基础会计英语chapter 4 Accounting Cycle and Bookkeeping Procedures

Chapter4AccountingCycleandBookkeepingProcedures
Chapter4AccountingCycle
andBookkeepingProcedures
1.Tounderstandtheconceptoftheaccountingcycleandbasicsteps;
2.Tolearntourecordingvouchers,thecategorizedaccountsummaryandsummaryvouchersandotheraccountingprocedures.
Objectives:
Chapter4AccountingCycleandBookkeepingProcedures
Brainstorming
1.TrytospeaktheaccountingtermsinEnglish
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Chapter4AccountingCycleandBookkeepingProcedures
Brainstorming
1)Inaccountingpractice,whatbasicstepsconsistofaccountingcycle?
2)Whatisbookkeepingprocedures?
3)Whydoaccountantsneedtoprepareaworksheetbeforemakingfinancialstatements?
2.Discussandanswerthefollowingquestions.
Chapter4AccountingCycleandBookkeepingProcedures
Introduction
Duringacertainperiod,anaccountingcycleinanentityisaquenceofaccountingprocedures,whichstartswithaccountingdocumentswrittenwhenaneconomictransactionoccurs,andendsinaccountingstatementspreparedafteraccountbooksareentered.Thewholeaccountingcycleoftenlastsonemonthandincludesfourphas:accountingconfirmation,accountingcalculation,accountingrecordandaccountingreport.Inthiscycle,accountingvouchers,accountbooksandaccountingstatementsarealwaysintegrated,sothemeasuresandproceduresofintegrationarenamedbookkeepingprocedures,accountingorganizationalproceduresoraccountingformats.
Chapter4AccountingCycleandBookkeepingProcedures
Introduction
Differentprocedurescanbeformedwhenaccountantsintegratedifferentaccountbooksorganizations,bookkeepingprocessandbookkeepingmethodsindifferentways.Amongtheprocedures,therearemaindifferencesinledgers’basandmethods.Inaccountingpractice,differentprocedurescanbeappliedinanintegratedway.InChina,themainbookkeepingproceduresareusingrecordingvouchers,thecategorizedaccountsummaryandsummaryvouchers.Andtheprimaryoneisthebookkeepingprocedureusingrecordingvouchers.
Chapter4AccountingCycleandBookkeepingProcedures
4.1AccountingCycle
Chapter4AccountingCycleandBookkeepingProcedures
4.1AccountingCycle
Thequenceofaccountingproceduresudtorecord,classify,andsummarizeaccountinginformationisoftentermedtheaccountingcycle.Theaccountingcyclebeginswiththeinitialrecordingofbusinesstransactionsandconcludeswiththepreparationofformalfinancialstatementssummarizingtheeffectsofthetransactionsupontheasts,liabilities,andowners'equityofthebusiness.Theterm“cycle”indicatesthattheproceduresmustberepeatedcontinuouslytoenablethebusinesstopreparenew,up-to-datefinancialstatementsatreasonableintervals.
Chapter4AccountingCycleandBookkeepingProcedures
Theaccountingcycleconsistsofsomespecificstepsasfollows:
Postjournalentriestoaccounts;
(3)
Prepareaworksheet;
(5)
Journalizetransactions;
(2)
Preparefinancialstatements;
(6)
Analyzetransactionsandbusinessdocuments;
(1)
Determineaccountbalancesandprepareatrialbalance;
(4)
Chapter4AccountingCycleandBookkeepingProcedures
4.1AccountingCycle
PrepareaPost-ClosingTrialBalance
(9)
MakeClosingEntries
(8)
JournalizeandPostAdjustingEntries.
(7)
MakeReversingEntries
Chapter4AccountingCycleandBookkeepingProcedures
(10)
NoticethatStep1to3occurcontinuouslyduringtheaccountingperiod,Step4to9occuronlyattheendoftheaccountingperiod,andStep10occursonlyatthestartofthenextaccountingperiod.