中山大学会计基础Lesson02-en.ppt
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1、Lesson 2 Business Transactions and Accounting Equation,Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University,2,Outline,Enterprises Accounting Transactions, Accounting Events, and Accounting Circumstances Economic Activities and Accounting Elements Accounting Equation,3,Openi
2、ng Story,Funding and Spending at College Assets of a college student Cash CD player Computer Funding these assets Sponsored by parents Sponsored by relatives Borrowed from relatives and acquaintance,4,Opening Story (continued),We could deal with the above-mentioned financial issues from the followin
3、g perspectives: How do we fund our daily expenditures and possessions? How do we spend the “funds” which we have sourced? What about the relationship between the “funds”which we have sourced and our daily expenditures and possessions?,5,Enterprises,Concept of Enterprise Definition of “enterprise” Fu
4、nctions of an enterprise Characteristics of an enterprise,6,Forms of Enterprise,There are three major forms of enterprise: Sole-proprietorship Partnership Corporations,7,Sole proprietorships,Single person owns the business Not separate from its owner in terms of responsibility and liability The busi
5、ness is the owner and the owner is the business,8,Partnership,Owned by two or more people Similar to a sole proprietorship Not separate from the owners in terms of responsibility and liability,9,Corporations,Legally separate and financially separate from the owners Ownership in a corporation is divi
6、ded into units called shares of capital stock Owners are called shareholders or stockholders Corporations are separate legal entities,10,Characteristics of Enterprise,11,Four Types of Enterprise,Service organization provides services (does something for you) rather than selling something Merchandisi
7、ng business buys goods, adds value to them, then sells them to customers Manufacturer makes the products it sells Financial services company doesnt make tangible products and doesnt sell products made by other companies; deals in services related to money,12,Resources in an Enterprise,Major resource
8、s: Human resources Properties,plant and equipment,supplies, raw materials, finished products or inventories Financing In cash or bank deposits In material forms,13,An example-Beauty Photo Store,Movements of Material Resources in an Enterprise,14,Movements of Material Resources in an Enterprise,Movem
9、ents in a manufacturing enterprise cash/bank depositraw materials work-in-processfinished productsfincash/bank deposit Movements in a merchandising enterprise cash/bank depositinventory cash/bank deposit,15,Activities of Enterprise,Three major phases of business activities: Inception Operating Liqui
10、dation,16,Inception and investment of funds External funding State, legal persons, privates or foreign investors; Financing from banking institutions, other legal persons or privates Ownersequity and liabilities,Inception of Enterprise,17,Inception of Enterprise,Forms of Investment Monetary(cash/ban
11、k deposits) Property, plants and equipment Raw materials and goods,etc. Sources and changes of funds Increase of ownersequity or liabilities Increase of assets,18,Operating activities and changes of asset Changes of assets in Beauty Photo Store Connections between Beauty Photo Store and Suppliers, c
12、lients, etc.,Operating Activities,19,Liquidation of Enterprise,Liquidation of enterprise and payoff of funds Payment of taxes Distribution of profits Declaration of dividends Payoff of borrowings Withdrawals and changes of funds Decrease of assets Decrease of liabilities or ownersequity,20,Accountin
13、g Transactions,A business transaction is an event that affects the financial position of a business and may be reliably recorded,21,Economic Activities and Accounting Elements,Accounting element: Uses of funds and assets cash equipment,etc. Resources of funds and equity Borrowings and equity of cred
14、itors-liabilities Investments and ownersequity,22,Uses of Funds,Uses and changes of funds Beauty Photo Store From cash to equipment Using equipment to produce photos From photos to cash,23,Circulation of Funds,Circulation of funds: Uses of funds Beauty Photo Store Cost of equipment Cost of supplies
15、Human costs? Uses and payoff of funds What are the operating purposes for Beauty Photo Store?,24,Payoff of Funds,Payoff of Funds and Revenues Cash receptions and revenues by Beauty Photo Store Net increase of funds and profit Difference between uses and payoff of cash? Nature of profit?,25,Accountin
16、g Transactions,Accounting transactions-Economic exchange between two different accounting entities Mutual exchange A purchases an asset,paying cash or bearing the responsibility of paying cash in future B sells the asset, earning the rights of receiving or collecting cash One-way transaction Investm
17、ents or donations to another accounting entity,26,Accounting Events,Accounting events-internal transferring of resources among departments of a same entity allotments of raw materials for plants Damages caused by earthquakes External versus internal events Between different entities Within a same en
18、tity,27,Accounting Circumstances,Accounting circumstances-usually an outcome of collaboration of multiple events Circumstances and their impacts Changes in prices,exchange rates How to determine these changes? E.g. uncollectability of receivables due to the liquidation of the debtor Unpredictability
19、,28,Accounting Elements,Assets Liabilities Ownersequity Revenues Expenses Profits,29,Assets are economic resources owned by a business that are expected to be of benefit in the future.,Assets,30,Further Thoughts on Assets,Human resources as an asset? Value and labor of Manager of Beauty Photo Store?
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