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一生难求

2008年,本命年,奥运年,冲刺年

No pain,no palm; no thorns,no throne; no gall,no glory; no cross,no crown.
Updated 4/16/2008
Updated 9/5/2007
Updated 4/18/2007
Updated 3/26/2007
Updated 4/10/2007
Updated 2/14/2007
Updated 2/9/2007
Updated 2/5/2007
Updated 2/11/2008
Updated 1/14/2007
Updated 1/14/2007
April 17

对抵制法国货的思考

 和平年代,中国再次受到西方列强无耻的诬蔑、诽谤、分裂、攻击。
 但无比欣慰的是,炎黄子孙们又一次紧紧的团结在了一起。
 有人说,八十后的小青年,没有经历过旧社会的动乱,爱国思想已经淡漠。
 他们错了。只要祖国有了危难,无论任何时候,无论是谁,都会有危机感,都一定会众志成城,共渡难关。
 我们没经历过八年抗战,没经历过十年文革动乱,没经历过饥荒,但我们流着的都是先辈列祖们的鲜血!
 想想非典,想想雪灾,想想现在!我们最大的感动都来自这种凝聚力。
 纵观中国历史,华夏儿女是不怕战争,不怕外敌的侵犯!因为我们是炎黄子孙!这也是中国屹立世界民族之林几千年不倒的根基!

 但我们也有弱点,我们害怕闭关自守,我们害怕愚昧,我们害怕无知!
 从历史的眼光看目前的形势,就不难理解为什么会出现两种声音。
 一种声音是抵制“法国货”;一种是我不抵制“法国货”,不抵制“美国货”,我只抵制“蠢货”。
 两种声音“觥杯交错”,不亦乐乎。这倒好,外敌还没怎么的,内讧开始了。

 先分析一下抵制“法国货”带来的后果:
 1、大家呼吁最高的是“家乐福”超市。家乐福是世界级的大超市,中国的家乐福,绝大多数员工均是中国人!无论最后获大利的是谁,但他能养活千千万万的中国职工,他能带动一系列的产品生产链、原材料加工链、运输链,他能为我们政府缴巨额税款!退万步如果真的抵制成功,多少人下岗?多少家庭面临困难?如果你父母“不幸”成为家乐福一员,你会因为他们在家乐福辛苦挣的工资来养活家庭而感到可耻吗?
 2、美国也是不安好心,你抵制了家乐福,接下来是“沃尔玛”等等一系列欧美大超市。接下来你愿意去自己企业的超市吗?会!但你现在是不得不去!可你之前为什么会选择那些欧美的超市?就是因为他们有相对舒适的购物环境,相对人性化的货物摆放,相对先进的管理和服务,相对宽敞的停车场,甚至相对便宜的价格!暂且不谈你有多爱国,因为很多人血沸腾的人会拍拍自己的胸脯说,这叫舍小我!但你能信誓旦旦地说,你可以坚持多久?日货,美货,法货,德货,甚至韩国货,你可以坚持得了多久?美国这么霸道,CNN还在近期妄称中国人是粗俗野蛮之流,中国产品是垃圾!你怎么不去呼吁抵制美货?你别用windows,甚至别玩电脑啊,那些CPU哪样是中国能制造的?为什么说到这里你就没底气了呢?
 3、XZ问题是历史遗留问题,极其复杂。国外害怕中国崛起,所以他们才会近期的举动。但我们都可以理解成,这是躁动,这是不安。因为中国崛起后,会让大多数尚未发达的国家认清,欧美列强的制度并不是唯一!而欧美列强的制度并会受到动摇,那时候才是他们真正的麻烦。所以他们才想将还在摇篮里的新兴生命抹杀。可是中国的崛起是大势所趋,是世界经济一体会,世界多极化的必定结果!列强们的挣扎,必定失败!
 4、再想想很多西方人,甚至不知道西藏再哪,却也跟着嚎叫?其中媒体起到了“功不可没”的作用。他们传输错误消息,误导群众。但归根结底,问题都出在国家对这些消息的“主导权”。我们也有这样的问题,但我们的目的是“自卫”,而他们的目的是“攻击”,结果就产生了现在的“抵制”呼吁,甚至是敌对。

 可笑的是,一些人以学法语而自卑,一些人以去法国留学而被嘲笑!
 李扬说得好,“我们学英语,只是一种工具,借用这种工具,我们可以让最优美的汉语走到世界各地”(原话我不记得,只能自做修辞。)
 师夷长技以制夷。反思历史,我们在“闭关自守”上栽的跟头还不够吗?
 你在这里用着仇恨的心态呼吁抵制,为什么不去理智的看待一些问题?为什么不以一个大国的豁达,冷静地去对待外面这种吵嘈杂的声音?
 像瑞士老师曾经给我们说过,美国为什么会如此强大,因为他有上亿个子民随时愿意为自己的祖国牺牲!当时听到这里,我震撼了!那是一种多么可怕的力量!
 德国、日本又何尝不是!他们为什么可以在战后巨额的赔款中,仍然迅速崛起为超级大国?
 因为他们都有一个共性,那就是强烈的民族自尊感。
 日本吃了两颗原子弹,他们恨美国人吗?为什么不去抵制美国,而是和美国“做朋友”?他们确实去抵制美国货了,但他们是以另一种方式!那就是派遣更多的人去美国学习,然后回来刻苦钻研,以至于让他们的丰田汽车在去年的世界企业500强上超过了美国通用!美国媒体的词语是“被狠狠地扇了一耳光”!这就是日本人的爱国方式!
 日本侵略我们十余年之久,我们恨日本吗?同样的!可我们学来的是什么?耽美,同性恋,性变态。看了这么久的日本动画,我们为什么做不出来呢?是中国人笨吗?美国的iPhone问世后,中国的山寨机可以做出一个一模一样的!那些先进技术甚至可以丝毫不差!但却只能哗众取宠,不可入大流。思考,第一个做出来的为什么不是中国?是中国笨吗?
 去抵制,去闭门造车,后果会是怎样?如果当时的中国不改革开放,也就是现在的第二个朝鲜!朝鲜现在是什么情况?朝鲜人看见外国人就是敌人,他们只相信自己,只相信自己的产品!结果是贫穷,是落后。直至今年,才有一家,也是唯一一家德国企业进驻朝鲜。我做过朝鲜整整半年的调查和旅游规划,我想我具有此发言权。

 爱国,固然重要。但是爱国并不是贸然跟风,并不是放弃自己的理智和思考,爱国也得有方式和方法!做好自己,从每一滴小事情开始,不随地吐痰,公共场合不大声喧哗,就是这样的点点滴滴,才可以修复中国的形象!做好自己的本职工作,同时能正确的判断形势,培养作为一个大国国民的自信心态,这才是最重要的。那些“呼吁”抵制法国货的热血青年,如果能做到以上几点,你的爱国精神才是真正的值得赞颂的!

                                  点点 
                                                                    于 2008.4.17

                    (转载请做作明出处)
April 16

I LOVE CHINA

Tibet was, is, and always will be a part of China!
 
Say No To Violence!No To Riot!
 
Stop Media Distortion!
 
Give Back Oplympic!
 
Chinese united can not be beaten forever and ever!
 
 
 

April 11

对WACC的认识

对WACC的认识

Corporate Finance中,NPV占据了一个很重要的位置,在美国,项目的投融资无不涉及到NPV。由于中国没有一个公认的证券市场stable risk premium——Rm-Rfbenchmark,而美国有这个benchmark,大概是8%。所以,NPV在中国的应用就大大折扣。

       NPV的计算有两个关键问题,一是现金流的预测,另一个是hurdle rate的确定。现金流的预测在这里不作讨论。Hurdle rate一般来说都是由WACCweighted average cost of capital)公式算出,WACC是债券和股权收益的加权平均值,它在公司金融里反映的是一个投资项目的融资成本,或者是公司资产对应的投资回报率。在WACC的计算中涉及三个变量:debt ratioR-debtR-equityDebt-ratioR-debt的值的确定一般来说不难,关键是R-equity。在进行更深一步讨论之前,我们要弄清一个问题,那就是我们是在对整个公司进行评价,还是在对某一项资产就行评价?如果是对整个公司进行评价,那么我们就应该采用与公司整体风险相对应的R-debtR-equity;如果是对某项资产(或者说投资项目)进行评价,那么我们就应该采用与该资产风险相对应的R-debtR-equity,但是,我们时常是采用公司的R-debtR-equity对某项资产进行的评价,这其中就隐含了一个假设:投资项目的风险与公司的整体风险一致。这实际上有点牵强。此外,投资项目的筹资是由公司而不是项目组出面进行的,所以投资项目的debt ratio与公司的debt ratio是一致的。

         那么,如果公司CFO要对一个心仪的投资项目进行评估的话,他将如何确定hurdle rate呢?换句话说,他将如何确定R-debtR-equity?其中,公司的R-debt与投资项目的R-debt的差别不是太大,而且公司与公司间R-debt的差别也不是太大,所以,一般都是把公司的R-debt看作投资项目的R-debt。但是,投资项目R-equity的确定就要难很多。R-equity的计算一般是采取CAPM或者APT(包括Fama的三因素模型),其中的beta系数的确定是关键,到底是采用公司的beta值,还是行业beta的平均值作为投资项目的beta值,要看投资项目的风险是否与公司整体的风险一致,如果不一致,一般来说是采用行业beta的平均值。而且,行业beta的平均值还有一个好处,就是它的standard error比行业内任何一家公司的standard error都要小(这个可以从the risk of diversified asset角度去理解)。

未来的,预计的融资成本

NPV采用的折现率K: required rate of return.

IRR: 使NPV=0的折现率,内部报酬率。

(1)一个潜在的假设:不管算NPV(还是IRR), 都假设PMT的再投资按K(IRR)回报

(2)NPV=0时,K=IRR=WACC,这时达到临界点,企业没有必要再融资下一个1块钱,也没必要再多投1块钱

(3)现金流使用:经典的说法是全投资税后内部报酬率。因为WACC里面已经包含了利率。偶这么白目的菜只要记住这个就好了。

April 09

财务会计英文词汇

财务会计英文词汇- -

                                      

Introduction to Financial Accounting and Cisco Report Package,Written by Charles T.Horngren Gary L. Sundem John A. Elliott

1.Accounting(会计) The process of indentifying,recording,summarizing,and reporting economic information to dicision makers.

 2.Financial accounting(财务会计)
The field of accounting that serves external decision makers,such as stockholders,suppliers,banks,and government agencies.

3.Management accounting(
管理会计
)
The field of accounting that serves internal decision makers,such as top executives,department heads,hosptil administrators,and people at other management levels within an or organization.

4.Annual report(
年报
)
A combination of financial statements,management discussion and analysis,and graphs and charts that is provided annually to investors.

5.Balance sheet (statement of financial position,statement of financial condition)(
资产负债表
)
A financial statement that shows the financial status of a business entity at a particular instant in time.

6.Balance sheet equation(
资产负债方程式
)
Assets = Liabilities + Owners' equity.

7.Assets(
资产
)
Economic resources that are expected to help generate future cash inflows or help reduce future cash outflows.

8.Liabilities (
负债
)
Economic obligations of the arganization to outsiders ,or claims against its assets by outsiders.

9.Owners equity (所有者权益)
The residual interest in the organization
s assets after deducting liabilities.

10.Notes payable
(应付票据)

Promissory notes that are evidence of a debt and state the terms of payment.

11.Entity
(实体)
An organization or a section of an organization that stands apart from other organization and individuals as a separate economic unit.

12.Transaction
(交易)
Any event that both affects the financial position of an entity and be reliably recorded in money terms.

13.Inventory
(存货)
Goods held by a company for the purpose of sale to customers.

14.Account
(账户)
A summary record of the changes in a particular assets,liability,or oweners
equity.

15.Open account
(未达帐户)

Buying or selling on credit, usually by just an
authorized signature of the buyer.

16.Account payable
(应付帐款)

A liability that results from a purchase of goods or services on open account.

17.Creditor (债权人)
A person or antity to whom money is owed.

18.Debtor (
债务人
)
A person or entity that owes money to another.

19.Sole proprietorship (
个体经营、独资经营
)
A separate organization with a single owner.

20.Partnership (
合伙
)
A form of organization that joins two or more individuals together as co-owners.

21.Corporation (
公司
)
A business organization that is created by individual state laws.

22.Limited liability (
有限责任
)
A feature of the corporate form of organization whereby corporate creditors ordinarily have claims against the corporate assets only.The owners
assets are not subject to the creditors
grasp.

23.Publicly owned (
公有
)
A corporation in which shares in the ownership are sold to the public.

24.Privately owned (
私有
)
A corporation owned by a family,a small group of shareholders,or a single individual,in which shares of ownership are not publicly sold.

25.Stockholders equity (shareholders equity) (股东权益)
Owners
equity of a corporation.The excess of assets over liabilities of a corporation.

26.Paid-in capital
(实际投入资本)

The total capital investment in a corporation by its owners both at and subsequent to the inception of business.

27.Par value
(票面值)
The nominal dollar amount printed on stock certificates.

28.Common stock (capital stock)
(普通股)
Stock representing the class of owners having a
residual ownership of a corporation.

29.Auditor
(审计师)

A person who examines the information used by managers to prepare the financial statements and attests to the credibility of those statements.

30.Certified public accountant (CPA)
(注册会计师)
In the United States, a person earns this designation of education,qualifying experience,and the passing of a 2-day written national examination.

31.Audit
(审计)
An examination of transactions and financial statement made in accordance with generally accepted auditing standards.

32.Auditor
s opinion(independent opinion) (审计师意见)
A report describing the auditor
s examination of transaction and financial statements. It is included with the financial statements in an annual report issued by the corporation

33. Fiscal year (会计、财政年度)
The year established for accounting purposes.

34.Interim periods (
中期
)
The time spans established for accounting purposes that are less than a year.

35.Revenues(sales) (
收入OR商品销售收入
)
Increases in owners
equity arising from increases in assets received in exchange for the delivery of goods or services to customers.

36.Expenses
(费用)

Decreases in owners
equity that arise because goods or services are delivered to customers.

37.Income (profit ,earnings)
(收益、利润)

The excess of revenues over expenses.

38.Retained income(retained earnings,reinvested earnings) (
未分配利润)
Additional owners
equity generated by income or profits.

39.Accrual basis
(应计制、权责发生制)

Accounting method that recognizes the impact of transactions on the financial statements in the time periods when revenues and expenses occur.

40.Cash basis
(收付实现制)
Accounting method that recognizes the impact of transactions on the financial statements only when cash is received or disbursed.

41.Recognition (确认)
A test for determining whether revenues should be recorded in the financial statements of a given period. To be recognized,revenues must be earned and realized.

42.Product costs
(产品成本)

Costs that are linked with revenues and are charged as expenses when the related revenues is recognized.

43.Cost of goods sold (cost of sales)
(销售成本)
The original acquisition cost of the inventory that was sold to customers during the reporting period.

44.Matching
(配比)
The recording of expenses in the same time period as the related revenues are recognized.

45.Period costs
(期间成本)
Items identified directly as expenses of the time period in which they are incurred.

46.Cost recovery
The concept by which some purchases of goods or services are recorded as assets because their costs are expected to be recovered in the form of cash inflows(or reduced cash outflows) in future period.
一些购买的货物或者接受的劳务服务以资产的概念来记录, 他们的费用预计在将来的时期被以现金流入(或者降低现金流出)的形式追回。

cost recovery即成本回收

Cost recovery “重置成本”?


47.Depreciation
(折旧)
The systematic allocation of the acquisition cost of long-lived of fixed assets to the expenses accounts of particular periods that benefit from the use of the assets.

48.Net income
(净利润)
The remainder after all expenses has been deducted from revenues.

49.Income statement (statement of earnings, operating statement) (
收益表)
A report of all revenues and expenses pertaining to a specific time period.

50.Statement of cash flows (cash flow statement)
(现金流量表)

A required statement that reports the cash receipts and cash payments of an entity during a particular period.

51.Net loss
(净损失)
The difference between revenues and expenses when expenses exceed revenues.

52.Cash dividends
(现金股利)
Distribution of cash to stockholders that reduce retained income.

53.Statement of retained income
(利润分配表)
A statement that lists the beginning balance in retained income, followed by a description of any changes that occurred during the period, and the ending balance.

54.Statement of income and retained income
(收入及利润分配表)
A statement that included a statement of retained income at the bottom of an income statement.

55.Earnings per share (EPS)
(每股收益)
Net income divided by average number of common shares outstanding.

56.Price-earnings ratio (P-E)
(市盈率)
Market price per share of common stock divided by earnings per share of common stock.

57.Dividend-yield ratio (股息率)
Common dividends per share dividend by market price per share.

58.Dividend-payout ratio
(派息率)

Common dividends per share dividend by earnings per share.

59.Double-entry system
(复试记账法)
The method usually followed for recording transactions, whereby at least two accounts are always affected by each transaction.

60.Ledger (
分类账)
The records for a group of related accounts kept current in a systematic manner.

61.General ledger
(总分类账)

The collection of accounts that accumulates the amounts reported in the major financial statements.

62.T-account
T形账户)
Simplified version of ledger accounts that takes the form of the capital letter T.

63.Balance
(余额)
The difference between the total left-side and right-side amounts in an account at any particular time.

64.Debit
(借方)
An entry or balance on the left side of an account

65.Credit (贷方)
An entry or balance on the right side of an account.

66.Charge (Debit)
A word often used instead of debit.

67.Source documents (
原始凭证)
The supporting original records of any transactions.

68.Book of original entry
(原始分录帐本)

A formal chronological record of how the entity
s transactions affect the balances in pertinent accounts.

69.General journal (
普通日记账
)
The most common example of a book of original entry; a complete chronological record of transactions.

70.Trial balance (
试算表
)
A list of all accounts in the general ledger with their balance.

71.Journalizing
(记入分类帐)

The process of entering transactions into the journal.

72.Journal entry
(日记帐分录)
An analysis of the affects of a transaction on the accounts, usually accompanied by an explanation.

73.Chart of accounts (科目表)
A numbered or coded list of all account titles.

74.Posting (
过帐
)
The transferring of amounts from the journal to the appropriate accounts in the ledge.

75.Cross-referencing (
交叉检验
)
The process of numbering or otherwise specifically identifying each journal entry and each posting.

76.Simple entry
(简单分录)

An entry for a transaction that affects only two accounts.

77.Compound entry
(复合分录)
An entry for a transaction that affects more than two accounts.

78.Contra account
(对销、备抵帐户)
A separate but related account that offsets or is a deduction from a companion account. An example is accumulated depreciation.

79.Contra assets
(对销资产)
A contra account that offsets an asset.

80.Book value (net book value, carrying amount, carrying value)
(帐面价值)
The balance of an account shown on the books, net of any contra accounts. For example, the book value of equipment is its acquisition cost minus accumulated depreciation.

G&A??general and administrative expense 可以翻译为管理费用和总务费 也有翻译为一般费用和行政费用
当然 我还见过把管理费用翻译成 overhead expenses 或者是maintenance

81.Accumulated depreciation (allowance for depreciation) (累计折旧)
The cumulative sum of all depreciation recognized since the date of acquisition of the particular assets described.

82.Data processing
数据处理
The totality to the procedures used to record, analyze store, and report on chosen activities.

83.Explicit transactions (
显性交易)
Events such as cash receipts and disbursements, credit purchases, and credit sales that trigger nearly all day-to-day routine entries.

84.Implicit transactions
(非显性交易)

Events (such as the passage of time) that do not generate source documents or visible evidence of the event and are not recognized in the accounting records until the end of an accounting period.

85.Adjustments (adjusting entries)
(调帐)
End-of-period entries that assign the financial effects of implicit transactions to the appropriate time periods.

86.Accrue (
应计)
To accumulate a receivable or payable during a given period even though no explicit transactions occurs.

87.Unearned revenue (revenue received in advance, deferred revenue, deferred credit)
(未实现收入)

Revenue received and recorded before it is earned.

88.Pretax income
(税前利润)
Income before income taxes

89.Classified balance sheet (分类资产负债表)
A balance sheet that groups the accounts into subcategories to help readers quickly gain a perspective on the company
s financial position.

90.Current assets
(流动资产)

Cash plus assets that are expected to be converted to cash or sold or consumed during the next 12 months or within the normal operating cycle if longer that a year.

91.Current liabilities
(流动负债)
Liabilities that fall due within the coming year or within the normal operating cycle if longer than a year.

92.Working capital
(营运资金、资本)
The excess of current assets over current liabilities.

93.Solvency
(偿付能力)
An entity
s ability to meet its immediate financial obligations as they become due.

94.Current ratio (working capital ratio)
(流动比率)

Current assets divided by current liabilities.
Current ratio = Current assets / Current liabilities.

95.Report format
(报表格式之一)
A classified balance sheet with the assets at the top.
Example:
Balance Sheet, January 31,20X2

Assets 1999 1998
Current assets
Cash
Accounts receivable
……
Total current assets
Long-term assets
Store equipment
Accumulated depreciation
Total assets
Liabilities and Owners
Equity 1999 1998
Current liabilities
Note payable
Accounts payable

Total current liabilities
Stockholder
s equity
Paid-in capital
Retained income
Total liabilities and owners
equity

96.Account format
(报表格式之二)

A classified balance sheet with the assets at the left.
Example:
Balance Sheet, January 31,20X2
Assets Liabilities and Owners
Equity
Current assets Current liabilities
Cash Note payable
Accounts receivable Accounts payable
… …

Total current assets Total current liabilities
Long-term assets Stockholder
s equity
Store equipment Paid-in capital
Accumulated depreciation Retained income
Total Total

97.Single-step income statement (单一步骤收入表)
An income statement that groups all revenues together and then lists and deducts all expenses together without drawing any intermediate subtotals.

98.Multiple-step income statement (
复合步骤收入表
)
An income statement that contains one or more subtotals that highlight significant relationships.

99.Gross profit (gross margin)
(毛利)

The excess of sales revenue over the cost of the inventory that was sold.

100.Operating income (operating profit)
(营业收入)
Gross profit less all operating expenses.

101.Profitability
(收益能力)
The ability of a company to provide investors with a particular rate of return on their investment.

102.Gross profit percentage (gross margin percentage)
(毛利率)
Gross profit divided by sales.
Gross profit percentage=Gross profit / Sales

103.Return on sales ratio
(销售收益率)
Net income divided by sales,

104.Return on stockholders
equity ratio (股东权益收益率)
Net income divided by invested capital (measured by average stockholder
s equity)

105.Generally accepted accounting principles (GAAP) (公认会计准则)
A term that applies to the broad concepts or guidelines and detailed practices in accounting, including all the conventions, rules, and procedures that make up accepted accounting practice at a given time.

106.International Accounting Standard Board(IASB)
(国际会计准则委员会)
An organization changed with responsibility for developing a common set of accounting standards to be used throughout the world.

107.Reliability
(可靠性)
The quality of information that assures decision makers that the information captures the conditions or events it purports to represent.

108.Going concern convention (continuity convention)
(持续性假设)
The assumption that in all ordinary situations an entity persists indefinitely.

109.Materiality convention
(重大性原则)
The concept that an item should be included in a financial statement if its omission or misstatement would tend to mislead the reader of the financial statements under consideration.

110.Cost-benefit criterion
(成本收益原则)
As a system is changed, its expected additional benefits should exceed its expected additional costs.

111.Percentage-of-completion method
(完成百分比法)
Method of recognizing revenue on long-term contracts as production occurs.

112.Sales returns (purchase return) (
销售退回)
Products returned by the customer.

113. Sales allowance (purchase allowance) (销售折让)
Reduction of the original selling price.

114. Gross sales
(毛收入)
Total sales revenue before deducing sales returns and allowances.

115. Net sales
(净收入)
Total sales revenue deducted by sales returns and allowances.

116. Trade discounts
(商业折扣)
Reductions to the gross selling price for a particular class of customers.

117. Cash discounts
(现金折扣)
Reductions of invoice prices awarded for prompt payment.

118. Turnover
(营业额)
A synonym for sales or revenues in many countries outside the United States.

119. Cash equivalents
(现金等价物)
Highly liquid short-term investments that can easily be converted into cash.

120. Compensating balance
(补偿性最低存款额)
Required minimum cash balance on deposit when money is borrowed from banks

121.Reconcile a bank statement (银行调节表)
To verify that the bank balance for cash is consistent with the accounting records.

122. Accounts receivable (trade receivables, receivables) (
应收帐款
)
Amounts owed to a company by customers as a result of delivering goods or services and extending credit in the ordinary course of business.

123. Uncollectible accounts (bad debts)
(坏帐)

Receivables determined to be uncollectible because debtors are unable or unwilling to pay their debits.

124. Bad debts expense
(坏帐损失)
The cost of granting credit that arises from uncollectible accounts.

125. Specific write-off method
(冲销法)
This method of accounting for bad debt losses assumes all sales are fully collectible until proved otherwise.

126. Allowance method
(备抵法)
Method of accounting for bad debt losses using estimates of the amount of sales that will ultimately be uncollectible and a contra asset account, allowance for doubtful accounts.

127. Allowance for uncollectible accounts (allowance for doubtful accounts, allowance for bad debts, and reserve for doubtful accounts)
(坏帐准备)
A contra asset account that measures the amount of receivables estimated to be uncollectible.

128. Percentage of sales method
(销售百分比法)
An approach to estimating bad debts expense and uncollectible accounts based on the historical relations between credit sales and uncollectibles.

March 30

Truth

What happened at the first day in Tibet? This is the truth.
Compare with Gemany, Italy, this is the truth.
 
I cannot stop the saddness from inner of my heart.
 
I'm proud of my country, ever, and ever.

Tibet WAS,IS,and ALWAYS WILL BE a part of China

    My dear friends,
    I hope you can pay your attention and patience to this following pictures that I must prove. 
    This Sat. Jan told me when she watched the news that the Chinese army violate and kill the monks, she fill very sad. To be honest, I feel much sadder than her.
    1. In modern history,Chinese suffered the invasive wars from 1890 to 1946, don't you think Chinese love peace?
    2. Chinese goverment never help the western country join Afghanistan war, Iraq war, don't you think Chinese like peace?
    3. Chinese goverment never criticize other country's behavior and never intervene other country's human right, do you think Chinese goverment is aggressive?
    4. Thousands years ago, China has been the Buddism country, China has a deep buddssim culture, Chinese goverment gives more than 10,000,000,000 baht to Tibet every year to develop that place, so why Chinese goverment want to kill monk?
    5. This year is a crucial year for China because of Olympic, do you think Chinese goverment will do such a stupid thing that it never did before?
 
    Terrorists(part of monk) raided Lhasa, they killed more than 10 innocent people and destroyed and burned and robbed others' house. But western media called such a terror a "peaceful"protest.Ridiculous, isn't it?
    Many western media simply say: People died in the protest. This implicitly tells their audience or readers that Chinese government killed monks. Do they dare mention who died? who attacked whom? and who killed whom? Amazing, isn't it?
    Other more than that, they distorted the facts by using pictures from violence in Nepal and commente