lOMoAR cPSD| 45734214
Unit 1: THE FIELD OF ACCOUNTING (LĨNH VỰC KẾ TOÁN) I. 1.
Accounting is one of the fastest-growing fields in the modern business world. 2.
Nonprofit organizations are in business for some purposes other than making money. 3.
Accounting serves the purpose of record keeping by promptly
recording all the business transactions in the books of account. 4.
Private accountants, also called executive or administrative
accountants, handle the financial records of a business. 5.
Controllers are responsible for maintaining the record of the company’s operations. 6.
Managerial accountants work with the kinds of financial reports
necessary to management for the efficient operation of the company,
including budgets and cash flow projections. 7.
Many people have chosen accounting as a profession because of its many advantages. 8.
Repost on past performance and current financial status are
useful only as input to decisions about course of action that will lead
to future performance and status. 9.
Accounting is also intimately involved in giving out the
financial interests of the parties involved in all kinds of relationships.
10. Taxing authorities are interested in past financial performance in
oder to assess and collect appropriate taxes.
11. Workers and potential employees need financial information to
make decisions about the viability of entities as employers. lOMoAR cPSD| 45734214
12. Decisions to open new plants, lay off workers, locate in foreign
countries, and close banks and savings and loans are based to some
degree on financial information provided by the accounting system.
13. Most people who wish to become CPAs now take university
courses in accounting and related subjects in order to be ad fully
prepared as possible for the certification examinations.
14. Accountants who specialize in income taxes must have a
thorough knowledge of the extremely complicated taxes codes of their country and region.
15. Managerial accountants must be thoroughly familiar not only
withcorporate taxes laws, but also with other laws that affect the
particular business in which they work.
16. It is also a field in which the demand for competent accountants exceeds the supply.
17. Everyone involved in the field, whether a bookkeeper or an
accountant, should be alert to developments and changes that help to
make accounting the challenging profession that it is. II.
1. Money in the form of coins, notes or bills is called: CASH
2. The money for business activities that a company obtains by
sellingshares rather than from loans: EQUITY
3. A gradual reduction in the value of machinery, a vehicle or other
assets over particular period of time: DEPRECIATION
4. An equation showing the relationship among assets, liabilities and
owner’s equity Assets = Liabilities + Owner’s Equity: ACCOUTING EQUATION
5. An amount that is written in a company’s account to show a
decrease in the money the company owes: DEBIT 6. A list of all
employees and their wages: PAYROLL lOMoAR cPSD| 45734214
7. An accounting record where all business transactions are initially entered: JOURNAL
8. Money that spent is to purchase goods or services provided by someone else: EXPENSE
9. A detailed summary of a person’s or a company’s financial
condition at a specific point in time, taking into account their assets,
liabilities, etc: BALANCE SHEET
10. Something that is legally owned by a person or company: PROPERTY
11. Cash or something that is easily convertible into cash: LIQUID ASSETS
12. Money remaining after all expenses and taxes have been paid: NET INCOME
13. Cash or good which the owner takes from the company for his own private use: DRAWINGS
14. These are bought by people wishing to invest in the company: SHARES
15. The extra amount which is paid for a company above the value of its assets: GOODWILL
16. The purchase of another company: ACCQUISITION
17. An official examination of the accounts: AUDIT
18. The total sum of money which is supplied by the owners of a company to set it up: CAPITAL
19. The official books for keeping accounts: LEDGER lOMoAR cPSD| 45734214
UNIT 3: ACCOUNTING PRINCIPLES (CÁC NGUYÊN TẮC KẾ TOÁN)
1. Accounting principles are the essential guidelines under which
businesses prepare their financial statements.
2. These principles guide the methods and decisions for a business over a short and long term.
3. For both internal and external reporting purposes, it is important
to understand the concepts presented below because they serve as
a guideline to the analysis of financial reporting issues.
4. In order to make this language to convey the same meaning to all
people, it is necessary that it should be based on certain uniform
scientifically laid down standards.
5. The matching concept does not mean that revenues and expenses for a period are equal.
6. A fair presentation of the result of a firm’s operations during a
period of time requires that all expenses incurred in generating
that period’s revenues be deducted from the revenues earned.
7. Pending lawsuits, incomplete transactions, or other conditions
may have imminent and significant effects on the company’s financial status.
8. Footnotes supplement financial statements to convey this
information and to describe the policies the company uses to
record and report business transactions.
9. The financial statement user relies on these concepts and
principles related to the accounting period when making
judgements and informed decisions about entity’s financial
position and results of operations.
10. Accounting principles are the essential guidelines under which
businesses prepare their financial statements. lOMoAR cPSD| 45734214
11. The historical cost principles deals with the valuation of both assets and liabilities.
12. The historical performance of a company is reactly available, but
examining the numbers does not always provide the entire
financial picture of the company.
13. Every country has its own standard accounting practice of GAAP
14. Generally Accepted Accounting Principles (GAAP) is the
standards framework of guidelines for financial accounting, mainly used in the USA.
15. Those who must rely on such information have a right to be
assured that the data are free from bias and inconsistency.
16. Many countries use the International Financial Reporting
Standard, established and maintained by the International
Financial Reporting Standard Board.
17. It includes the standards, conventions, and rules accountants
follow in recording and summarizing transactions, and in the
preparation of financial statements.
18. All past, present and future information may have had an impact
on the financial performance of the company needs to be fully disclosed.
19. With the convergence of global standards, fair value is used more
in the United States to value elements of financial statements.
20. The expense or cost of doing business is recorded in the same
period as the revenue that has been generated as the result of incurring that cost. II.
1. Selling of goods in large quantities to shopkeepers for relate to the public: WHOLESALE lOMoAR cPSD| 45734214
2. The total annual income of the state or an organization: REVENUE
3. To make something know in public: DISCLOSE
4. To instruct somebody to act or vote in certain way: MANDATE
5. Additional piece of information at the bottom of a page in a book: FOOTNOTE
6. The price at which the product is sold: SELLING PRICE
7. Operating expenses of a business, such as property taxes,
foremen’ssalaries that are not chargeable to any one department oe product: OVERHEAD
8. A record of goods on hand that is maintained by a business: INVENTORY
9. Calculating and controlling the cost of a unit a single item or a
group of items – of a product, service, or operation of a business: COST ACCOUNTING
10. The left hand column of an account: DEBIT
11. The theory of keeping financial record: ACCOUNTANCY
12. A reduction in the price which is offered to customers: DISCOUNT
13. Accountants who are studying for professional examinations: TRAINEE ACCOUNTANTS
14. A record of money received and spent: ACCOUNT
15. Company make this when they sell less than cost: LOSS/ more
than cost: PROFIT
16. A cost system that provides an average fixed cost for a product or process: FIXCOST
17. That amount of tax that you have to pay: TAX LIABILITIES lOMoAR cPSD| 45734214
18. Money that the government gives back to you when you pay too much in taxes: REFUND
19. Administrative staff responsible for processing the record of a
business’s financial activities: ACCOUNTANT
UNIT 9: LEDGER (SỔ CÁI) 1.
An assets ledger is an accounting document for a company that
only contains details about assets, rather than a general ledger that
records all financial aspects of the company. 2.
Debtors ledger contains the accounts of the individual trade
debtorsof the business. Individuals, firms and institutions to whom
goods and services are sold on credit by business become the “trade debtors” of the businesses. 3.
Assets ledger commonly has entries that bolster the company’s
financial strength but, if an asset decreases in value, depreciation (Khau hao) also is recorded. 4.
Most businesses are required to have a general ledger, which is
made to record every financial dealing within the company; this
includes any money coming in or going out and the changing of values. 5.
An assets ledger only details one aspect of financial dealings:
assets. There are things that help give the company money, can be
converted into cash or are used to get work done. 6.
In general ledger, assets are entered as general assets, with little
or no distinguishing features. 7.
Ledger posting is the process of transferring the debit and the
creditentries from the journal to the ledger. 8.
The journal entries recorded during the first step provide
information about which accounts are to be debited and which to be
credited and also the magnitude of the debit or credit. lOMoAR cPSD| 45734214 9.
The accounts payable ledger, also called the creditor ledger, is a
subsidiary ledger that lists all of the vendors and suppliers that a
company owes along with their account balances and details.
10. A subsidiary ledger contains the details to support a general ledger.
11. By having the details of the accounts receivable activity in
subsidiary ledger, a company can better control its financial information.
12. Ledgers record seven pieces of data for every transaction. This
information enables business owners to prepare financial reports for
management decisions and to calculate quarterly taxes.
13. Accounting methods track business transactions in several ways,
with one of them being a ledger. A ledger records credits and debits
by accounts rather than as chronological day-to-day transactions.
14. In a manual system, each general ledger account has its own
page or ledger; in a computerized system, each account has its own file location.
15. Ledger is called a book of final entry, a ledger record classified
and summarized financial information from journals as debits and
credits, and show their current balance.
16. Detail level information for individual transactions is stored in
one of several possible journals, while the information in the journals
is then summarized and transfer.
17. Every financial transaction affecting the business is recorded in
the general ledger, either as individual journal entries or as
summarized totals from the general journal.
18. Information is recorded in journals in chronological order by
individual transactions, which makes it easier to sort through
information and find the specific items that users need. lOMoAR cPSD| 45734214
19. In a computerized accounting system, the concepts of journals
andledgers may not even be used. In a smaller organization, users
may believe that all of their business transactions are being recorded
in the general ledger, with no storage of information in a journal.
20. Each entry in the general ledger includes a reference number
that states the source of the information.
20. It refer to the activity of keeping financial record: BOOKEEPER
21. To transfer entries from the journal to ledger: POST
22. The test balance of the accounts: TRIAL BALANCE
23. Totalling or adding column: FOOTING
24. The book that lists all of the account: LEDGER
25. A book of original entries: JOURNAL
26. The basic record in double entry bookkeeping: ACCOUNT II.
1. The process of transfer of entries from journal and special purpose books to ledger: POSTING
2. It contains all those accounts which are not covered under any of
the above types of ledger. For example Landlord A/c: GENERAL LEDGER
3. An accounting document for a company that only contains details
about assets, rather than a general ledger that records all financial
aspects of the company: ASSET LEDGER
4. Pages number of the ledger: FOLIO
5. Rent paid, wages paid, electricity charges: EXPENSES LEDGER
6. An additional journal entry, used to correct an incorrect journal entry: CORRECTING ENTRY
7. Writing an account title and number on the heading of an account: OPENING AN ACCOUNT lOMoAR cPSD| 45734214
8. A business activity that changes assets, liabilities, or owner’s equity: TRANSACTION
9. Anything of value that is owned: ASSET
10. A list of all the account names and their current balance: TRIAL BALANCE
11. A list of account used by a business: CHART OF ACCOUNT
12. It is often defined as the book of original entry: JOURNAL
13. In accounting, it is the ending amount found on the left side of a
general account or subsidiary ledger account: DEBIT BALANCE/ right side: CREDIT BALANCE
14. It is column in the general journal that is used to indicate when
entries have been posted to the ledger account: POSTING
REFERENCE COLUMN (ghi so tham chieu)
15. A person, bank, or other enterprise that has lent money or
extended credit to another party: CREDITOR 16. A person or
entity that owes money: DEBTOR
17. Any person, company or other institution that owns at least one
share of a company’s stock: SHAREHOLDER
18. It is a group of similar accounts whose combined balances equal
the balance in a specific general ledger account: SUBSIDIARY LEDGER
UNIT 11: FINANCIAL STATEMENT (BAO CAO TAI CHINH) 1.
A balance shows the financial resources that a company has at a
point in time and where they came from. lOMoAR cPSD| 45734214 2.
It is an instant photograph that displays the company’s financial
position at the end of business month quarter of year. 3.
The chart of accounts is listing of the accounts that are reflected in the financial statements. 4.
Assets are divided into three categories: Current Assets, Fixed Assets, and other assets. 5.
Assets are often listed in the order of their liquidity – which
means how easy it would be to convert each asset into cash. 6.
If the assets of a company are greater than its liabilities, then the
equity of the business is the positive difference between the two numbers 7.
Liabilities are debts or others stemming from goods or services received by the company. 8.
Current assets will likely be turn into cash or converted in to a(n) expense within a year. 9.
When the company borrows money from its bank, the
company’s assets increase and the company’s liabilities increase.
10. If the company runs a radio advertisement and agrees to pay
later, the company will incur a/an expense that will reduce owner’s
equity and has increased its liabilities.
11. An accountant does not record financial transactions involving a
company’s investors or shareholders in trading profit and loss account
because payments are not revenues or expenses.
12. The profit and loss account, called the income statement in the
US, is one of the financial statements of a company and shows the
profit or loss a company during a period of time.
13. The profit and loss account should help investors and creditors
determine the past financial performance of the enterprise, predict
future performance and assess the capability of generating future cash
flows through the report of the income and expenses. lOMoAR cPSD| 45734214
14. The statement of income and expenses reports the company’s
income and expenses for the time period. It is also called a profit and loss statement.
15. The Income Statement is a direct result of the information that is
recorded in the journals and ledgers, and then transformed into
concise, complied revenue and expense figures.
16. The income statement is an essential part of the financial
statement that a/an organization releases.
17. The income statement is used by management within company,
but also by investors and creditors outside the company to evaluate
profitability and in the assessment of risk for the investors or creditors.
18. A statement of cash flows is a financial statement which
summaries cash transactions of a business during a given accounting
period and classifies them under three heads, namely, cash flows from
operating, investing and financial activities.
19. The statement of cash flows shows the firm’s cash inflows from
operation as well as from its investments and financial activities.
20. The financial statements that are distributed outside of a
company need to be prepared in accordance with generally accepted accounting principles. II.
1. It is a comprehensive report on a company’s activities throughout
the preceding year: ANNUAL REPORT
2. It is a payment made by a corporation to its shareholders, usually
asa distribution of profits: DIVIDEND
3. It represents the net worth of a company what is left after all debts
have been paid: SHAREHOLDER EQUITY lOMoAR cPSD| 45734214
4. An individual, group, or organization that holds one or more
shares in a company, and in whose name the share certificate is issued: STOCKHOLDER
5. It refers to ongoing business expenses not including or related to
direct labour, direct materials or third-party expense that are billed
directly to customers: OVERHEAD
6. It is a financial benefit that is realized when the amount of revenue
gained from a business activity exceeds the expenses, cost, taxes
needed to sustain the activity: PROFIT
7. Examples are trucks, automobile, pump, desks, typewriters…: MACHINERY AND EQUIPMENT
8. Factory labour cost that can be easily traced to individual units of
product; also called touch labour: DIRECT LABOR
9. A debtor’s accounts of money he owes: ACCOUNTS PAYABLE
10. All manufacturing costs except direct materials and direct labour: MANUFACTORING OVERHEAD
11. Prompt payment for goods or services in currency or by check (bills, coins, checks): CASH
12. Assets representing advance payment of the expenses of future
accounting periods. As time passes, adjusting entries are made to
transfer the related cost from the asset account to an expense account: PREPAID EXPENSES
13. A contract granting use or occupation of property during a
specified time for a specified payment: LEASE 14. Money added to a bank account: DEPOSITS
15. It is a financial statement that shows how changes in balance
sheetaccounts and income affect cash and cash equivalents, and lOMoAR cPSD| 45734214
breaks the analysis down to operating, investing and financing activities: CASH FLOW STATEMENT
16. It is one of the financial statements of a company and shows the
company’s revenue and expenses during a particular period: INCOME STATEMENT
17. It is the sum of all wages paid to employees, as well as the cost
of employee benefits and payroll taxes paid by an employer: LABOUT COST
18. It is a company’s total earnings (or profit); it is calculated by
taking revenues and subtracting the costs of doing business such as
depreciation, interest, taxes and other expenses: NET INCOME
UNIT 19: BANK, BANKING AND BANK ACCOUNT
( NGÂN HÀNG, NGHIỆP VỤ NGÂN HÀNG, TÀI KHOẢN NGÂN HÀNG) I.
1. If you want to buy a house, the bank offers you a mortgage
2. The accountants are the persons who prepare financial accounting
3. Making a note of a double entry means to credit and debit in two accounts with the same amount
4. Current bank account is opened by businessmen who have a higher
number of regular transaction with the bank 5. Another way to say “debit card” is bank card
6. Is there an ATM around here somewhere? (= a cash machine)
7. If you’ve lost your bank card you can apply for a new one
8. You don’t have any funds (= money) in your account lOMoAR cPSD| 45734214
9. The bank cancelled my husband’s credit card because he didn’t pay his credit card bills
10. A document which shows all your withdrawals and deposits in an
account is called a bank statement
11. I’d like to transfer some money to my other account
12. A current account is used for day-to-day expenses by writing cheques anywhere at anytime
13. A current account holder has to pay a monthly service charge
when he withdraws to leave the balance smaller than the minimum
14. Banks exchange foreign currencies for people going abroad and
sell traveller’s cheques protected against loss or theft
15. If the borrower does not repay the mortgage, the bank can
repossess the house or flat and sell it
16. The customers’ deposits are the banks liabilities because this
money is owed by that bank to the customer depositing it in the bank.
17. The rates of interest on long term deposits are higher than those on short term ones.
18. Most banks provide their savings account customers with a
passbook which record all their transactions
19. In current account, amount can be deposited and withdrawn at any
time without giving any notice.
20. A cashier’s check is a check that’s guaranteed by the bank II.
1. This is general name for the place where you keep your money safely: A BANK ACCOUNT lOMoAR cPSD| 45734214
2. This is a person who works in a bank gives you your money and
help you with enquires: A BANK CLERK
3. If you do this, you have to pay some extra money because you
borrowed some money from the bank: TO PAY INTEREST
4. You have one of these if you have borrowed money from the
bank, perhaps to buy a car or a computer: A BANK LOAN
5. An amount of money paid to a bank for its keeping of an account: ACCOUNT CHARGE
6. Remaining amount of money in an account: BALANCE
7. A sheet of paper consists of 5 columns: Date, Detail, Debits,
Credits, Balance: ACCOUNT STATEMENT
8. A kind of account which pays interest, but from which notice
usually has to be requested to withdraw money: DEPOSIT ACCOUNT
9. A kind pf account which is opened for a business: CORPORATE ACCOUNT
10. A kind of account which is opened for individuals: PERSONAL ACCOUNT
11. Any activity (withdrawal, deposit, etc.. ) performed by the holder of an account: TRANSACTION
12. Deficit in a bank account caused by withdrawing more money than is paid in: OVERDRAFT
13. An instruction to a bank to make regular payments: STANDING ORDER
14. Plastic card from a bank authorizing the purchasing of goods on credit: CREDIT CARD
15. A kind of account which pays no interest and from which
customers can withdraw money at any time: CURRENT ACCOUNT lOMoAR cPSD| 45734214
16. This means that you put money into your account: TO DEPOSIT MONEY
17. This is actual money that you can hold e.g. notes and coins: CASH
18. A person who holds (has) an account in a bank: ACCOUNT HOLDER
19. A bank employee that deals directly with customers, receiving andpaying out money: A TELLER