会计英语Unit (1)

Click to edit title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Click to edit title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Accounting English,Unit Seven,Learning Objectives,Unit Seven,to describe the common classification of receivables;,to understand the importance of accounts receivables;,to understand the nature and the accounting for uncollectibles;,to write off an uncollectible account receivable;,to make allowance for doubtful accounts;,to account for uncollectible receivables by the allowance method or by the direct write-off method.,If you have purchased an automobile on credit, you probably signed a note. From your viewpoint, the note is note payable. From the creditors viewpoint, the note is note receivable. Many companies sell on credit in order to sell more services or products. The receivables that result from such sales are normally classify as accounts receivables or notes receivables.,Warming-up,Unit Seven,Vocabulary,Unit Seven,classification,merchandise,grant,definite,installment,privilege,liquid assets,investigate,inevitably,cautious,write-off method,allowance method,bad debts,分类,商品,授予，成认，允许,明确的,分期付款,特权，优惠,流动资产,调查,不可防止地,谨慎的,直接注销法,备抵法,坏帐,Notes,Unit Seven,The Direct Write-off Method 直接转销法,有些公司不用任何应收账款的备抵法。这些公司不是在期末时根据估计编制调整分录确认坏账损失，而是直至特定应收款项确定没有价值时才确认坏账损失。这种方法无意将收入与不可收回的损失配比。损失记录为贷应收账款，借坏账费用或坏账损失。这种方法叫做应收账款“直接转销法。在直接转销法下，坏账只有在确定无发收回时才被计入当期费用。,allowance method 备抵法,按照赊销收入或未偿付应收账款总额对可能无法收回款项做出估计。在销售确认当期作为费用加以记录并抵减应收账款该方法通常被称作备抵法。,Notes,Unit Seven,The percentage-of-receivables method estimates uncollectible accounts by determining the desired size of the allowance for uncollectible accounts. The ending balance in Account Receivable is multiplied by a rate based on past experience regarding uncollectible accounts.,应收账款余额百分比法是按照确定的坏账准备计提比例预估坏账。应收账款期末余额与根据以往经验确定的坏账率的乘积。,The process of analyzing receivable accounts according to their age is sometimes called aging account receivable.,分析应收账款收账期限的方法有时也称账龄分析法。,Exercises,Unit Seven,II. Complete the following sentences with the appropriate phrases.,adjusting entry direct write-off allowance,bad debts account receivable estimated,1.,_,are amounts the customers owed to a company for credit sales.,2.,_,are uncollectible accounts and recognized as a selling expense.,3. Under the,_,method, the uncollectible account can be,_,on the basis of the percentage of credit sales or the ending balance of the Account Receivable account.,Accounts receivable,Bad debts,direct write-off,estimated,Exercises,Unit Seven,4. The,_,method requires that Accounts Receivable should not be written off until they are determined uncollectible.,5. Estimation of bad expense is made by making an,_,at the end of an accounting period.,allowance,adjusting entry,Exercises,Unit Seven,III.,Decide whether the following statements are true or false. Write T for true and F for false.,(,) 1. Maturity date and interest rate can be determined from the information on an interest-bearing note.,( ) 2. Notes Receivable classified as current assets are accounted at the maturity value.,( ) 3. Interest of 8 percent on $1,000 for 60 days would be computed as follows: 8%1,00060/120.,( ) 4. It is possible for the proceeds of a discounted note receivable to be less than its face value.,( )5. The drawer of a note is a person or a business discounting the note.,T,F,F,F,T,Exercises,Unit Seven,IV. Which of the following best describe(s) the application of general accepted accounting principles to the valuation of account receivable?,1,. Realization principleAccount receivable are shown at their net realizable value in the balance sheet.,2. Matching principleThe loss due to an uncollectible account is recognized in the period in which the sale is made, not in the period in which the account receivable is determined to be worthless.,3. Cost principleAccounts receivable are shown at the initial cost of the merchandise to customers, less the cost the seller must pay to cover uncollectible accounts.,4. Principle of conservatismAccountants favor using the lowest reasonable estimate for the amount of uncollectible accounts.,Exercises,Unit Seven,V. Translate the following passage into Chinese.,The maturity date is the date on which a promissory note becomes due and payment must be made. The wording used in the note expresses the maturity date and determines when the note is to be paid. Examples of maturity date wording are:,on demand;,on a stated date;,at the end of a stated period. A note falling due on a Sunday or a holiday is due on the next business day.,key,Exercises,Unit Seven,VI. Cases,1.A company completed the following transactions during 2007:,(1)Wrote off the $200 balance to Robert Browns account as uncollectible.,(2)Reinstated the account of Peter Reed that had been written off in the preceding year, $85, received full payment.,(3)Received $60 in a full settlement of George Brauns account, $250.,Required:,Record transactions in the general journal form and write off bad debts using the direct write-off method.,Exercises,Unit Seven,2.Burke Interior Decorators issued a 60-day, 9% note for $15,000, dated March 3, to Loree Fur-nature Company on account.,(1)Determine the due date of the note.,(2)Determine the maturity value of the note.,(3)Journalize the entries to record the following: (a) receipt of the note by the payee, and (b) receipt by the payee of payment of the note at maturity.,Exercises,Unit Seven,3.,The series of six transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.,cash Notes Receivable,Accounts Receivable Sale,Interest Income Interest Expense,27,305,28,300,(5) 28,000,(3) 27,500,(4) 27,500,30,000,28,000,(2) 2,500,(3) 27,500,(6) 28,000,(2) 2,500,(1) 30,000,(6) 300,(4) 195,Exercises,Unit Seven,到期日就是本票到期，必须支付的日期。在票据上表达的措辞说明了到期日和票据被支付的日期，例如，见票即付；定日付款；定期付款。如果票据的到期日是周日或节假日顺延。,back,