Giáo trình Tiếng Anh chuyên ngành - Kế toán, tài chính

hem. A company's shareholders are paid last after the suppliers, after the banks, and after the bondholders. The risk is that there may be nothing left for stockholders after everyone else has been paid off. The reward is that when a company earns a lot, the stockholders get it all. With equity, there is higher risk but also the opportunity for greater reward. All investments involve a certain amount of risk, but a stock is generally considered much more risky than a bond, which is an agreement by the company to pay a specific amount of money at a specific time. In contrast to the fixed income of a bond, the return on an equity investment is unknown. To reward investors for this risk, equity tends to provide a higher return, either in the form of dividend payments or by an increase in value, when the company retains its earnings. Stocks often rise and fall in value rapidly, while bonds tend to be more stable. Bondholders are creditors of a company with a guaranteed return on their investment, whereas shareholders are owners, with all the risks and rewards ownership entails. International equity investment is not limited to the major financial center of London, New York, and Tokyo. Equity ownership can now mean a share of a fast-food store in Moscow, or it can mean a part of Thailand's booming manufacturing industry. It can be part ownership of a hotel in Rio de Janeiro or a light bulb company in Budapest. Equity means ownership, and ownership is now allowed in almost every country in the world. What is the risk for stockholders since they are paid last? By what documents is ownership in an equity certified? How are benefits of shareholders realized when the company makes a profit? Is the equity investment limited to the major financial centers? What is the price of the shares when the company goes bankrupt? In what way do bonds differ from shares? Tìm từ đồng nghĩa với từ được gạch chân. 1. Any individual who holds shares owns a part of a company. a) stocks b) ownership c) money 2. Ownership is now allowed in almost every country in the world. a) friendship b) partnership c) private business 3. Equity means ownership which is now allowed in almost every country in the world. a) share b) goods c) interest rate G. Hoàn thành phần bài viết dưới đây bằng cách điền vào ô trống các giới từ phù hợp. by on in up off behind Most people pay their domestic bills (1) _______ cash or (2) _______ cheque. This is often unrealistic in business. But allowing customers to buy large amounts of stock (3) _______ credit is not without its problems. It is extremely difficult to ask a valued customer for payment (4) _______ advance because it may look as if you do not trust them. You cannot really charge them interest (5) _______ the outstanding sum either, even if they miss the agreed deadline for settlement, or they might get upset and withdraw their business altogether. To make matters worse, many companies these days will deliberately sit (6) ________ your invoice and wait to see how long it is before you actually put pressure (7) ________ them to pay (8) ________. Of course, you can ease both your cashflow situation and theirs by offering them the facility to pay (9) ________ what they owe you (10) ________ regular instalments. But that does not mean they will not fall (11) ________ with their repayments when they are short of cash. And you may end up writing (12) ________ half of the debt altogether. Things would probably be a lot simpler if everyone paid (13) ________ front for the goods they bought and in theory a customer should be able to pay straightaway (14) ________ direct bank transfer. This, of course, would mean customers remained (15) ________ constant credit with their suppliers, but it would also prevent them from playing the waiting game with their creditors. Since most companies cannot pay you your money till they get theirs, they will continue to conserve cash until the very last minute. H. Nhiều người thỉnh giáo Kenny Cookham, chuyên viên kế toán quản trị, về kiểm soát tín dụng, dòng tiền, Đọc phần tóm tắt bài thuyết trình của Kenny. A company with more debts than money to pay them, or in other words more liabilities than assets, is insolvent and if a creditor takes the matter to court the company may be declared bankrupt. This situation can arise even if the company has wonderful sales figures. How is this possible? Some people say that it is not money that makes the world go round, but credit. Getting orders is tough enough, but getting paid can be even tougher. If the company's cash is tied up in stocks of materials and credit to customers it may not have enough cash to pay short-term expenses. It has a cash-flow problem. Managerial accountants and financial directors know that what distinguishes an efficiently managed business from a poorly managed one is the way it controls credit and manages cash-flow, in other words the skill with which a company can make its creditors wait and put pressure on its debtors. So how can credit be controlled, and the risk of bad debt be minimized? The ideal solution would be to make the customer pay up front, but the goodwill of your customers is vital to securing their business in the future. Charge interest on outstanding debts and again you risk alienating your customers. Debts do of course show up in a company's assets, but it is hard cash, not promises to pay, that finances new projects. Promises are often forgotten, and creditors have better memories than debtors. Dưới đây là các câu hỏi Kenny đã cố gắng giải đáp. Lựa chọn câu trả lời phù hợp (A, B hoặc C) với mỗi nội dung. What is the difference between insolvent and bankrupt? A. Insolvency and bankruptcy are the same. B. Insolvency and bankruptcy are similar but there is a legal difference. C. Insolvency and bankruptcy are two completely different things. How is it possible to have good sales figures and a cash-flow crisis? A. You can’t have a cash-flow problem if you sell a lot. B. If you sell a lot you will always have a cash-flow problem. C. If you sell a lot and the customers take a long time to pay you may have a cashflow problem. How can credit be controlled? A. It is impossible to control credit. B. It’s best to make the customers pay up front. C. Efficient financial management is the key to controlling credit. How can a company minimize the risk of bad debt? A. The best way to minimize bad debt is to charge the customer extra for paying late. B. It’s a question of skillful management. C. The best way to minimize bad debt is to take the customer to court. Why not to make the customer pay in advance? A. If you make the customer pay up front you risk losing their goodwill. B. It’s impossible to make the customer pay up front. C. If you make the customer pay up front they will take you to court. CHƯƠNG 3: ANALYZING AND RECORDING TRANSACTIONS “We don’t do press releases on all of our transactions.” Scott Jones MỞ ĐẦU Sử dụng các gợi ý để điền các thuật ngữ bên vào ô chữ. Journal Ledger Transaction Account Posting Receipt TỪ VỰNG 1 – Từ vựng theo ngữ cảnh ANALYZING TRANSACTIONS The first step in the accounting process is to analyze every transaction (economic event) that affects the business. The accounting equation (Assets = Liabilities + Owner's Equity) must remain in balance after every transaction is recorded, so accountants must analyze each transaction to determine how it affects owner's equity and the different types of assets and liabilities before recording the transaction. Assume Mr. J. Green invests $15,000 to start a landscape business. This transaction increases the company's assets, specifically cash, by $15,000 and increases owner's equity by $15,000. Notice that the accounting equation remains in balance. Mr. Green uses $5,000 of the company's cash to place a down-payment on a used truck that costs $15,000, and he signs a note payable that requires him to pay the remaining $10,000 in eighteen months. This transaction decreases one type of asset (cash) by $5,000, increases another type of asset (vehicles) by $15,000, and increases a liability (notes payable) by $10,000. The accounting equation remains in balance, and Mr. Green now has two types of assets ($10,000 in cash and a vehicle worth $15,000), a liability (a $10,000 note payable), and owner's equity of $15,000. Given the large number of transactions that companies usually have, accountants need a more sophisticated system for recording transactions than the one shown on the previous page. Accountants use the double-entry bookkeeping system to keep the accounting equation in balance and to double-check the numerical accuracy of transaction entries. Under this system, each transaction is recorded using at least two accounts. An account is a record of all transactions involving a particular item. Companies maintain separate accounts for each type of asset (cash, accounts receivable, inventory, etc.), each type of liability (accounts payable, wages payable, notes payable, etc.), owner investments (usually referred to as the owner's capital account in a sole proprietorship), owner drawings (withdrawals made by the owner), each type of revenue (sales revenue, service revenue, etc.), and each type of expense (rent expense, wages expense, etc.). All accounts taken together make up the general ledger. For organizational purposes, each account in the general ledger is assigned a number, and companies maintain a chart of accounts, which lists the accounts and account numbers. Account numbers vary significantly from one company to the next, depending on the company's size and complexity. A sole proprietorship may have few accounts, but a multinational corporation may have thousands of accounts and use ten- or even twenty-digit numbers to track accounts by location, department, project code, and other categories. Most companies numerically separate asset, liability, owner's equity, revenue, and expense accounts. A typical small business might use the numbers 100–199 for asset accounts, 200–299 for liability accounts, 300–399 for owner's equity accounts, 400–499 for revenue accounts, 500–599 for cost of sales expense accounts, and 601–699 for operating expense accounts. Tìm từ hoặc cụm từ trong bài khóa theo giải nghĩa sau. a business deal or action, such as buying or selling something __________ having a value in money __________________ highly complicated or developed __________________ the usual way of keeping a company's financial records, in which each amount spent, received, etc. is recorded with a credit in one account and a debit in another ___________________________ a business that is owned and run by one person ___________________ a company's accounting records ________________________ list of all accounts used in the ledger by a company _____________ A corporation with operations in two or more countries ______________ THẢO LUẬN How do accountants record transactions of a business during an accounting year or a period of operation? Work with a partner and describe the basic accounting cycle. ĐỌC HIỂU Debits and Credits A T-account represents a ledger account and is a tool used to understand the effects of one or more transactions. Its name comes from its shape like the letter T. The layout of a T-account is the account title on top, a left, or debit side, and a right, or credit, side. The left side of an account is called the debit side, often abbreviated Dr. The right side is called the credit side, abbreviated Cr. To enter amounts on the left side of an account is to debit the account. To enter amounts on the right side is to credit the account. The terms debit or credit does not mean increase or decrease. Whether a debit or a credit is an increase or decrease depends on the account. In an account where a debit is an increase, the credit is a decrease; in an account where a debit is a decrease, the credit is an increase. The difference between total debits and total credits for an account, including any beginning balance, is the account balance. When the sum of debits exceeds the sum of credits, the account has a debit balance. It has a credit balance when the sum of credits exceeds the sum of debits. When the sum of debits equals the sum of credits, the account has a zero balance. Double-Entry Accounting Double-entry accounting requires that each transaction affect, and be recorded in, at least two accounts. It also means the total amount debited must equal the total amount credited for each transaction. Thus, the sum of the debits for all entries must equal the sum of the credits for all entries, and the sum of debit account balances in the ledger must equal the sum of credit account balances. The system for recording debits and credits follows from the usual accounting equation. Two points are important here. First, net increases or decreases on one side have equal net effects on the other side. For example, a net increase in assets must be accompanied by an identical net increase on the liabilities and equity side. Second, the left side is the normal balance side for assets, and the right side is the normal balance side for liabilities and equity. This matches their layout in the accounting equation where assets are on the left side of this equation, and liabilities and equity are on the right. Equity increases from revenues and owner investments and it decreases from expenses and owner withdrawals. These important equity relations are conveyed by expanding the accounting equation to include debits and credits in double-entry form. Increases (credits) to capital and revenues increase equity; increases (debits) to withdrawals and expenses decrease equity. The normal balance of each account (asset, liability, capital, withdrawals, revenue, or expense) refers to the left or right (debit or credit) side where increases are recorded. Understanding these diagrams and rules is required to prepare, analyze, and interpret financial statements. Journalizing and Posting Transactions Processing transactions is a crucial part of accounting. Step 1 analyzes a transaction and its source document(s) and applies double-entry accounting to identify the effect of a transaction on account balances. Step 2 requires that we record transactions in a record called a journal before recording them in accounts. This is to avoid the potential for error and the difficulty in tracking mistakes. A journal gives us a complete record of each transaction in one place. It also directly links the debits and credits for each transaction. The process of recording transactions in a journal is called journalizing. Step 3 is to transfer (or post) entries from the journal to the ledger. The process of transferring journal entry information to the ledger is called posting. Step 4 requires the preparation of a trial balance to check whether debit and credit account balances are equal. Journalizing Transactions The process of journalizing transactions requires an understanding of a journal. While companies can use various journals, every company uses a general journal. It can be used to record any transaction and includes the following information about each transaction: (1) date of transaction, (2) titles of affected accounts, (3) amount of each debit and credit, and (4) explanation of the transaction. A complete journal entry gives us a useful description of the transaction and its effects on the organization. Posting Journal Entries To ensure that the ledger is up to date, entries are posted as soon as possible. This might be daily, weekly, or when time permits. All entries must be posted to the ledger by the end of a reporting period. This is so that account balances are current when financial statements are prepared. Because the ledger is the final destination for individual transactions, it is referred to as the book of final entry. When posting entries to the ledger, the debits in journal entries are copied into ledger accounts as debits, and credits are copied into the ledger as credits. For each journal entry, the usual process is to post debit(s) and then credit(s). The steps in posting are: (1) identify the ledger account that was debited in the journal entry, (2) enter the date of the journal entry in this ledger account, (3) enter the source of the debit in the PR column, both the journal and page - the letter G shows it came from the General Journal, (4) enter the amount debited from the journal entry into the Debit column of the ledger account, (5) compute and enter the account’s new balance in the Balance column, (6) enter the ledger account number in the PR column of the journal entry. Posting in Computerized Systems Computerized systems require no added effort to post journal entries to the ledger. These systems automatically transfer debit and credit entries from the journal to the ledger database. Journal entries are posted directly to ledger accounts. Many systems have programs that test the reasonableness of a journal entry and the account balance when recorded. Trial Balance A trial balance is a list of accounts and their balances at a point in time. Account balances are reported in the debit or credit column of the trial balance. The trial balance is used to check whether debit and credit account balances are equal and used as an internal report for preparing financial statements. Preparing statements is easier when we can take account balances from a trial balance instead of searching the ledger. We know that one or more errors exist when a trial balance does not balance (when its columns are not equal). When a trial balance does balance, the accounts are likely free of the kinds of errors that create unequal debits and credits. Yet errors can still exist. One example is when a debit or credit of a correct amount is made to a wrong account. This can occur when either journalizing or posting. The error would produce incorrect balances in two accounts but the trial balance would balance. Another error is to record equal debits and credits of an incorrect amount. This error produces incorrect balances in two accounts but again the debits and credits are equal. We give these examples to show that when a trial balance does balance, it does not prove that all journal entries are recorded and posted correctly. In a computerized accounting system, the trial balance would always balance. Accounting software is such that unbalanced entries would not be accepted by the system. However, errors as described in the last paragraph can still exist in a computerized system. Câu hỏi phần đọc hiểu What is a T-account like? The first step in the accounting cycle consists of _______________ a. determining when and if an economic event or transaction should be recorded in the accounting system b. journalizing transactions according to the rules of double-entry bookkeeping c. identifying the nature of the transaction in terms of how the company’s accounts are affected d. Answers a and c are both correct. Does debit always mean increase and credit always mean decrease? What kinds of transactions increase owner’s equity? What kinds decrease owner’s equity? When does an account have zero balance? Double-entry accounting requires that (select the best answer): All transactions that create debits to asset accounts must create credits to liability or owner’s equity accounts. A transaction that requires a debit to a liability account also requires a credit to an asset account. Every transaction must be recorded with total debits equal to total credits. What is journalizing? What is posting? What is often referred to as the book of final entry? Why do we need the trial balance? Can errors exist in a computerized accounting system? TỪ VỰNG 2 A. Lựa chọn thuật ngữ có nội dung phù hợp với giải nghĩa. Source of information for accounting entries that can be in either paper or electronic form; also called business papers. Account C. Source documents T-account D. Journal Liability created when customers pay in advance for products or services; earned when the products or services are later delivered. Account balance C. Unearned revenue Trial balance D. General journal List of accounts used by a company; includes an identification number for each account. Chart of accounts C. Account Source documents D. T-account Journal entry that affects at least three accounts. Compound journal entry C. General journal Account balance D. Journalizing Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, revenue, and most equity accounts; abbreviated Dr. Credit B. Creditor C. Ledger D. Debit Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit. Double entry accounting C. T-account Balance column account D. Chart of accounts Account showing the owner's claim on company assets; equals owner investments plus net income (or less net losses) minus owner withdrawals since the company's inception; also referred to as equity. Debt C. General journal Journal D. Owner’s capital Process of transferring journal entry information to the ledger; computerized systems automate this process. Account C. Credit Journal D. Posting B. Xác định những giải nghĩa thuật ngữ sau là đúng hai sai. Nếu đúng, ghi TRUE. Ngược lại, ghi FALSE. Account → Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense. Source documents → Source of information for accounting entries that can be in either paper or electronic form; also called business papers. Credit → Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue, and most equity accounts; abbreviated Cr. General ledger or Ledger → All-purpose journal for recording the debits and credits of transactions and events. Account balance → Difference between total debits and total credits (including the beginning balance) for an account. Balance column account → Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. Journalizing → Process of recording transactions in a journal. General Journal → Record in which transactions are entered before they are posted to ledger accounts; also called book of original entry. Posting (PR) Reference → Process of transferring journal entry information to the ledger; computerized systems automate this process. Double Entry Accounting → Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit. Posting → Process of transferring journal entry information to the trial balance; computerized systems automate this process. Trial balance → Difference between total debits and total credits (including the beginning balance) for an account. TRỌNG TÂM NGỮ PHÁP MODALS (Động từ khuyết thiếu) A. Giới thiệu ? Modals là các động từ khuyết thiếu như can, could, may, might, must, should, would, ought to. Chúng được gọi là động từ khuyết thiếu do chúng phải đi kèm với một động từ khác để diễn đạt các ý nghĩa như khả năng, sự cho phép, phỏng đoán, lời khuyên hoặc nghĩa vụ. We should carry out a market research to know what our customers really need and want. Oil prices may be much higher in the next five years. You can complain about the quality of their services. Consumers have to pay more for goods than they would in a market open to imports. Governments might seek foreign investment from multinational corporations through sales of government bonds. ? Động từ khuyết thiếu có dạng phủ định. can - cannot / can’t could - could not / couldn’t may - may not / mayn’t (không phổ biến) might - might not / mightn’t (không phổ biến) must - must not / mustn’t should - should not / shouldn’t would - would not / wouldn’t ought to - ought not to / oughtn’t to (không phổ biến) B. Ý nghĩa của động từ khuyết thiếu ? Động từ khuyết thiếu diễn đạt nhiều ý nghĩa khác nhau. Những ý nghĩa chính được diễn đạt bao gồm: Sự cho phép You may leave if you have finished the report. Our loyal customers can get a ten percent discount for all the services they use. I wonder if I might employ extra staff for my branch. You could use the budget provided that you do not get in trouble with budget deficit. Năng lực Our new devisional manager can speak four languages fluently. The new production line can produce 1000 units per day. He could program a computer when he was only thirteen years old. Khả năng và phỏng đoán Making decisions in complicated situations can be extremely difficult. You can use ATM and debit cards to purchase goods and services. High levels