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- TRƯỜNG ĐẠI HỌC KINH TẾ VÀ QUẢN TRỊ KINH DOANH THÁI NGUYÊN
BỘ MÔN NGOẠI NGỮ
BÀI GIẢNG MÔN TIẾNG ANH CHUYÊN NGÀNH
(DÀNH CHO HỆ ĐÀO TẠO LIÊN THÔNG)
Accounting and Finance
Kế toán – Tài chính
PHẠM CƯỜNG
LƯU HÀNH NỘI BỘ
- CHƯƠNG 1: THE WORLD OF ACCOUNTING
“There's no business like show business, but there are several businesses
like accounting.” David Letterman
MỞ ĐẦU
Liệt kê các chủ đề hoặc các nội dung liên quan tới chuyên ngành Kế toán.
Accounting standards
Accounting Bookkeeping
Accounting equation
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PHẦN I. TỪ VỰNG
A. Sử dụng từ điển để tìm hiểu ý nghĩa các thuật ngữ trong lĩnh vực kế
toán ở cột bên trái và ghép với các giải nghĩa bằng tiếng Anh của
chúng ở 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 A để điền vào đoạn văn sau.
(1) __ Accounting __ summarizes and submits financial information of a
business or organization in reports and statements. One of the most important financial
reports is the (2) ________________________. This report shows the economic
performance of a business, whether it has made a (3) ______________ or loss. The basic
format is revenues less (4) _____________ equals income (in Britain income is called
profit). If expenses are greater than sales, then there is a loss.
Another very important report is the (5) _________________________. This
shows assets, liabilities, and owner’s equity of the business on a specific day, usually the
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 ongoing
expenses. Noncurrent assets are intended for use in the long-term operations of a
business. Non-current assets will still be with the company in several years.
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(7) _______________ can be either short term or long term. The former are
current 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 VÀ ĐỌC HIỂU
A. 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 HIỂU
1. Đọc bài đọc và trả lời 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 ACCOUNTING
Accounting is frequently called the “language of business” because of its ability
to communicate financial information about an organization. Various interested parties,
including internal users, such as a company's managers and employees, and external
users, such as creditors, potential investors, governmental agencies, financial analysts,
and labor unions, rely on a company’s financial information to help them make
informed financial decisions. An effective accounting system, therefore, must include
accurate collecting, recording, classifying, summarizing, interpreting, and reporting of
information on the financial status of an organization.
In order to achieve a standardized system, the accounting process follows
accounting principles and rules. Regardless of the type of business or the amount of
money involved, common procedures for handling and presenting financial information
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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 income
statement. The balance sheet shows the financial position of a company at one point of
time, while the income statement shows the financial performance of a company over a
period of time. Financial statements allow interested parties to compare one organization
to another and/or to compare accounting periods within one organization. For example,
an investor may compare the most recent income statements of two corporations in order
to find out which one would be a better investment.
People who specialize in the field of accounting are known as accountants. In the
United States, accountants are usually classified as public, private, or governmental.
Public accountants work independently and provide accounting services such as auditing
and tax computation to companies and individuals. Public accountants may earn the title
of CPA (Certified Public Accountant) by fulfilling rigorous requirements. Private
accountant work solely for private companies or corporations that hire them to maintain
financial records, and governmental accountants work for government agencies or
bureaus. Both private and governmental accountants are paid on 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 financial
information that is necessary for organizational decision-making.
Từ vựng
- 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 nhà đầu tư tiềm năng
- governmental agencies (n) – các cơ quan chính phủ
- labor unions (n) – các liên đoàn lao động
- financial status (n) – tình hình tài chính
- accounting principles and rules (n) – các nguyên tắc và quy tắc kế toán
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- revenues (n) – doanh thu
- expenditures (n) – chi phí
- balance sheet (n) - bản cân đối 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 quy định nghiêm ngặt
- financial records (n) – các ghi chép thông tin tài chính
2. Lựa chọn từ hoặc cụm từ phù hợp nhất để hoàn thành các câu sau.
1. Accounting information is used by __________ to help them to make
financial decisions.
A. managers C. potential investors
B. 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 systems
B. balance sheets are more important than income statements
C. common procedures are used in handling financial information
D. no standardized accounting system is employed
3. Business monetary transactions are summarized in ______________.
A. bank books C. financial statements
B. computers D. cash registers
4. Public accountants may earn the title of CPA by ____________.
A. becoming governmental accountants
B. paying a fee
C. fulfilling rigorous requirements
D. 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
PHẦN III. TRỌNG TÂM NGỮ PHÁP
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MỆNH ĐỀ QUAN HỆ
RELATIVE CLAUSES (Mệnh đề quan hệ)
A. Đại từ quan hệ thay cho danh từ chỉ Người và chỉ Vật
Mệnh đề quan hệ là mệnh đề được bắt đầu bằng các từ that, who, which hoặc
whose để miêu tả và xác định một đối tượng là người hoặc vật. Để chỉ người,
ta dùng who hoặc that. Để chỉ vật, ta dùng which hoặc that.
Chỉ người: 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 sau đại từ quan hệ who, which, that là động từ vị ngữ của mệnh
đề quan hệ, chúng ta không thể lược bỏ đi đại từ quan hệ:
We helped the tourists who had lost their way.
(who had lost their way là mệnh đề có đại từ quan hệ who là chủ ngữ)
Nếu theo sau đại từ quan hệ who, which hoặc that là một danh từ hoặc
một đại từ đi liền với một động từ vị ngữ của mệnh đề, ta có thể lược 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 dùng whom để chỉ người. Tuy
nhiên, cách dùng này chỉ thường 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 định
Trong một số trường hợp ta phải dùng who và which chứ không dùng that:
Sai: Starbucks Coffee Japan, that was established in 1995, has been
walking a different path.
Đúng: Starbucks Coffee Japan, which was established in 1995, has been
walking a different path.
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Mệnh đề quan hệ như trên nhằm cung cấp thêm thông tin được gọi là mệnh
đề quan hệ không hạn định và phải được ngăn cách với mệnh đề chính. Cùng
xem xét sự khác biệt giữa hai loại:
Mệnh đề quan hệ hạn định:
Citigroup is a US company that was formed in 1998 by bringing
together Citibank and Travelers.
Mệnh đề quan hệ không hạn định:
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 vựng cho sẵn để hoàn thành đoạn văn phía dưới.
assets bookkeeping errors credit debit entries
measures transactions principles reform relationships practices
DEFINITION OF ACCOUNTING
Accounting is the measurement of financial (1) …………………….. which are
transfers of legal property rights made under contractual (2) ………………………….
Non-financial transactions are specifically excluded due to conservatism and materiality
principles. At the core of modern financial accounting is the double-entry (3)
……………………… system. This system involves making at least two (4)
……………………………… for every transaction: a (5) ……………………… in one
account, and a corresponding (6) ……………………… in another account.
Basically, the sum of all debits should always equal the sum of all credits; this provides
a simple way to check for (7) ……………………. This system was first used in
medieval Europe; however, claims have been made that the system dates back to
Ancient 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 to keep
bookkeeping relevant to capital (10) …………………….. or production capacity, but
such changes have not altered the basic (11) ……………………… of accounting. In
recent times, the divergence of accounting from economic principles has resulted in
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controversial (12) ………………………… to make financial reports more indicative of
economic reality.
B. Ghép một thuật ngữ về loại hình kế toán với giải nghĩa phù hợp ở cột
bên.
C. Viết giải nghĩa cho các thuật ngữ bằng cách sử dụng cấu trúc sau.
1. Balance sheet is
2. Sales are
3. Capital is
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4. Income tax is
5. Accounts payable are
6. A creditor is
7. Creative accounting is
8. A loan is
D. Chọn lựa từ loại phù hợp để hoàn thành các câu sau.
1. communication / to communicate / communicative
a. 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 / informative
a. 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 / allowable
a. 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.
4. fulfillment / fulfill / fulfilling
a. 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 _____________________.
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c. Before the accountant could become a CPA, she had to ___________ a
number of requirements.
5. standards / has standardized / standard
a. 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 giới thiệu về hoạt động kế toán ghi sổ và lựa chọn phương án
đúng 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 help
businesses (2) ________ manage cash flow, stay abreast of profits and losses, and
develop plans for the future based on financial trends. Furthermore, accurate
bookkeeping is required by tax (3) ________.
Bookkeeping involves making a record of the amounts received by a business as
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 and
organizations are also recorded in a company's (5) ________.
A company's books are used to determine the amount of taxes the company must
pay. They are also used in preparing (6) ________. Sometimes, a tax agency may decide
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.
Though necessary and beneficial to business owners, the task of bookkeeping can be
very time consuming. With no exceptions, every amount that is paid or received must be
recorded. Additionally, (8) ________ is of the utmost importance, making keeping the
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books 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 of
smaller, home-based, or start-up businesses. (9) _______, there are many computer
bookkeeping programs designed to make the task of keeping the books manageable and
less time consuming. Many bookkeeping programs (10) _________ all of the
calculations 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 shelters
7. A. result fromB. 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 lời các câu hỏi phía dưới.
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 and saving,
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 or has happened to
it. A financial plan is called a budget.
This universal problem affects not only the individual, but all entities – small
businesses, big corporations, non-profit organizations, and the government. Many
politicians have made many speeches about cost over-runs and budget deficits caused by
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expenses 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 purchases
expenditures. If the budget is for a profit-making entity, the revenue should exceed the
expenses and the bottom line should show a profit. The family hopes to have a balanced
budget, and politicians often demand the government balance its budget, too.
Budgets are prepared for certain periods of time. For example, a 12-month
accounting period is called a financial year. When the year begins, it then becomes the
task of the bookkeeper to record or enter the income and expense in journals and
ledgers. The accountant then counts up and analyzes the financial status and the
financial progress of the entity. The financial status is shown in a balance sheet which
shows 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 a
financial 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 vựng
- budget (n) – ngân sách
- entities (n) – đơn vị kinh tế
- allowances (n) - nguồn kinh phí, trợ cấp
- budget deficits (n) - thâm hụt ngân sách
- cost over-runs (n) – chi phí vựơt quá dự toán
- exceed (n) - lớn hơn, nhiều hơn
- journals (n) - sổ nhật ký
- ledgers (n) - sổ cái
- profit (n) - lợi nhuận
- loss (n) – lỗ
Xác định các thông tin sau có phù hợp với nội dung trong bài đọc không.
Nếu thông tin sau là đúng, ghi TRUE, nếu thông tin đó sai, ghi FALSE.
1. Saving money is as simple as using the money.
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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, the
business 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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CHƯƠNG 2: THE ACCOUNTS
MỞ ĐẦU
Brainstorm a list of a company’s assets, debts and capital resources.
Land Stocks
Stocks
Land
Assets
Assets
Buildings
Buildings Owner’s equity
Owner’s equity
Bank loans
Bank loans
Liabilities
Liabilities
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PHẦN I. TỪ VỰNG
A. Chọn lựa thuật ngữ đúng nhất so với giải nghĩa cho sẵn.
1. Amounts to be received in the future for goods or services sold on credit.
A. Accounts payable C. Income tax
B. Withdrawals D. Accounts receivable
2. Payment for the use of someone else's property.
A. Rent C. Income tax
B. Revenue D. Dividend
3. The cost of the supplies used in running an office.
A.Revenue C. Dividends
B. Office supplies D. Withdrawals
4. Amounts owed to others but not yet paid.
A. Income tax C. Accounts payable
B. Accounts receivable D. Withdrawals
5. Amounts of money invested into businesses in order to earn more money.
A. Income tax C. Revenue
B. Investments D. Dividends
6. Amount of money taken out of the business by the owner for personal use.
A. Withdrawals C. Income tax
B. Dividends D. Investments
7. The direct expenses to produce, manufacture, or purchase the goods or
services you sell.
A. Withdrawals C. Cost of goods
B. Dividends D. Rent
8. Direct tax on the earnings of individuals and corporations.
A. Income tax C. Rent
B. Revenue D. Investments
9. Earnings distributed to stockholders.
A. Rent C. Dividends
B. Revenue D. Investments
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10. The total amount of money a business takes in during a given period by
selling goods and services.
A. Rent C. Investments
B. Dividends D. Revenue
B. Ghép các thuật ngữ tiếng Anh kế toán bên trái với giải nghĩa bên phải.
1. the cost involved in selling goods, paying shop and
a. current assets
office staff, advertising, etc.
2. debts that will not have to be paid for several years
b. fixed assets (e.g. money borrowed by selling shares or
mortgaging property)
3. the cost to the firm of the merchandise sold
c. intangible assets (including the cost of raw materials, labour,
factory overheads)
4. cash, or other assets, that will be changed into cash
d. current liabilities
or consumed within a short time
e. long-term liabilities 5. the value of goods that are in stock and for sale
6. the profit from sales after the costs of selling, and
f. cost of sales
general expenses, have been subtracted
7. assets that are intended for use rather than sale, and
g. gross profit on sales that will be of use for more than one year (e.g.
buildings, cars). Also known as plant assets.
8. assets that do not have physical reality, such as the
h. net operating profit goodwill of customers, trade connections, patents,
copyrights
i. merchandise inventory 9. debts that have to be paid within a short time
10. the profit left after the cost of selling has been
j. selling and general expenses
subtracted from the value of sales
PHẦN II. THẢO LUẬN VÀ ĐỌC HIỂU
A. 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?
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B. ĐỌC HIỂU
SYSTEMS OF ACCOUNTS
The accounting process identifies business transactions and events, analyzes and
records their effects, and summarizes and presents information in reports and financial
statements. 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 accounting equation to
understand how they affect company performance and financial position. These effects 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 help summarizes
and classifies the effects of transactions and events. Ultimately, the accounting process
provides information in useful reports or financial statements to decision makers.
Source documents identify and describe transactions and events entering the
accounting process. They are the sources of accounting information and can be in either hard
copy or electronic form. Examples are sales tickets, checks, purchase orders, bills from
suppliers, 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 simply ledger, is a record containing all
accounts 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 accounts because
of its type of operations. Accounts are arranged into three general categories (based on the
accounting equation), as shown below.
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.
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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 that a
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 from
customers to sellers. These transactions are often called credit sales or sales on account
(or on credit). Accounts receivable are increased by credit sales and are decreased by
customer payments.
A note receivable, or promissory note, is a written promise of another entity to pay a
definite sum of money on a specified future date to the holder of the note. A company holding
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 later
incurred, the amounts in prepaid accounts are transferred to expense accounts. Common
examples of prepaid accounts include prepaid insurance, prepaid rent, and prepaid services
(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 financial statements are
prepared, prepaid accounts are adjusted so that (1) all expired and used prepaid accounts are
recorded as regular expenses and (2) all unexpired and unused prepaid 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 are reported
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 packaging
materials, plastic and paper bags, gift boxes and cartons, and cleaning materials. The costs of
these unused supplies can be recorded in an Office Supplies or a Store Supplies asset account.
When supplies are used, their costs are transferred from the asset accounts to expense
accounts.
Equipment is an asset. When equipment is used and gets worn down, its cost is
gradually reported as an expense (called depreciation). Equipment is often grouped by
its purpose - for example, office equipment and store equipment. Office equipment
includes computers, printers, desks, chairs, and shelves. The Store equipment account
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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 they
provide expected future benefits to those who control or own them. Their costs are recorded
in a Buildings asset account.
The cost of land owned by a business is recorded in a Land account. The cost of
buildings 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 has
several different liabilities, each of which is represented by a separate account that shows
amounts owed to each creditor. Creditors are individuals and organizations that own the right
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 meet
creditors’ claims. When assets are sold under these conditions, creditors are paid first, but
only up to the amount of their claims. Any remaining money, the residual, goes to the owners
of the company. Creditors often use a balance sheet to help decide whether to loan money to a
company. A loan is less risky if the borrower’s liabilities are small in comparison 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 arise
from 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 a
promissory note, to pay a future amount. It is recorded in either a short-term Note Payable
account 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 a
company delivers its products or services. When customers pay in advance for products
or services (before revenue is earned), the revenue recognition principle requires that the
seller consider this payment as unearned revenue. Examples of unearned 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
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