CPA会计英语教学课件10.ppt

Accounting English Accounting English Accounting English Lesson one Lesson Ten Closing Procedures Accounting English Steps in the accounting cycle Analyze transactions from source documents Record in journals Post to general ledger accounts Adjust the general ledger accounts Prepare financial statements Close temporary accounts Accounting English Lesson Ten Closing Procedures Words and Phrases 1 presentation 2 Exercises 3 Summary 4 Accounting English Part 1 Words and Phrases Words to Drill Temporary Close Reversing Eliminate Terms Temporary account Permanent account Real account Nominal account Accounting English Part 1 Words and Phrases Temporary ---- adj lasting for ,designed to be used for, a short time only temporary account Revenue and expense accounts are temporary accounts used to accumulate data related to a specific accounting year. These temporary accounts are maintained to facilitate preparation of the income statement. Accounting English Part 1 Words and Phrases Close ??? v.t., v.i. Bring or come to an end Close a discussion. Closing price I want to close my account, settle in by paying or receiving money that is due. At the end of each accounting year, these temporary accounts will be closed. To close Sales and related accounts and transfer net sales to the Income Summary account. Accounting English Part 1 Words and Phrases Reverse??? v.t. v.i. Turn (sth) the other way round or up or inside out. Reverse a procedure Reversing entry The method of reversing adjustments made for accruals is an expedient to permit normal recording of subsequent payments or receipts. Accounting English Part 1 Words and Phrases Eliminate ??? v.t. (from) , remove; take or put away, get rid of (because unnecessary or unwanted) In practice, it is desirable to make reversing entries at the beginning of next accounting period to eliminate the accrued amounts of the respective expense and revenue items. Accounting English Terms --Account 1 Temporary account 2 Perm