Print: last name, first name, address, phone number--home and business please both, cell phone, e-mail, and any accounting background if you have some. On the back of the card, tell me something about yourself please.

Well done, thank you. So everyone should also get a copy of syllabus. Sure, yes, that’s hope so, good. Yeah, this should be the same one on the top line so.
Syllabus: 教学大纲

I’d like to put names and faces together, so when I call your name, could you please raise your hand, and if I mispronounce your name, please correct me.

[02:33-04:24]（此段为点名）

Could you take a syllabus if you don’t have one on that white card, and on that white card what’s on that front broad. Sure, and your name please? Ok, welcome, in that case, don’t flood the white card, you probably don’t syllabus seller, you might guess it.

[04:56-05:28]（此段为点名）

Thank you. Excuse me? It’s OK. We want to hold it against you. Mr. H? When I assumed the number of these people around line, I think I can’t be allowing these people absent, so. Mr. H? I’m sorry. Yes, of course.

[06:00-06:14] (此段为点名)

Right, that’s what I thought, so let’s try this again.

[06:18-06:38]（此段为点名）

When you through those white cards, could you pass them to the centre and down front please, so they all lined up in the front.

[06:50-07:12]（此段为点名）

Excuse me. There is a syllabus in the white card on the front, and your name, please. Right-on.

[07:26-07:52] (此段为点名)

Syllabus, white card, on the white card, what’s on the board.

[08:00-09:44](此段为点名)

If you walking in late, this is a syllabus and a white card on the front, please. On that White card what’s on the right board.

[09:53-10:04](此段为点名)

Let’s try this again.

[10:07-11:08](此段为点名)

这是Professor Hazel Cohen的第一节课，他需要将同学对号入座，所以进行点名。此段Professor Hazel Cohen要求学生填写自己的信息及阅读教学大纲。

Anybody whose name I did not call. Which is your first name, which is your last? So you are here, you’re just backwards, so you might want, you know, make sure that they have the right. OK? Well, all I am saying is on my list, you are backwards and your records will be lost forever. Anyone else? And your name is? Last name first please, S-e-a-n, thank you.

OK. So I'll try and figure out who is registered at a distance, and so we will not go through that again, sorry.
registered at a distance: distance education 远程教育

Take a look at the syllabus, please. So my name is Professor. Hazel Cohen, in real life I teach at Bentley College. So my e-mail is: IamHazelCohen@Bentley.edu, the telephone number there 7818912521, that's my office's at Bentley and the fax number is also at Bentley.

The syllabus is relatively straightforward. The description is the chapter title. Read column, you should do that before coming to class please. So you're already behind 1 chapter unless you've done it actually. I mean who’ve read chapter 1? Oh, my apology is I don’t mean to malign you. Ok, good. And do the homework please, before coming to class, thank you. I am fully aware that, sometimes, your job will interfere with that, um, do the best you can, the more you can do before coming to the class, the more you’ll learn. That’s simple. Ok, when I go through things in class, and I try to go over much of the homework, but I probably don’t get to all of it , um, things are very logical, things are very clear, things are very simple until you go home, and then they are less clear, less simple, and it is not quite so easy. So you have to worry about this stuff at home. We meet for just 2 hours and you'll get more out of the class discussion if you can prepare at home. There are 2 exams. Each one equally weighted. They're simply two mid-terms, the material at the end of the second half of course is distinctly harder than the material at the beginning. The beginning is hard enough because this is a new language with new terminology, but they do not, the second exam is not cumulative.

We meet for just 2 hours and you'll get more out of the class discussion if you can prepare at home. 我们每周只有2 个小时在一起，如果你能在家里预习的话，你将会在课堂讨论以外学到更多(知识)。
a new language with new terminology: 这是一门用到新的术语的新语言(的学习)。[Professor Hazel Cohen把学习会计学比做学习语言，在下文可以看到。

The book looks like this, it is reasonable. If you look at the end of any chapter, if you have the book, look with me, and if not just visualize it. But let's see page 289, 289. It's not worth making a big deal at looking on with someone at this point, maybe later we will, but... So, at the end of every chapter, there is a review, this looks like lessons learned or something, and then on page 290, we have vocabulary, so, of course, you should check that out, pre-emphasize they’re on the page where that terminology is first introduced, and then there are a bunch of questions. I never assign questions. I assumed you’ll do them all. The straightforward review, you should be able to answer all of them. Then we have check points, cp. I think it's very weird that I assign any of those, not sure. But I don't think I do that often, so those are also pretty straightforward simple stuff. So you might want to eyeball that, and then we have exercises, so that's what you have assigned for homework. Exercises and then sometimes problems. Challenge exercises on the bottom of page 297, and then we have problems, problems come into two flavors-group A and group B. I never assigned group B, they were all group A I believe. So just keep that in mind.

OK. Questions? So this is an introduction to Financial Accounting, and accounting in one sense could be divided in two different ways, so we have what’s known as: Internal Accounting and we also have External Accounting. Most likely everything I’m going to say today, I’ll repeat it next week or the week after, so you could relax about taking notes, you can take some if you want, but don’t get too hung up, just listen.
Financial Accounting：财务会计
accounting in one sense could be divided in two different ways：会计从某种意义上可以分为两类。

So Internal Accounting is sometimes called Cost Accounting or Management Accounting. That’s not so crucial. I’ll try irregularly better for you. And it’s a wonderful subject we will not say anything about it at all. Ok, has nothing to do with us. So we are interested here, in External Accounting, Financial Accounting. And the goal here is to produce financial statements.
Internal Accounting：Cost Accounting，Management Accounting，内部会计，成本会计，管理会计。
External Accounting: Financial Accounting, 外部会计，财务会计。
produce financial statements：制作财务报表

And there are a few of those. Anyone know the name of a financial statement? Thank you. Just raise your hand, please, because there are a lot of people here. So Balance Sheet, certainly. The assumption for this course is that you know nothing about accounting. You do not need any background. I also know that some people probably have had some exposure. So if these words are not familiar to you, don't worry about it. That's what this course is all about. Anything else? Yes. Income Statement. So, those are the big two so to speak. There is a connecting statement which is sometimes called the retained earnings statement or the changes in owners' equity. So we'll call it statement of changes in retained earnings, and that sort of connects income statement to the Balance Sheet. And then there is one more which is also very important but sort of a joint completely. Anyone? Sure, the Cash Flow Statement, and then we will deal with that at the end of the semester.
Balance Sheet: 资产负债表
Income Statement：损益表
so to speak：可以说，可谓
owners' equity：业主权益
retained earnings：未分配利润
retained earnings statement：营业盈余表，保留收益表
Cash Flow Statement：现金流量表

OK. One of the things that you need to understand about accounting is that it often uses normal English words in a very technical way. And that's a problem, because it is easy be get confused. One of my favorite is the word "depreciation". So in the English language under normal circumstances, what's "depreciation" mean? Absolutely, saying, loss in value, classic economic definition. Ok, one definition, well, we'll pass, ok, so that's good. But that's not what it means in accounting at all, has nothing to do with value. First of all, value is a dirty word in accounting. We might have value at an instant time and that “boom " is gone, so you have to disabuse yourself for that idea, if you look a Balance Sheet, you will not see market values, you will see accounting numbers and the two are vastly different. Ok, so for example, suppose you buy a building, and at the end of a year they decide there're gonna build a super highway in front of your building, and they will even have an access pass your building, and so your building has now gone up in value. It's appreciated, not in accounting. We just take a little bit of it and say it’s depreciated each year. So you have to understand that accounting really is a little bit like a foreign language. And if you remember the first time you studied a foreign language how much pleasure it was. So you can think, anticipate the pleasure you have in studying accounting. Also you need to put in the time at the beginning, it's a great investment. Because when we get the week three or four, and we use certain words , you don't want to have to go back and think what is that mean, you want to be able to say, " ok I know what that means , I can use that and let's move on and understand a new content". And keep going back all the time, it's gonna slow you down a lot. So if you can put in a lot of time, Chapters Two and Three and so Four. OK? It’s well worthy.

it often uses normal English words in a very technical way：它经常会将一些日常的英语单词术语化

在日常英语语境里，“depreciation”是贬值的意思,经典的经济学定义。但这根本不是它在会计学里的意思，与价值没有任何关系。

if you look a Balance Sheet, you will not see market values, you will see accounting numbers and the two are vastly different：在资产负债表中你是看不到市场价值的，你会看到会计数字，而这两者很大程度上是不同的。

so for example, suppose you buy a building, and at the end of a year they decide there're gonna build a super highway in front of your building, and they will even have an access pass your building, and so your building has now gone up in value：举个例子，假如你买了房子，年底将会在前面建起一条高速公路，甚至有入口经过，那么这时你的房子就升值了。

depreciation不但有贬值的意思，在会计学里还有折旧的意思。

Ok, let’s take a look at what a balance sheet is. So there is a fundamental equation in accounting, it’s the basis for everything we do, which says the follow, assets are equal to liabilities plus owners’ equity, owners’ equity. Now, that’s more definitional than an origin break equation. We set up a system so that must be true. If we were to play games, and I ask you to define the number two, anyone want to take a chance? What’s the definition of the number two? So I think if you look in a dictionary, you’ll find that there is no definition for two. It’s what we call one plus one. If I called one plus one is seven and seven plus one was three, we have a perfectly good system. They are just labels. Well the same thing is true here. This equation is true because I make it true, there is nothing inherit about it that makes it true. It’s part of this closed system. Ok. So let’s say what’s the intuitive definition for an asset? What do you think an asset is? Anyone, ok, so one that must be something you own. What else? Your name please? Last name? Thank you. Good. Has a future benefit. Ok. And that’s the 3rd condition which I would now expect you to know, which is that has to be the result of the past transaction. And we will come back to this.
assets are equal to liabilities plus owners’ equity:
assets = Liabilities + Owners’ (or shareholders&rsquo Equity 资产=负债+所有者权益
此段Professor Hazel Cohen讲解了会计学的基本等式，及其成立的假设。他先从学生对资产的感性认识上入手，通过让学生列举自己所了解的资产的具体存在形式来认识并定义资产。

So how about an example of an asset? Anyone? Sure. You seem asleep. Answer! A house. Sounds good. Such as? Car. Ok. Probably not. Not that education doesn’t have, we assume, a significant benefit, but it is a very tricky item and we were very hard-pressed to quantify it. And people would argue about that amount a great deal. Now there was a movement to try and put that on the books of an asset in terms of human capital. It didn’t go very far. Ok. And it might be a very important aspect of a company. But it won’t be in the accounting records. Ok. So it really might be what we might normally think of it is an asset. But it’s not an accounting asset. Ok. So it’s not it, it’s a bad idea, but it won’t fit a definition and we can't deal with it very easily.
accounting records：会计帐目

What else? Yes, madam, I’m sorry. Land. Good. What else? Cash. I like that one sure. Good. What else? Securities that we’ve invested in. Sure. That’s not what we call supplies. Ok. So supplies are things like rubber bands and pads and pencils. So what is this, what we call the stuff that we might have, that we would call it if, suppose we’re a manufacturing company. Ok. So inventory. So in this course, there are no manufacturing companies .Ok. Cause that’s a wholly different poll of assets in terms of accounting. But we still have inventory. Inventory is the stuff that you have, that you’re going to resell with the expectation of making a profit. So if I’m a real estate company I might have inventory of houses. But if I’m a retail merchant that I might have my, you know space in which I sell my stuff. So that’s not inventory, they both are assets but we call them different things. So what would be my office space or my sales room or whatever. But if I’m a real estate agent that I have houses that I’m going to sell, that would be inventory.
Inventory：存货
real estate：房地产
So if I’m a real estate company I might have inventory of houses. But if I’m a retail merchant that I might have my, you know space in which I sell my stuff. So that’s not inventory, they both are assets but we call them different things. 如果我有间房地产公司，那我的存货就是房屋。但是如果我是个零售商，那么我可能有，你们知道，我卖东西的空间。但那(指零售商的商店等固定资产)不是存货，他们都是资产，但却是不同的。
Inventory is the stuff that you have, that you’re going to resell with the expectation of making a profit. 虽然房地产商和零售商的房屋都是资产，但后者的不具有带来未来收益的功能，所以不属于存货。

Good. What else? Sure, computer systems, hardware, software. What else? Good. Explain. Excuse me? We can sell stock. Is that what you said? Like we would issue it. Then the answer is no. No. That’s not an asset. Ok. We'll come back to that, that’s part of the owner’s equity. Sure. We have investment in bonds and that was covered maybe in securities. And so for this one, big one. That I’m hoping you will say but if not, I’ll say it.
Cover:购买，购得
Securities：有价证券

Excuse me, brand name, absolutely correct. Thank you, there we go, you read my mind, eventually, yes, we can’t sue receivable. Now you have to explain what they are. Ok, they haven’t found already bought the goods, not saying they will buy the goods-pass transaction. Someone’s bought the forming, but they bought it on accounting, they haven’t paid me yet. People owe me money, that’s accounts receivable. Ok? And later we’ll make a distinguish between what we call current assets and non-current assets as that’s still expected to come to do within the year current assets--assets that take longer than non-current assets. How we going on time for real switching? I thought you say every half hour. I misunderstood, fine. That’s ok, no problem.
brand name：品牌
accounts receivable：应收账款
current assets：流动资产
non-current assets：非流动资产

Liabilities, I’m sorry, you had a question, a common thing, you had a question, sorry. I’m sorry, I missed the last point. Services? You need to give me more of the context. No, absolutely not.

Your question? I’m sorry. That’s a very good, very good question. I have no idea. The question was if a brand name is an asset which it is, how do we put a dollar figure next to it? The answer is I don’t know. What’s the most famous brand name in the world, pick one. That’s what I would say. It comes to my mind and no idea. I put value it. Oh, no, they kick the number they put it down. That’s very different. Ok, what we usually do is you try to figure out what the cost are the driven card and that doesn’t reflect the economic value with that I said it all.

to be continued...

Ok. Now you take a look at Coca-Cola’s Balance Sheet and see what they are next to it. I guarantee it’s no one near, that’s no, no connection to what that thing is worth. Sure. I don’t know the Nike’s whoosh. Pre-recognize all symbol. I guarantee it’s not on the books, anything there is a market value. Ok, so again, I warn you one of the things about accounting that I would love if you come away with some of the limitations of accounting. Accounting can do a lot force. And you have to be very clever to understand these limitations. Ok, any other questions? Let’s hang side at the equation.

What’s the liability? Sorry, I refer is my question. How about conception or picture of what is a liability? You give a great example. Sure, something we owe, thank you. Not. Never mind. How many grabbled page shreds? Ok that was a very small number of people. Ok, we won’t use that knowledge again, sure. Liability is usually something we owe. So we could owe money, and the best example that's account payable. And I guarantee 10% of this class at least will confuse accounts receivable and accounts payable. Accounts receivable are an asset people owe us money. Accounts payable—a liability we owe them money, we bought merchandise on account and owe them, ok? Sometimes, well, first of all, in this course, I think the word payable is a debt give away, anything that I have words payable is a liability. So for example, we have wages payable, taxes payable, insurance payable, any kinds the said word payable is got to be a liability, and any time it’s a liability I think you need the word payable. With one exception of this. So now this is a different type of liability: I’m a magazine publisher, you pay me for a year’s worth of magazines. They published monthly. So they’ll send you 12 of them, you pay me up front 12 dollars. I now owe you magazine. In a real world, they use the account called unearned revenue, which is a liability account. I sometimes use the account magazine social groups they'll send you in a few months or something like that. But it’s a little liquid. Ok, thank you, good. Right here is descriptive. It is really what's going on and that’s liability account.

Liability is usually something we owe. So we could owe money, and the best example that's account payable. 负债是我们欠别人的东西。应付账款就是我们欠钱的最好的例子。

Accounts receivable are an asset people owe us money. Accounts payable—a liability we owe them money, we bought merchandise on account and owe them. 应收账款是一种资产，表示别人欠我们钱。应付账款是负债，表示我们欠别人的钱。我们用赊购的方式买商品，那么我们就欠别人的钱。

So now this is a different type of liability: I’m a magazine publisher, you pay me for a year’s worth of magazines. They published monthly. So they’ll send you 12 of them, you pay me up front 12 dollars. I now owe you magazine. In a real world, they use the account called unearned revenue, which is a liability account. 这里有一种不同的负债：我是一个杂志出版商，你支付了(订购)一年杂志的费用。杂志是按月出版的。所以，他们将寄送给你12本(杂志)，而你预付我12美元。现在我欠你杂志。在现实中，他们使用这个被叫作未实现收益的帐户，这是一个负债帐户。

unearned revenue：未实现收益
up front：预先，在前面

这段介绍了负债及负债的种类，及应收账款与应付账款的区分。并且一般来讲，涉及到payable这个词时，所指的都是负债。但也有一个例外，即unearned revenue(未实现收益)，它实际上也是一个负债帐户，而不是资产帐户(尽管从其命名来看很容易使人产生误解)。


Ok so those are liabilities, and now owners’ equity. So I tell you right now owners’ equity is paying alike. We’ll come to it in the second semester. It’s hard to get handle on that. Owners’ equity comes in two flavors, it’s what we call contributed capital, which is not an account title. It’s a category and in it you’ll find most commonly common stock. There are different types of stock which we would get to end of common stock and preferred stock and the most frequently fund stock we talk about the differences.

contributed capital：留存收益
common stock：普通股
preferred stock：优先股


I guess I'll take step back. They are in general three major types of organizations for companies doing business. What are they? Anyone? Single proprietorship, Partnership, Corporations. There are other types I know that but that's all I care about here.

They are in general three major types of organizations for companies doing business. Single proprietorship, Partnership, Corporations. 一般地，营业公司有三种组织形式：独资企业，合伙企业，公司。


Which of those do you think represent the majority of companies in the world? Are there more sole proprietorships? Are there more partnerships? Are there more corporations? Anyone? By far, sole proprietorship. OK. In terms of command of economic resources, which category commands the most economic resources? Corporations! OK? Without a doubt, I mean, again, that's not a question.

So in this course we are going to say everything is a corporation. Corporation has common stock. The two go together. You can't be a corporation without a common stock. You can't have common stock if you are not a corporation. That's how corporations raise money to start out. They issue shares of common stock and people give them money. It's very nice of people. Why do people give them money? So why? Dividends are a necessity? Excuse me? OK. So why do you buy a share of stock of the company? Absolutely. You hope you would get more money back later somehow. Either through dividends or capital appreciation, or a combination or whatever. Sure. So it is not likely to be totally altruistic you. Now we give that money because we hope to get more money back later.

dividend：股息，红利

You can't be a corporation without a common stock. You can't have common stock if you are not a corporation. That's how corporations raise money to start out. 不发行股票则无所谓公司。如果不是公司则不能发行股票。这(发行股票)是公司的融资方式。
You hope you would get more money back later somehow. Either through dividends or capital appreciation, or a combination or whatever.
你希望能得到更多的钱，或者通过分红、或资本增值或它们的组合或者其他。

OK. The last thing under owners ' equity is retained earnings. This one is tough. So we have got common stock, common stock. And we have retained earnings. That's retained earnings. And that's a little bit blind, because a number of things go through there. So the first thing you have to understand is that it's not real. It's absolutely proof. But we talk about it as if it is real. So it's easy to confuse retained earnings with cash. Suppose that you have retained earning of 10 dollars, and coffee Starbucks costs 5 dollars for a Latte or whatever. How many cups of coffee can you buy with the 10 dollars of retained earnings? Not at all, zero, none. And if you don't believe me, try it. Walking to the Starbucks and tell you’ve got 10 dollars of retained earnings to see how many cups of coffee they'll sell you.

retained earnings：未分配利润

在这里，Professor. Hazel Cohen举了一个有趣的例子，用10美元的未分配利润去星巴克买拿铁咖啡，其结果是你根本买不到一杯咖啡。因为未分配利润在现实中并不能使用，只是帐面上所显示的权益，没有实际的购买力，且极容易与现金混淆。


It’s humorous now, guarantee later on you’ll get make some mistakes about it. When you read financial price they write about retained earnings as if it’s real. When a company wants to declare dividends, there are two materials they have to be made. One, you need a physical ability to pay dividends you had to have the cash. If all my assets re-buildings is hard to seem one room to each star code, so you have to get the cash to pay them. Second, that’s a legal problem, you have to have a sufficient balance in retained earnings to pay the dividends. So often it's confusing and people don’t fully understand it.

When a company wants to declare dividends, there are two materials they have to be made.
declare：宣称, 宣布，(向海关)中报进口应纳税之货物，如declare the goods to the custom, 或custom declaration就是报关的意思。 在此句中declare是结清、结算的意思。

One, you need a physical ability to pay dividends you had to have the cash. 一个是，你需要具有现金-这个支付股息的实际能力。
Second, that’s a legal problem, you have to have a sufficient balance in retained earnings to pay the dividends. 第二是一个法律问题，你必须具有足够的帐面未分配利润来支付股息。

我们知道，会计的帐目必须如实反映经济实体实际的经济活动，并且根据相应的会计法，会计人员及企业法人都必须保证帐目的真实性，而前者负直接责任。上文中的两个条件要求保证经济实体的实际的经济活动与帐面反应一致。


Ok, yes. I just said it’s not real. Correct, excuse me? I don’t even know what the hard number is. Most numbers are. Forgive me. I'm being a wise guy. Yeah, you’ve got a dollar bill in your pocket, and you think that’s real, do you have any dollar bills from confederacy? And couldn’t you have bought things without one point. Let’s see 1863 or whatever, and in 1870 they, you couldn’t buy anything with it. So that’s really symbolic an asset, I mean there is no reality to that dollar bill and you will know when that goes standard or what so over standard and that’s sort of stuff. It’s bagpipe the good face of United States government. It’s sort of construct. Now dollars you can buy something with because that’s the law of the land. And I believe the receipting is obligated legally to accept them. Retained earnings, it means nothing, which is not true.


Which? I thought I just proved it wasn’t, again, you’re going to any store and ask them to sell and accept retained earnings with no of cash, just hold on, just hold on. And they won’t. That’s absolutely right, that’s correct, they can have no money in the bank. Let’s take a very simple case. I issue stock and I raise a hundred million dollars. So now I’ve got a hundred million an asset, that’s my cash, I’ve got a hundred million in owners ' equity on the common stock, and the next day I go and buy a building for 100 million dollars, I now have no cash. And I’ve got 100 million in common stock, that normal common stock is not real. If you want acquisition with retained earning so I tell you in the first year I made a profit of 50 million dollars and that profit wise up in retained earnings and I leave and save that profit in cash. So now I’ve got 50 million in cash and 50 million in my retained earnings. And we tell 50 million and buy second building and now I have no cash and I’ve got 50 million retained earnings. And everything balances because I’ve got 150 million in assets--2 buildings. I’ve got owners’ equity-- common stock 100 million, retained earnings 50 million, 150 million , everything balances and the next day there’s a fire. And I never bought insurance. So now I have no buildings and I still got 50 million in my retained earnings until I recognize it lost of course. You can’t do anything within it there. There is no cash retained earnings. The cash is on the other side.

I issue stock and I raise a hundred million dollars. So now I’ve got a hundred million an asset, that’s my cash, I’ve got a hundred million in owners ' equity on the common stock, and the next day I go and buy a building for 100 million dollars, I now have no cash. 我发行了股票并得到了100万美元。现在我有100万美元的资产，是我的现金(以现金方式持有)，我以普通股的形式获得了100万美元的所有者权益。第二天，我用100万美元买了一栋建筑，现在我没有现金了。

If you want acquisition with retained earning so I tell you in the first year I made a profit of 50 million dollars and that profit wise up in retained earnings and I leave and save that profit in cash. So now I’ve got 50 million in cash and 50 million in my retained earnings. 在第一年里，我获得了50万美元的收益，并且这些收益是以所有者权益的形式获得的，我用现金来储备这些收益。所以，现在我有50万美元的现金和50万美元的所有者权益。

这里所说的50万美元的现金和50万美元的所有者收益，实际上指的是同一个收益。我们知道，double-entry bookkeeping system即复式簿记的特点是：同一笔交易要在借贷方同时记录，以保证会计报表的平衡，其原则是：有借必有贷，借贷必相等。
所以，这里的收益只有50万美元，而不可以当成是现金和未分配利润相加。

And we tell 50 million and buy second building and now I have no cash and I’ve got 50 million retained earnings.我们花了50万美元购买了第二栋建筑，现在我没有现金了，只有50万美元的未分配利润。

这里的未分配利润是指的帐面资产，由于相应的现金已经用来购置新的建筑，所以现在其等同物是新购置的建筑，在会计帐目中应相应的记录以保证平衡。

And everything balances because I’ve got 150 million in assets--2 buildings. I’ve got owners’ equity-- common stock 100 million, retained earnings 50 million, 150 million.一切都是平衡的，因为我有150万的资产—2栋建筑。在所有者权益中—普通股100万，未分配利润50万，(一共)150万。

从上面两句可以看出，在会计基础等式“资产=负债+所有者权益”中，资产有150万美元—2栋建筑物，价格分别是100万美元和50万美元，所有者权益也是150万美元—100万的普通股，50万的未分配利润，等式平衡。

to be continued...

As you learn very quickly I think it’s Chapter Two right away we used what's called the double-entry bookkeeping system. This is not the only systems in the world. How many of you are consign on your check books. Ok for my next example, sure that’s usually a single-entry bookkeeping system, ok it’s not a double-entry bookkeeping system. Double-entry bookkeeping system was actually a mathematical treatise by an Italian monk, you know Fra Luca Pacioli. And he was a mathematician taught in universities. So there is noting that’s inherently true about this stuff. It’s true because we say it’s true and we have to be consist within the system. But that’s all. Ok so we are gonna come back and you are gonna have to trouble with those things I guarantee, but that’s ok and that’s how you learn. Ok. Suppose I give you an economic event and you tell me the effect on the assets, liabilities and owner’s equity.

double-entry bookkeeping system：复式簿记，即同一笔交易要在借贷方同时记录。


So we just went through one. So let’s try it again. Suppose that I issue common stock, which is what every corporation does to begin its life. Ok, so suppose we issue common stock, we get, we, the company, the corporation receive money and we issue pieces of paper called common stock. And those pieces of paper, shares of common stock have certain rights attach to them. And I say, that I, well I. So ok let’s do it for 1000 dollars. My asset-cash will go up, and cash will go up by 1000 dollars and my owners’ equity's side-common stock will go up by 1000 dollars. The left hand side must equal the right hand side. If it doesn’t, we made a mistake and that’s one of the powerful aspects of this double-entry bookkeeping system, you can catch mistakes. Ok so that’s in the event, we issue common stock. Now suppose I buy some inventory, so write down what you think would be the effect of buying inventory for cash on assets, liabilities, owners’ equity, for 300 dollars, ok, we spent 300 dollars and we bought inventory. So figure out what the affect will be which accounts get affected on the assets, on the liabilities, on the owners’ equity.

And those pieces of paper, shares of common stock have certain rights attach to them. 这些纸具代表着一定普通股的权益(是一种凭证)。

My asset-cash will go up, and cash will go up by 1000 dollars and my owners’ equity's side-common stock will go up by 1000 dollars. The left hand side must equal the right hand side. 我的资产-现金上升，将会上升1000美元，我的所有者权益一边-普通股(也)上升1000美元。左边必须与右边相等。

左边指的是借方，右边指的是贷方，由于发行了股票，公司获得了来自股东的现金，即资产增加，同时也形成了对股票持有者的债务，所以所有者权益也增加相同数额。根据复式簿记，同一笔交易同时记入借贷方，借方与贷方相等。


If you walked in late and you haven’t got a little white card during the break, please take a little white card, fill out the information on the right hand board and take a copy of syllabus if you need it. Oh and probably tell me your name so I can tell if you are on my list. So now how many of you finished? Again a smaller number than I hoped, ok, I am a big believer in talking things over with your neighbor, so go to discuss your answer with your neighbor. If you don’t have a neighbor, get a neighbor.

Ok also for next time please people are sitting on the sides when you come next time, sit in the middle please.

上面两段，Professor. Hazel Cohen 再次要求同学们填写个人信息，同时建议同学们在课堂积极展开讨论。

Ok, look, so let’s see what we can do. Anybody? Miss B. Sorry, it sounds to me like you are giving me an end of result and I need the step in order to get there so what I want to know is what's the effect of transaction that I described. Ok so let me make my question clearer since I think you fully understand it. Which asset account if any has gone up? Which asset account if any has gone down? Which liability account if any has gone up? Which liability account if any has gone down? And so may fall on the owners’ equity. Buy? Ok, what else? And? Sounds good. Total assets how much unchanged --1000. No artifact on assets. One went up, one went down, accounts each other around. Liabilities unaffected and owners’ equity unaffected. Ok. Suppose we buy 200 dollars worth of inventory on account, try that one, buy 200 dollars worth of inventory on account. Again do it yourself then compare your answer with your neighbor, try on you own first, if you get stop, ask your neighbor. You should also, if you can find a body or two with whom you can exchange addresses and telephone numbers so that if you miss class you can get the notes easily. Don’t miss class if you can leave home without a lure or something whatever.

on account：赊购，分期付款
此段，Professor. Hazel Cohen要求同学们给出具体的计算过程，并要求展开讨论。

52:24-54:07 Class Discussion

Ok let brave, so, how about someone from my right? Ok so inventory goes up 200 again. So what’s my total asset at this point? And I’m sorry what’s your name please? Oh yes, ok and your liabilities? Liability is 1200, not according to what you told me. Didn’t you say the liabilities…? I thought you said it went down, I believe you did. It wouldn’t balance if this is minus 200 and that's plus 4000. That would be 800 and 800, not equal to 1200, boom, we could find the mistake we’ll go back and look at it. Now it’s perfectly correct. One thousand still a thousand, plus two, twelve hundred equities two hundred plus a thousand, twelve hundred. Questions thus you hand up some please.


Ok so that’s the sort of stuff we have to go over and over and over and we’ll. So let me give you one more before we take a break, last one for now. Next week we pay off our liability. We owed 200 dollars accounts payable and now we pay it off, so what is the effect on assets, liabilities, owners’ equity?


And if you are walking in late and did not yet pick up a little white card, syllabus there on the front so do that and if you walking in late just tell me who you are please.


So you are all understand the event we are paying off this debt, we owe two hundred dollars, we had few weeks and which do gather or resources and now we are paying it off. Not for us to worry but commonly you might get terms of some thing called 2/10 net 30--if you pay within ten days you can take a 2 percentage discount. If not, the full amount is during 30 days comes up sometimes.

2/10 net 30--if you pay within ten days you can take a 2 percentage discount. If not, the full amount is during 30 days comes up sometimes.
这是一个付款时经常会用到的折扣方法，如果10天内付款，则可以享受2%的折扣，如果30天到期付款，则要偿付全数。其原因是，现金具较好的流动性，同时风险较小，所以对于在较短时间内的付款有时会给予折扣。


Ok go, go talk to your neighbor, go compare notes if you’ve got this one. Your neighbors let you down; your neighbors let you down. Write after this problem. White card, it’s ok, syllabus, what’s your name? It’s ok. I could believe it. So this is syllabus, here's the white card, on the white card is what I want from you and just spell your name for me, your last name first. D-U-A-N. And your first name? Ok I probably call you by your last name. Ok look, sure.


Ok quit to do it, anybody? Yes ma'am. Absolutely right. Cash, down two hundred; accounts payable, down, two hundred. What’s the ending balance of accounts payable now? Everybody. Zero, downs on owners' equity one thousand, so let’s check the assets, plus a thousand, this is worth plus a thousand, twelve hundred, one thousand, looked in good, take a break.

上面几段是Professor. Hazel Cohen的另一个例子，当应付账款偿付后，该帐目下减少200美元，相应地，所有者权益减少200美元，资产也减少200美元，帐面平衡。

完

Thanks a lot for your great efforts. Could you pls package all of the documents and listening materials and send them to me. My email add is Lemmona_ren@163.com

Best regards

好