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  2. 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
  3. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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. 1 © Không sao chép khi chưa được chấp thuận.
  4. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH (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 2 © Không sao chép khi chưa được chấp thuận.
  5. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 3 © Không sao chép khi chưa được chấp thuận.
  6. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH - 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 4 © Không sao chép khi chưa được chấp thuận.
  7. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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. 5 © Không sao chép khi chưa được chấp thuận.
  8. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 6 © Không sao chép khi chưa được chấp thuận.
  9. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 7 © Không sao chép khi chưa được chấp thuận.
  10. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 _____________________. 8 © Không sao chép khi chưa được chấp thuận.
  11. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 9 © Không sao chép khi chưa được chấp thuận.
  12. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 10 © Không sao chép khi chưa được chấp thuận.
  13. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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. 11 © Không sao chép khi chưa được chấp thuận.
  14. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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. 12 © Không sao chép khi chưa được chấp thuận.
  15. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 13 © Không sao chép khi chưa được chấp thuận.
  16. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 14 © Không sao chép khi chưa được chấp thuận.
  17. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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? 15 © Không sao chép khi chưa được chấp thuận.
  18. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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. 16 © Không sao chép khi chưa được chấp thuận.
  19. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 17 © Không sao chép khi chưa được chấp thuận.
  20. BÀI GIẢNG TIẾNG ANH CHUYÊN NGÀNH - KẾ TOÁN – TÀI CHÍNH 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 18 © Không sao chép khi chưa được chấp thuận.

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