$ 600 (2,440)
(1,840) $75,400

会计学原理英文ppt课件Chapter_05Accounting for Merchandising


Quantity sold Price per unit Total Less 30% discount Invoice price
1,000 $ 5.25
5,250 (1,575) $ 3,675
Slide 9
P1
Invoice
Main Source, Inc.
Invoice
614 Tech Avenue Nashville, TN 37651
McGraw-Hill/Irwin
Slide 7
P1 November 2, Z-Mart purchased $1,200 of merchandise inventory for cash.
Nov 2
Merchandise Inventory Cash
ACCOUNTING FOR MERCHANDISING OPERATIONS
Chapter 5
© 2009 The McGraw-Hill Companies, Inc.,
SERVICE COMPANIES
Service organizations sell time to earn revenue.
C3
PERPETUAL AND PERIODIC
INVENTORY SYSTEMS
➢ Perpetual systems
➢ continually update accounting records for merchandising transactions
➢ Periodic systems
➢ accounting records relating to merchandise transactions are updated only at the end of the accounting period
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Dr. Nov 2 Merchandise Inventory Cash
Purchase merchandise for cash
Cr. 1,200
1,200
P1
TRADE DISCOUNTS 商业折扣
Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.
Cash Sale
Purchases
Credit Sale
Cash collection Account receivable 应收账款 Purchases
Cash sales
Merchandise inventory
Merchandise inventory
Credit sales
C3
INVENTORY SYSTEMS 存货系统
Merchandising Company Income Statement For Year Ended December 31, 2009 Net sales Cost of goods sold Gross profit Operating expenses Net income $ 150,000 80,000 $ 70,000 46,500 $ 23,500
Debit memorandum 借记通知单
When the buyer returns or takes an allowance on merchandise, the buyer issues to inform the seller of a debit made to the seller’s account in the buyer’s records.
C2
Operating Cycle（营业周期） for a Merchandiser
Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.
Dr. Accounts Payable Merchandise Inventory
Returned defective merchandise
Cr. 300
300
P1
PURCHASE RETURNS AND ALLOWANCES （进货退回及折让日记帐）
On November 12th, Z‐Mart paid the amount owed for the purchase of November 2nd.
P1
Purchase Returns and Allowances
On November 2nd, Z‐Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.
Dr. Merchandise Inventory Accounts Payable
C1
Merchandising商品 Activities
Merchandising Companies
Manufacturer 制造商 Wholesaler 批发商 Retailer 零售商 Customer
C1
REPORTING INCOME FOR A MERCHANDISER 商业企业 Merchandising companies sell products to earn revenue.
Discount Percent
Number of Days Discount Is Available
Otherwise, Net (or All) Is Due in 30 Days
Credit Period
P1
Purchase Discounts
On November 2nd, Z‐Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.
Dr. Accounts Payable Cash Merchandise Inventory
Paid accounts payable in full
Cr. 1,176 24
1,200
$1,200 × 2% = $24 discount
P1
PURCHASE DISCOUNTS（购货折扣）
After we post these entries, the accounts involved look like this:
P.O. Date Salesperson Terms 4/25/2009 #25 2/10,n/30 Item Description AC417 250 Backup System
Seller Invoice date Purchaser Order date Credit terms 信用条件 Freight terms Goods Total invoice
ACCOUNTING FOR MERCHANDISING OPERATIONS 生产经营会计
Chapter 5
Service Companies
Service organizations sell time to earn revenue. Service organizations sell time
Purchase merchandise on account
Cr. 1,200
1,200
P1
Purchase Returns and Allowances
On November 5th , Z‐Mart returned $300 of defective merchandise to the supplier.
A reduction in the cost of defective A reduction in the cost of defective merchandise received by a purchaser from a merchandise received by a purchaser from a supplier. supplier.
Periodic systems
accounting records relating to merchandise transactions are updated only at the end of the accounting period 一种记录购进存货成本但不 连续跟踪代售存活数量和 已售出存活数量的方法： 按照这种方法，为了能够 反映代售存货数量和成 本，每个会计期期末都要 更新记录。
Merchandise Inventory
11/2 1,200 Bal. 1,176 11/12 24
Accounts Payable
11/12 1,200 11/2 1,200 Bal. 0
P1
Purchase urns and Allowances
Credit Terms Time Amount Due
Date of Invoice
Discount Period
Credit Period
Due: Invoice price minus discount
Due: Full Invoice Price
P1
Purchase Discounts
Example Example
Z-Mart offers a 30% trade Z-Mart offers a 30% trade discount on orders of 1,000 discount on orders of 1,000 units or more of their popular units or more of their popular product Racer. Each product Racer. Each Racer has a list price of $5.25. Racer has a list price of $5.25.
Dr. Merchandise Inventory Accounts Payable
Purchase merchandise on account
Cr. 1,200
1,200
P1
Purchase Discounts
On November 12th, Z‐Mart paid the amount due on the purchase of November 2nd .
Examples: Accounting firms, law firms and plumbing Examples: Accounting firms, law firms and plumbing services services
Revenues
Minus
Expenses
Equals
Net income
We appreciate your business!
Sub Total Ship Chg. Tax Total $
27,000 27,000
P1
Purchase Discounts
A deduction from the invoice price granted to induce early payment of the amount due.
Beginning inventory
+
= Merchandise available for sale
Net cost of purchases