特许公认会计师(ACCA) F3财务会计考试讲义.doc

点击右上角分享按钮 与好友分享欢迎下次访问Session 1☆TypesTypes ofof businessbusiness entityentityA business can be organized in one of the several ways: ●SoleSole tradertrader – a business ownedowned andand operatedoperated byby oneone person.person.The simple form of business is the sole trader. This is ownedowned andand managedmanaged byby oneone personperson, although there might be any number of employees. A sole trader isis fullyfully personallypersonally liableliable forfor anyany losseslosses that the business might make.●PartnershipPartnership – a business ownedowned andand operatedoperated byby twotwo oror moremore people.people.A partnership is a business owned jointly by a number of partners. TheThe partnerspartners areare jointlyjointly andand severelyseverely liableliable forfor anyany losseslosses that the business might make. （Traditionally the big accounting firms have been partnerships, although some are converting their status to limited liability companies.） ●LimitedLimited LiabilityLiability CompanyCompany – a business ownedowned byby manymany peoplepeople andand operatedoperated byby manymany （（ thoughthough notnot necessarilynecessarily thethe samesame）） peoplepeople. Companies are ownedowned byby shareholdersshareholders. Shareholders are also known as membersmembers. As a group, they elect the directorsdirectors who run the business. Companies are always limited companies.In summary, types of business entity should be differentiated in Ownership;Ownership; OperationOperation rightright and LiabilityLiability for the business to undertake. For all three types of entity, the money put up by the individual, the partners or the shareholders, is referred to as the business capitalcapital. In the case of a company, this capital is divided into shares.shares. ☆BusinessBusiness Transactions:Transactions: Main types of business transactions for a business include: ●Purchase of inventory for resale ●Sales of goods ●Purchase of non-current assets ●Payment of expenses ●Introduction of new capital to the business ●Withdrawal of funds from the business by the owner ☆CashCash andand creditcredit transactions:transactions:Cash transactions: the buyer pays for the item immediately or possibly in advance. Credit transactions: the buyer does not have to pay for the item on receipt, but is allowed some time （ a credit period） before having to make the payment. ☆DefinitionDefinition ofof accountingaccounting点击右上角分享按钮 与好友分享欢迎下次访问RecordingRecording : transactions must be recorded as they occur in order to provide up-to- date information for management. Summarizing:Summarizing: the transactions for a period are summarized in order to provide information about the company to interested parties.☆TypesTypes ofof accountingaccountingFinancial accounting vs management accounting FinancialFinancial accountingaccountingCostCost andand managementmanagement accountingaccountingPurposePurposeRecord financial transactionsInformation of cost of operationsLegalLegal requirementrequirementLimited liability company, by law, prepare financial accountsNo legal requirement to prepare management accountsMainMain useruserExternalInternalTimeTimeAt the end of periodregularlyInformationInformationhistorichistoric and forecast☆UsersUsers ofof financialfinancial statementsstatementsAccounting reports users include: ●ManagementManagement: Need information about the company’s financial situation as it is currently and it is expected to be in the future. This is to enableenable themthem toto managemanagethethe businessbusiness efficientlyefficiently andand toto makemake effectiveeffective decisionsdecisions. ●Investors:Investors: The providers of risk, capital and their advisers are concerned with the riskrisk inherentinherent inin, and returnreturn provided by, their investments. They need information 点击右上角分享按钮 与好友分享欢迎下次访问to help them determine whether they should buy, hold or sell.●Trade payables/ Suppliers:Suppliers: Suppliers and other trade payables. Suppliers and other trade payables are interested in information that enables them to determine whether amounts owing to them will bebe paidpaid whenwhen duedue. Trade payables are likely to be interested in an enterprise over a shorter period than lenders unless they are dependent upon the continuancecontinuance of an enterprise as a major customer.●Shareholders:Shareholders: Shareholders are also interested in marketmarket valuevalue ofof sharesshares as well as information which enables them to assess the ability of the enterprise to paypay dividendsdividends.●Lenders:Lenders: Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paidpaid whenwhen due.due.●Customers:Customers: Customers have an interest in information about the continuancecontinuance of an enterprise, especially when they have a l。