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Tiếng anh chuyên ngành kế toán
Unit 1: Accounting Basics ACCOUNTING BASICS In this unit, students will be provided knowledge to write and talk about an overview of accounting main issues, basic terms and concepts related to accounting Trong này, sinh viên cung cấp kiến thức ngơn ngữ để nói viết vấn đề tổng quan kế toán, thuật ngữ khái niệm kế toán UNIT OBJECTIVES - MỤC TIÊU • Provide students with an overview of accounting main issues, basic terms and concepts related to accounting Cung cấp cho sinh viên nhìn tổng quan vấn đề kế toán, thuật ngữ khái niệm kế tốn • Provide for students the way of organizing an academic essay Cung cấp học sinh phương pháp tổ chức viết luận • At the end of this unit, students will be able to talk and write about accounting main issues Sau kết thúc học này, sinh viên nói viết vấn đề kế toán DURATION (9 periods) - THỜI LƯỢNG HỌC (9 TIẾT) Unit 1: Accounting Basics Match the words or expressions in the column A with their definition in column B The suggested time to this exercise is 10 minutes Column A Column B Ledger A The amount of money written on the left side of the ledger Debit B The amount of money written on the right side of the ledger Credit C The recording of revenues and expenses may take place before related cash is received Cash method D A book in which the monetary transactions of a business are posted in the form of debits and credits A ledger includes the record of accounts transferred as final entry from original postings Accrual method E The recoding of revenue and expenses takes place when the related cash is received Balance sheet F A statement reporting the organization’s economic performance over a specific period of time Income statement G The basis of the standard accounting system in which each transaction is recorded in at least two accounts: debit and credit Cashflow statement H The summary of the organization’s uses of funds (assets) and sources of funds (liablilities and equity) at a specific point of time Double-entry accounting I The basic formula of the double-entry book keeping system It shows how assets were financed either by borrowing money from someone else (liability) or by paying your own money (shareholder’s/ owner’s equity) Assets = Liabilities + Shareholder’s/ owner’s equity 10 Accounting equation J A statement explaining how an organization obtains cash and how it spend cash and other factors that may affect cash positions 11 Revenue K A daily record of events or business 12 Book keeping L An evaluation of a person, organization, system, process, project or product in order to certain the validity and reliability of information, and also provide an assessment of a system’s internal control 13 Creditor M The recording of all financial transactions undertaken by an individual or organization N the amount of money that a company receives from its activities in a given period, mostly from sales of products and/or services to customers O A party (e.g person, organization, company, or government) that has a claim to the services of a second party The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service 14 Audit 15 Journals Unit 1: Accounting Basics Text A: Read text A: Accounting Basics and exercises 2.1, 2.2 below The suggested time for reading the text and completing the exercises is 30 minutes ACCOUNTING BASICS Definition of Accounting ccounting is the process of financially measuring, recording, summarizing and communicating the economic activity of an organization It is often referred to as “the language of business” and, like any other language, it has its own unique vocabulary and rules Some people think of accounting as a highly technical field understood only by professional accountants However, technical accounting terms such as assets, liabilities, equity, revenue, expense, income and cash flow are widely used throughout the micro-finance field Thus it is important that anyone involved in making business decisions understands the basic accounting concepts which form the basis of financial management Accounting is the process ccounting is a service activity It provides financial information about an organization’s economic activities which is intended to be used as a basis for decision making It provides the required to answer questions such as: What are the resources of the organization? What debts does it owe? Are its operating expenses too high relative to revenue? Are the organization’s current lending activities generating enough income for it to be sustainable? Not everyone needs to understand the intricate details of an organization’s accounting system; however, it is helpful for employees to understand the framework within which accounting operates Managers, in particular, need to know how to interpret the information accounting provides Based on this information, managers can analyze the financial status of their organization and manage the organization’s finances to ensure future financial stability A A Role of Accounting ccounting falls into two general categories: financial accounting and management accounting Financial accounting presents a summary view of the financial results of past operations Financial accounting reports are aimed at external audiences although they are widely used internally as well Management accounting information is tracked and presented at a much more detailed level, such as by programme or branch Projected financial information is also a part of management accounting and is aimed primarily at internal audience Management reports are prepared frequently and report on an on going basis the differences between planned and actual results A Financial Statements he preparation of financial statements is virtually the last stepin the accounting process but it is an appropriate point to begin studying accounting in order to understand what will be produced Financial statements are the primary means through which an organization communicates information about its economic activities The purpose of these statements is to provide useful financial information to parties such as banks, investors, suppliers, governments, etc., who may make decisions affecting the organizations’ operations or otherwise influence the T Unit 1: Accounting Basics direction of its activities Financial statements are means of conveying a Note: concise picture of the financial position of The Statement of Changes in Financial Position the organization An individual who has is not described until after the recording and a clear understanding of these statements summarizing of economic transactions is will understand better the purpose of explained earlier steps in the process The three most widely used financial The first two statements are explained earlier statements are the Balance Sheet, the Together, these statements summarize all of Income Statement and the Statement of the information contained in the organization’s Changes in Financial Position The Balance accounts Sheet is a summary of the economic resources of an organization and the claims against those resources at a specific point in time The Income Statement reports the organization’s economic performance over a specified period of time The Statement of Changes in Financial Position reports the organization’s sources and uses of funds (also referred to as the Statement of Changes in Sources and Uses of Funds or the Cash Flow Statement) It explains how an organization obtains cash (sources of funds) and how it spends cash (use of funds) including the borrowing and repayment of debt, capital transactions, and other factors that may affect the cash position (Source: http://www.ruralfinance.org/servlet/BinaryDownloaderServlet?fileame=1125440545561_Lesson1_ definition_accounts.pdf, retrieved on 15 December, 2009) 2.1 Answer the following questions based on the information in text A What is Accounting? Why is it important for business people to understand the basic accounting concepts? What kinds of information does accounting activity provide? What does the accounting information help managers in the business management? Who are financial accounting aimed at? How about management accounting? What kinds of information about the company financial statements provide? What are the most popular financial statements? 2.2 According to text A which of the following sentences are (T) or false (F) Correct the false information Questions Accounting rules and terms are very technical and only professional accountants can understand Accounting activity brings the information about the income and the spending of the company As a manager, understanding accounting system entails being able to interpret the information accounting provides People like investors and bondholders use management accounting reports to make their investment decisions One who can’t read the financial statements can’t understand the accounting process Statement of changes in sources and uses of funds is part of the statement of changes in financial position T/F Unit 1: Accounting Basics Text B: Read text B and exercises 2.3, 2.4, 2.5 below The suggested time for reading the text and completing the exercises is 40 minutes ACCOUNTING POLICIES AND STANDARDS Valuation and measurement the same methods every year, Historical cost and accounting unless there is a good reason to nvestors in companies want to he aim of accounting standards change a policy: this is known know how much the companies is to provide shareholders as the consistency principle The are worth, so companies regularly policies also have to be disclosed with the information that will have to publish the value of their or revealed to the shareholders: allow them to make financial assets and liabilities Companies the Annual Report will contain decisions This is one reason also have to calculate their profits a ‘Statement of Accounting why in many countries accounting Policies’ that mentions any follows the historical cost changes that have been made principle: companies record This enables shareholders to the original purchase price of compare profits and values assets, and not their (estimated) current selling price or replacewith those of previous years ment cost This is more Areas in which the choice of objective, and the current value policies can make a big difference is not important if the business or losses: their managers need to the final profit figure include is a going concern – a successful this information, and so depreciation – reducing the value company that will continue to shareholders, bondholders and of assets in the company’s business – as its assets are the tax authorities Companies accounts, the valuation of stock not going to be sold, or not can choose their accounting currently need to be replaced policies – their way of doing their However, some countries with accounts There are a range of regular high inflation, e.g in methods of valuation – deciding South America, use inflation how much something is worth accounting systems that take – and measurement – determining account of changing prices One how big something is – that are system used is replacement cost accepted by law or by official accounting, which values all accounting standards In the USA, there are Generally Accepted or inventory, and the making of assets at their current replacement Accounting Principles (GAAP) provisions – amounts of money cost – the amount that would have to be paid to replace them In most of the rest of the world deducted from profits – for now there are International Financial future pension payments Reporting Standards (IFRS), set by the International Accounting As there is always more than Standards Board These are one way of presenting accounts, technical rules or conventions the accounts of British companies – accepted ways of doing things have to give a true and fair that are not written down in a law view of their financial situation Although businesses can choose – meaning there are various among different accounting possibilities – rather than the policies, they have to be true and fair view – meaning consistent, which means using only one is possible I T Unit 1: Accounting Basics 2.3 Match the two parts of the sentences Company’s managers, investors, creditors a and not their current value, is recorded in and the tax authorities all accounts There are different ways of doing accounting b need to know the current market value of but companies have to be consistent, its assets Companies have to disclose or make c need to know about the size of profits or known losses The historical cost principle is that the price d which accounting methods they are using paid to buy assets, A going concern usually doesn’t e which means regularly using the same methods 2.4 Are the following statements true or false? Companies are told which accounting policies to use Companies can change their accounting policies whenever they like, as long as they disclose this in their Annual Report Companies could produce several profit figures, depending on how they depreciated their assets, valued their inventory, etc There is only one correct interpretation of a company’s financial position, and company accounts must show this In many countries, companies not record the current value of their assets In countries with high inflation, companies value their assets at their current replacement cost 2.5 Complete the table with words from the text and related forms Put a stress mark in front of the stressed syllable in each word The first one has been done for you Verb Noun(s) calcu’lation Adjective - - consistent - conventional measure - present valuable Unit 1: Accounting Basics You are now listerning to a lecture on accounting overview Listen carefully and the exercices 3.1, 3.2, 3.3 below 3.1 Listen to the lecture the FIRST time and answer the questions Why is accounting called the ‘language of business’? How is a standardized accounting system achieved? What are revenues and expenditures? In what ways are the balance sheet and the income statement different? How are accountants classified in the United States? What kind of services public accountants provide? For whom private and governmental accountants work? 3.2 Now listen to the lecture the SECOND time and circle the answer that best completes each of the sentences below Accounting information is used by to help them make financial decisions a managers b potential investors c creditors d all of the above 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 Business monetary transactions are summarized in: a bank books b financial statements c computers d cash registers 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 Private and governmental accountants are paid on a basis a salary b monthly c fee d weekly Unit 1: Accounting Basics 3.3 Listen to the first part of the lecture again and fill ONE word in each blank below An accounting overview Hi everyone, accounting is frequently called the ‘language of business’ because of its ability to communicate financial information about an organization Why is called so? Various (1)……… parties, such as managers, potential investors, (2)… …, and the government, depend on a company’s accounting system to help them make informed financial decisions An effective accounting system, therefore, must include accurate (3)………., recording, classifying, (4)…… , (5)………….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 (6)…… , common procedures for (7)…… and presenting financial information are used Incoming money (revenues) and outgoing money (expenditures) are carefully monitored, and (8)………… are summarized in financial statements, which (9)…… the major financial activities of an organization Ok As you may know, 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 in time, while the income statement shows the financial performance of a company over a period of time Financial statements allow interested parties to (10)…… one organization to another and/or to compare accounting (11) …… within one organization For example, an (12)…… may compare the most recent income statements of two corporations in order to find out which one would be a better investment 4.1 Choose the best alternative to complete the sentence The suggeted time for completing the exercises is 10 minutes It’s up to the accountant to the various financial statements a interpret b intercept c invent d translate The bookkeeper keeps a record of every financial a action b transaction c entry d transcription It’s essential to the invoice number in any correspondence a estimate b quote c say d tell We’re in with our supplier over this invoice so don’t pay it until you hear from me a argument c agreement b dispute d distress Unit 1: Accounting Basics We send a to customers who haven’t settled their accounts a reminder b remainder c remembrance d memory If these figures could be into parts and labor it would make them easier to understand a set up b broken down c rounded up d laid down This company has a weekly of about $100,000 a pay b payroll c salary d wage By examining the balance and other documents we were able to find out that the company was not doing as well as they claimed a slip b ledger c account d sheet The rent for the office is already months ! a overtime b in the red c in demand d overdue 10 Due to the economic climate we have had to more bad debts this year than ever before a tell off b write off c find out d note down 11 Do they have enough working to keep trading? a capital b expenses c accounts d currency 12 Such items as buildings and machinery are known as assets a current b hidden c fixed d liquid 4.2 Complete the text using the words in the box The suggeted time for completing the exercises is 10 mitutes credits double-entry journals posted transactions trial balance debits invoice ledger receipt transferred vouchers Bookkeeping Bookkeepers record every purchase and sale that a business makes, in the order that they take place, in (1) At a later date, these temporary records are entered in or (2 ) to the relevant account book or (3 ) Of course Unit 1: Accounting Basics the ‘books’ these days are likely to be computer files At the end of an accounting period, all the relevant totals are (4 ) to the profit and loss account (5) bookkeeping records the dual effect of every transaction – a value both received and parted with Payments made or (6) are entered on the left-hand (debtor) side of an account, and payments received or (7) on the right-hand side Bookkeepers will periodically a (8) to test whether both sides of an account book match In most business (9) , the seller of goods or services sends the buyer a bill or (10) , and later a 11 acknowledging payment Businesses are obliged to retain the documents – known as (12) – that support or prove an item in an account, and make them available to the internal and external auditors who check the accounts Bookkeepers are not to be confused with librarians, who also keep books, or with bookmakers, who ‘make books’ in the sense that they accept bets (on horse races, etc.) and traditionally wrote them down in a book like a bookkeeper’s journal Accountants, unlike bookkeepers, analyze financial records, and decide how to present them 5.1 Match the remarks on the left with the responses on the right, check your answers with a partner, then practice the dialogue together You’re an accountant? Does that mean you spend your time writing down credits and debits, and adding up columns of figures all day? Can’t be exciting So what accountants do? You mean the shareholders? So you prepare reports for managers? And the cost of the accounts department! You mean what they in the front of shops? Ah, now that’s interesting Not at all As a matter of fact, I’m a tax inspector 10 A Ha! Now you’re going to ask me to tell you how you can pay less tax B No, managerial accountants do, but I work in cost accounting We have to work out the real cost of each item the company makes, which means finding a way to allocate all the overheads to different products C No, not only Managers always need the help of accountants They need financial statements, and budgets, and cash-flow projections, and so on, to measure the success of what they’ve done, and to make decisions for future projects D Of course But as I said, we’re necessary, and useful Haven’t you heard of ‘window dressing’? E Sure, but it’s also another name for what some people call ‘creative accounting’ – making a company’s financial situation look as good as possible in the balance sheet, and so on It’s not very legal, but it happens The accountants in my firm also have lots of wonderful ways of reducing our tax bill F That’s bookkeeping Not quite the same thing G Well, accountants record cash flows, and the value of assets and liabilities, and they calculate profits and losses, and so on But it’s not just writing down numbers We’re really in the business of supplying people with information Unit 1: Accounting Basics 5.2 Based on the information in this unit, answer the following questions with your own words Give a brief definition of accounting What is accounting involved in? How many kinds of accounting are there? What are their differences? Give a brief summary of the three main financial statements Do all companies follow a common way of accounting or they choose their own way of accounting? Explain consistency principle and historical cost principle Tell briefly about bookkeeping process 6.1 How to write an essay Organization of an essay An essay has three main parts: an introduction, a body and a conclusion The introductory paragraph attracts the reader’s attention and informs the reader what your main topic of discussion will be An introductory paragraph has two parts: • General statement: Several general sentences that give background information on your subject and gradually lead your reader into your specific topic • A thesis statement that states the subdivisions (topic of each paragraph) It may also indicate your method of development The body of an essay discusses your subdivided topics, one by one It contains as many paragraphs as necessary, often or more explain the controlling ideas in the thesis statement The concluding paragraph reminds your reader of what you have said Remember to use a “conclusion” transition signal Your concluding paragraph has a summary of the main ideas or a restatement of the thesis in different words and your final comment on the topic Outlining an Essay Always make an outline of an essay before you begin to write See the organization of an essay model below: 11 Unit 1: Accounting Basics I INTRODUCTION General Statements Thesis statements II BODY - Paragraph 1: - Paragraph 2: - Paragraph 2: A Topics sentence B Topics sentence C Topics sentence Support Support Support Support Support Support Support Support Support (Concluding sentence) (Concluding sentence) (Concluding sentence) III CONCLUSION Restatement or summary of the mains points; final comments Writing and revising the Essay Writing is a process which requires revision again and again in order to produce a good final product Follow steps below for your writing improvement - Firstly, write the first rough draft of your essay from the outline Skip lines in order to have enough space to make changes - Secondly, revise the first draft for content and organization, and write a second draft - Thirdly, proofread the second draft for grammar, sentence structure, and mechanics Write as many drafts as necessary before the final copy 6.2 Writing practice Write an essay about the main issues in accounting by the using information from this unit as well as the additional sources from books or internet websites The suggested time for completing the exercise is 45 minutes 12 Unit 1: Accounting Basics English terms Vietnamese equivalents A - Accounting principles - Annual Report - Accounting system - Các nguyên tắc kế toán - Báo cáo thường niên, báo cáo hàng năm - Hệ thống kế toán B - Balance sheet - Bought ledger - Bookkeeper - Bảng tổng kết tài sản, bảng kết toán - Sổ mua vào - Nhân viên kế toán (lập hồ sơ thu chi, quản lý sổ sách kế toán) C - Credit - Consistency principle - CPA (Certified Public Accountant) - Khoản có, bên có; ghi có - Nguyên tắc quán - Kế toán viên xác nhận (kế toán viên qua kỳ kiểm tra nghề nghiệp thành viên Hiệp hội kế toán viên xác nhận) D - Debit - Debtors - Depreciation - Double-entry bookkeeping - Khoản nợ, bên nợ; ghi nợ - Con nợ, tài khoản phải thu từ khách hàng - Khấu hao - Kế toán kép E - Expenditure - Chi tiêu, chi phí F - Financial statements - Financial status - Financial position - Các báo cáo tài - Khả tài - Tình trạng tài G - Going concern concept - Generally Accepted Accounting Principles - Khái niệm doanh nghiệp phát triển bền vững - Những nguyên tắc kế toán người chấp nhận, phổ cập I - Income statement - Inflation - Inventory (stock) - Báo cáo thu nhập - Lạm phát - Hàng hoá, nguyên vật liệu lưu kho 13 Unit 1: Accounting Basics H - Historical cost - Giá gốc J - Journals - Sổ nhật ký, sổ nhật biên N - Nominal ledgers - Sổ danh nghĩa P - Provisions - Dự phòng R - Revenue - Replacement cost accounting - Doanh thu - Kế tốn chi phí thay T - Tax computation - Take account of - To buy on credit - To sell on credit - Trial balance 14 - Việc tính tốn thuế - Xét đến, tính đến - Mua chịu - Bán chịu - Cân đối kiểm tra ... nguyên tắc kế toán - Báo cáo thường niên, báo cáo hàng năm - Hệ thống kế toán B - Balance sheet - Bought ledger - Bookkeeper - Bảng tổng kết tài sản, bảng kết toán - Sổ mua vào - Nhân viên kế toán. .. chi, quản lý sổ sách kế toán) C - Credit - Consistency principle - CPA (Certified Public Accountant) - Khoản có, bên có; ghi có - Nguyên tắc quán - Kế toán viên xác nhận (kế toán viên qua kỳ kiểm... viên Hiệp hội kế toán viên xác nhận) D - Debit - Debtors - Depreciation - Double-entry bookkeeping - Khoản nợ, bên nợ; ghi nợ - Con nợ, tài khoản phải thu từ khách hàng - Khấu hao - Kế toán kép E