Accounting Elements(会计要素): The general items of financial reports, normally include assets,liabilities, owners’ equity, revenues, expenses and net income.
Assets(资产): Assets are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash,investments, accounts receivable, inventory,supplies, land, buildings, equipment, and vehicles,
Current Assets(流动资产): Current assets refer to cash and other resources that are expected to turn to cash or to be used up within one year or an operating cycle, whichever is longer.
Noncurrent Assets(非流动资产): Noncurrent assets refer to assets that are not intended to be turned into cash or be consumed within one year or an operating cycle,whichever is longer.
Liability(负债): Liabilities refer to obligations of a company or organization,resulting from past transactions and events,including amounts received in advance for a future sale or for a future service to be performed,and to repay them will cause benefits flow out.
Current Liabilities(流动负债): Current liabilities refer to obligations due within one year or an operating cycle,whichever is longer.
Noncurrent Liabilities(非流动负债): Noncurrent liabilities refer to obligations of the enterprise that are not payable within one year or an operating cycle,whichever is longer.
Owners’ Equity(所有者权益): The owners’ equity,also known as the owners’ capital account, which is the residual claim of the owners after deducting the liabilities from the assets.
Capital Stock(股本): Capitalstock,also called paid-in or contributed capital, refers to the shares of ownership that have been issued by a corporation.
Revenues(收入): Revenues, also called income, are fees earned from providing services and the amounts of merchandise sold.
Expenses(费用): Expenses are costs that are matched with revenues on the income statement.
Net Income(利润): Net income is the bottom line of the income statement,which is the mathematical result of revenues and gains minus the cost of goods sold and all expenses and losses. If the net amount is a negative amount,it is referred to as a net loss.
