会计英语3

Contingencies或有事项：A contingency is an event or transaction that will occur

only if some other event happens.

Subsequent events期后事项：Subsequent events are made of significant events

that take place after the end of the fiscal year, but before the date that the

statements are released.

Plant and equipment固定资产：The term plant and equipment is used to describe

long-lived assets acquired for use in the operating of the business and not intended

for resale to customers.

Accelerated depreciation method加速折旧法：The term accelerated depreciation

means recognition of relatively large amounts of depreciation in the early years of

use and reduced amounts in the later years.

Depreciation折旧：Depreciation means the allocation of the cost of a plant asset to

expense in the periods in which services are received from the asset. Balance Sheet资产负债表：The balance sheet is a financial statement which shows

the financial position of a business entity by summarizing the assets ,

liabilities ,and owners’ equity at a specific date. Income statement利润表：An income statement is a financial statement showing

the results of operations for a business by matching revenue and related expenses

for a particular accounting period. It shows the net income or net loss. Current asset流动资产：Current assets are defined as cash and other assets that

arereasonably expected to be realized in cash or to be sold or consumed within one

year or within the normal operating cycle of the business， whichever is longer.

Petty cash fund零用现金基金：A small amount of cash on hand with which to

make some minor expenditures.

Cash equivalents现金等价物：Cash equivalents can be define as investments

which are readily convertible to known amount of cash and are subject to an

insignificant risk of changes in value.

List the major steps for a company to close its temporary accounts.

1. Close credit balances in revenue accounts to Income Summary

2. Close debit balances in expense account to Income Summary.

3. Close Income Summary to Retained Earnings.

4. Close dividends account to Retained Earnings.

List the four steps that the preparation of closing entries from the work sheet may

be summarized.

1. To close the revenue accounts to the income summary account.

2. To close the expense accounts to the income summary account.

3. To close the income summary account to retained earnings.

4. To close the dividends account to retained earnings.

List the major steps of accounting cycle.

1. identify transactions or events to be recorded,

2. journalize transactions and events

3. posting from journal to ledger

4. prepare unadjusted trial balance

5. journalize and post adjusting journal entries

6. prepare adjusted trial balance

7. prepare financial statements

8. journalize and post closing entries

9. prepare post-closing trial balance

Describe the measures of efficient management of cash.

1. Provide accurate accounting for cash receipts, cash payments and cash balances.

2. Prevent losses from fraud or theft.

3. Maintain a sufficient amount of cash at all times to make necessary payments,

plus a reasonable balance for emergencies.

4. Prevent unnecessarily large amounts of cash from being held idle in bank

accounts which produce no revenue.

List the major steps in establishing internal controls over cash

1. Separate the function of handling cash from the maintenance of accounting

records.

2. Prepare an immediate control listing of cash receipts at the time and place that

the money is received.

3. Require that all cash receipts be deposited daily in the bank.

4. Make all payments by check.

5. Separate the function of approving expenditures from the function of signing

checks.

Balance-day adjustments are of four main kinds. List the four kinds.

1. Prepaid （Deferred）expenses.

2. Unearned （Deferred）revenues.

3. Accrued expenses.

4. Accrued revenues.

Contingencies或有事项：A contingency is an event or transaction that will occur

only if some other event happens.

Subsequent events期后事项：Subsequent events are made of significant events

that take place after the end of the fiscal year, but before the date that the

statements are released.

Plant and equipment固定资产：The term plant and equipment is used to describe

long-lived assets acquired for use in the operating of the business and not intended

for resale to customers.

Accelerated depreciation method加速折旧法：The term accelerated depreciation

means recognition of relatively large amounts of depreciation in the early years of

use and reduced amounts in the later years.

Depreciation折旧：Depreciation means the allocation of the cost of a plant asset to

expense in the periods in which services are received from the asset. Balance Sheet资产负债表：The balance sheet is a financial statement which shows