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关于ACCOUNTING的15个关键概念,请HIGHAND解析

(2007-10-02 14:05:54)
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解析

    10月1日FM课上SIMON老师介绍关于ACCOUNTING的15个概念和The Balance sheet,绝对是我们学习这门课程入门的关键。我听得是云里雾里、找不着北,相信大多数同学有同感。以下是俺做的课堂笔记,能否请ACCOUNTING专家ALLEN或GRACE结合老师所讲的内容和中文概念,用中文为大家解析一下?十二万分的感谢!
                                            ————MAGGIE

    Accounting concept

   1. the Going Concern concept

     The business will continue into the foreseeable future(one  year)

   2.the Accruals concept

     We take account of transactions even if the cash has not flowed. By doing this profits will not be distorted.

   3.the Prudence concept

     Being careful with the way we account for transactions. Looking on the bleak side of events. Taking losses in full as soon as they  are recognized. E.g. Bad debts.

   4.The Consistency concept

     Treat items in the accounts the same way year after year. E.g. methods of depreciation or writing off development expenditure.

   5.The Entity concept

     Must keep business transactions separate from private transactions and other business transations, if you own more than one business . E.g. 3 business ,3 sets of books,3 bank account.

   6.the Money Measurement concept.

     Accounts are denominated in money terms. this means they can be compared more easily.

   7.the Separete Valuation principle.

     All items must be valued individually. E.g. if you have 3 tones of  sand as raw materials, bought at different time, different prices, then each tone should be valued separately and not as a whole.

   8.the Materiality concept.

     Takes into account the importance of individual transactions. Small amounts may mot be investigated , because it takes more time and effort than they are worth. E.g. items under £500 may not be capitalized. Missing small items will not mis-state the account.

   9.the Historic Cost convention.

     We account for items at the price we paid for them.

   10.the Stable Monetary unit

     Assume currencies have the same value all the time . in reality currencies have change their value every day.

   11.the Objectivity concept

     We try to ensure there is no bias, and that all figures are accurate.

   12.the realization concept

     We do not take account of profits until the transaction takes place. (all losses are taken immediately-see prudence)

   13.the Duality concept

     The double-entry bookkeeping system, debits and credits. Used the   world over, invented in Italy in c.1450.

   14.Substance over form

     Economic Substance over the legal form. E.g. this used to be true  of leasing. If we gain economic benefit we must put them in our books.

   15.the Time Interval concept.

     We prepare account over the same time period, usually one year.But you chave management account for one month or one quarter(3 months).

    16.The Balance sheet.  

     ASSETS-what the business owns

     LIABILITIES-what the business owes

     CAPITAL-the wealth of the business invested by the owners.

     The balance sheet equation

         ASSETS-LIABILITIES = CAPITAL 

     The Income Statement

         INCOME-EXPENSES = PROFIT/LOSS 

     Cashflow Statement

         Measures all of the CASH flowing and out of the business.

 

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