(高职)chapter 7Properties Checkingppt课件.ppt
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1、(高职)chapter 7 Properties Checkingppt课件Chapter 7 Properties Checking1. To learn to make basic entries of accounting practice; 2.To command the calculation of financial results.Brainstorming1. Try to say these accounting terms in English and share them with your partners.实物资产银行对账单永续盘存制未达账项银行余额调节表现金盘点计
2、量单位单价Brainstorming1) In a manufacturing business, what types of three major inventories are included? 2) What kinds of four specific conditions are made up in “account in transit”?3) As an accountant, how to handle it if there is overage or shortage in cash checking? 2. Discuss and answer the follow
3、ing questions.7 Properties CheckingIntroductionAny enterprise shall regularly or irregularly check its properties in order to ensure that accounting records conform to the actual amount of physical assets and cash holdings. Checking properties according to the accounting records means that a unit sh
4、all make an inventory or check its cash on hand, cash in bank, inventory, fixed assets and current accounts. Thus it can ensure that accounting records conform to the actual amount of physical assets and cash holdings. If not, adjustment or corrections shall be made.IntroductionPhysical assets refer
5、 to the inventory and fixed assets of a company. In manufacturing business there are three major types of inventories: raw materials, goods in the process of manufacture, and finished goods. All three types of inventories are included in the current asset section of the balance sheet. Fixed assets u
6、sually refer to buildings and equipment.IntroductionIn accounting practice, there are two different kinds of inventory systems taken to determine the carrying amounts of property and materials in a company: perpetual inventory system and actual (periodic) inventory system. Perpetual inventory system
7、 (also known as book inventory system) is being widely used by a majority of enterprises. It requires that daily increase and decrease in numbers of all property and materials shall be entered into the relevant books continuously in accordance with the accounting documents, and accountants calculate
8、 their book balance promptly. IntroductionActual (periodic) inventory system requires accountants to enter the increased number of property and materials in the ledgers at usual time in accordance with the accounting documents, not book the decreased number. At the end of the month, accountants make
9、 an inventory of all assets, and reckon the decreased number of all property in this month determined by the physical assets on the spot.IntroductionChecking methods of property include physical inventory method (i.e., count or scale items in storage one by one, and the method is widely used), techn
10、ical projection method and sample inventory method. 1 In responding to checking method, source documents Inventory Sheet and Inventory Shortage and Over Report” should be set up .The results of the final checking indicate the existing difference between book and actual inventory. IntroductionIf the
11、condition of overage (i.e., actual inventory in number is larger than book balance), shortage (i.e., actual inventory in number is less than book balance) occurs, it must be carefully disposed in accordance with relevant regulations. For example, Zhonghuai Company found the inventory overage in comp
12、anys property checking, and decided to write down “Administrative expenses”. 2 Relevant documents and accounting entry should be made as Sample 7-1 and Sample 7-2 below:Introduction(1) On December 28, according to Inventory Sheet and Inventory Shortage and Over Report”, accountants should adjust amo
13、unts of relevant accounts, and then made the following accounting entry: Dr. Raw MaterialsLuhua peanut oil $4 000 Cr. Wait-deal Assets Loss or Incomewait-deal current assets loss or income $4 000(2) Accountant should book general & subsidiary ledger of “Raw MaterialsLuhua peanut oil”, and ensure the
14、 conformability of book record and fact.(3) On December 30, according to Inventory Shortage and Over Report”, accountants adjusted amounts of relevant accounts and made accounting entry. Dr. Wait-deal Assets Loss or Incomewait-deal current assets loss or income $4 000 Cr. Administrative Expensesover
15、 inventory $4 000reckon rekn vt.猜想,估计,计算on the spot.当场,立即technical projection method技术推算法sample inventory method抽样盘点法New words and expressions7.2 Cash CheckingChecking of cash on hand in a company includes cashiers daily check and regular or irregular check organized by company, namely daily check a
16、nd specialized check. 1 Basic approach of cash checking is physical count, and the steps are as follows: first, cashier counts the cash in safe under the supervision of specialized personnel to ensure that the actual number of cash exists; then, the inspectors check the book balance of cash on hand
17、with actual cash to ascertain whether it matches or there is any behavior in violation of the provisions of the cash management. Finally, the inspectors fill in the Cash Inventory” timely at the end of count, and it should be signed and sealed jointly by the inspectors and cashier.7.2 Cash CheckingI
18、f the overage or shortage in cash checking occurs, prior to the verification of reason, it should be entered into the account “ Wait-deal assets loss or incomewait-deal current assets loss or income ”based on the account keep form of “cash inventory” .After finding out the reason and getting approva
19、l, accountants shall process it as below7.2 Cash Checking(1) For overage cash , debit Wait-deal assets loss or incomewait deal current assets loss or income (a person or unit)account, and credit “Other payablescash overage payable (a person or unit)“or “Non-operating Incomescash overage” account. (2
20、) For shortage cash, debit Other receivables cash shortage receivable (a person)” or Cash on hand ,Other receivables - an insurance company, Administrative expense - cash shortage, and credit Wait-deal assets loss or incomewait deal current assets loss or income account.For example, on October 28, 2
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