A written statement that shows the financial state of a company at a particular time.. This shows assets, liabilities, and owner’s equity of the business on a specific day, usually the l
Trang 1TR ƯỜ NG Đ I H C KINH T VÀ QU N TR KINH DOANH THÁI NGUYÊN Ạ Ọ Ế Ả Ị
B MÔN NGO I NG Ộ Ạ Ữ
(DÀNH CHO H ĐÀO T O LIÊN THÔNG) Ệ Ạ
Accounting and Finance
K toán – Tài chính ế
PH M C Ạ ƯỜ NG
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“There's no business like show business, but there are several businesses
like accounting.” David Letterman
Li t kê các ch đ ho c các n i dung liên quan t i chuyên ngành K toán ệ ủ ề ặ ộ ớ ế
Accounting
Accounting standards
Accounting equation
Bookkeeping
Trang 3BÀI GI NG TI NG ANH CHUYÊN NGÀNH - K TOÁN – TÀI CHÍNH Ả Ế Ế
A S d ng t đi n đ tìm hi u ý nghĩa các thu t ng trong lĩnh v c k ử ụ ừ ể ể ể ậ ữ ự ế toán c t bên trái và ghép v i các gi i nghĩa b ng ti ng Anh c a ở ộ ớ ả ằ ế ủ chúng c t bên ph i ở ộ ả
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 thu t ng trong Ph n A đ đi n vào đo n văn sau ậ ữ ầ ể ề ạ
(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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Trang 4(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
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 Đ C HI U Ọ Ể
1 Đ c bài đ c và tr l i các câu h i sau ọ ọ ả ờ ỏ
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
T v ng ừ ự
- ability (n) - kh năng, năng l cả ự
- communicate (v) - truy n đ tề ạ
- interested parties (n) – các bên quan tâm
- creditors (n) – các ch nủ ợ
- potential investors (n) – các nhà đ u t ti m năngầ ư ề
- governmental agencies (n) – các c quan chính phơ ủ
- labor unions (n) – các liên đoàn lao đ ngộ
- financial status (n) – tình hình tài chính
- accounting principles and rules (n) – các nguyên t c và quy t c k toánắ ắ ế
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Trang 6A dispensing C amortization
B capitalizing D accumulating the asset
19 Which item below DOES NOT describe a balance sheet?
A Assets + Liabilities = Stockholders' Equity
B Assets – Liabilities = Stockholders' Equity
C Financial position at a point in time
D Assets = Liabilities + Stockholders' Equity
20 A(n) examines a company's accounting information system to determine whether financial reports reliably represent its operations
A asset accounting B leverage C liability D audit
G Xác đ nh n i dung các câu sau là Đúng hay Sai theo nghi p v k toán ị ộ ệ ụ ế
N u đúng, ghi TRUE Ng ế ượ ạ c l i, ghi FALSE.
1 Companies may choose a natural business year end, rather than December
31, as the end of their fiscal year for accounting reporting
2 The balance sheet is prepared before the statement of changes in owner's equity _
3 The income statement represents the basic accounting equation _
4 The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period _
5 Long-term investments would appear in the capital asset section of the balance sheet
6 A net income for the period is the amount left after the expenses for the period have been subtracted from revenue _
7 Net income or net loss is the difference between total revenue and total expenses over a specific period of time _
8 Depreciation is recorded to reflect the decline in market value of plant assets _
9 Financial statements can be prepared from the information provided by an adjusted trial balance _
10 Financial statements that reflect financial data for two or more periods are often referred to as comparative statements _
H Dùng các t /c m t trong khung đ hoàn thành các câu sau ừ ụ ừ ể
statement of changes in owner's equity net income or net loss balance sheet ratio analysis financial statements return on sales
1 summarize the changes resulting from business transactions that have occurred during an accounting period
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2 The _ is completed as a support document for the balance sheet
3 is a comparison of two items on a financial statement, resulting in a percentage that is used to evaluate the relationship between the two items
4 A(n) is the financial statement that reports the final balances in all asset, liability, and owner's equity accounts at the end of the accounting period
5 is reported on the income statement
6 indicates what percentage of net sales represents profit
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