沃顿商学院全套笔记-十七-
沃顿商学院全套笔记（十七）
沃顿商学院《商务基础》｜Business Foundations Specialization｜（中英字幕） - P5：4_品牌定位.zh_en - GPT中英字幕课程资源 - BV1R34y1c74c
[ Music ]。
So in this section I want to finish with that， we talked about STP， we talked about segmentation。
we talked about targeting， and now I want to talk， about positioning， that's the P。 But in thinking。
about positioning， I really want you to think， about what is a brand。
because one of the most important， aspects of a brand is brand positioning。
it's also the positioning in the STP framework， but it's really the essence of the brand。
the brand positioning。 So let's start with what is a brand。
and then we'll get into this notion of positioning。 But just to anticipate where I'm going。
positioning is positioning your product， to meet the needs of the target segment。
that's the basic definition。 But one of the ways I'm going to focus on is a way。
to do that is to brand that positioning。 And so I really want to get to this notion。
of what is a brand。 Formally a brand is just a trademark。
If you have a brand you want to legally protect， your brand and trademark it。
and that's if you talk， to lawyers about a brand， they'll talk about it， as a trademark。
But we as marketers know that a brand is way more， than just a trademark。
People have in the past talked about brand， as a relationship or a contract。
a promise of the company， of certain specific benefits to the customer。
So some kind of brand relationship or branded relationship。
And so it's much more than just the trademark。 It's a promise。 It's consistency。 It's benefits。
It's what you come to expect from a brand。 And that's been the traditional definition。
of what a brand is。 In today's world， a brand is a little bit bigger than that。
Because we mentioned before， this， is a connected community， and customers。
are talking to other customers。 Really what a brand is in the real definition of a brand。
is whatever the customer thinks it is。 That's what the brand is。 What sits in your customers' heads。
regardless of what you， try to put there， is what your brand actually is。
So if you have a very strong branded message， and something like Disney。
which is a very strong brand name， and a very clear positioning， then hopefully what。
Disney thinks their brand is， is what the customers think it is。
But if your message is not so clear， and you want your brand to mean something。
but what the customers think is something different， guess who wins？ It's the customers。
That's what your brand is， what sits in the customer's head。
And so a lot of what marketing is and understanding。
about brands is to do market research to understand， how customers do think about your brand。 Now。
what we're talking about the notion of positioning。 And so a positioning statement is a definition。
or a positioning statement for a particular brand。
I have here two examples of positioning statements， for two brands of personal computers。
These are a little bit old。 It's when Apple and IBM were really focusing， on personal computers。
But I want to use these examples because they're， very clear， crisp positioning statements。
And I think we can learn a lot by understanding， these positioning statements。
So let's look first at Apple Computer's Positioning Statement。 And if we read that。
it says Apple Computer offers， the best personal computing experience， to students， educators。
creative professionals， and consumers around the world through its innovative hardware， software。
and internet offerings。 That's one positioning statement。 Compare that to IBM， which was very。
very different at the time。 IBM is for businesses who need computers。
IBM is the company you can trust for all of your needs。
Very， very different positioning。 That is a really good positioning statement。
when one company can be so differentiated， from the other company。
they're going after different target， segments， and it should be quite clear。
by the positioning statement。 Let's break that positioning statement into its parts。
so that we can understand what a good positioning statement has。
And let's focus here on the Apple Computer。 There's three pieces to the positioning statement。
There's who is the target segment？ What is the point of difference that they're offering。
to that target segment？ And then there's what is the frame of reference？
And the frame of reference is who are the other competitors， that they are comparing themselves to？
The target segment here， and if you think about Apple， the target segment is students， educators。
creative professionals。 A brand should have a crisp target segment。
even if that's not the only people who use the product。 So nowadays。
Apple's so popular that everybody has an Apple。 Your grandmother has an Apple。
Somebody who's not a student has an Apple， not just creative people anymore。 Yet。
even though Apple's are ubiquitous， and lots and lots of people have Apple products。
still its position to creative people。 It's a very design-y brand。
So it still has a very clear target segment， even if that doesn't limit who might use the product。
It has a point of difference。 What's the point of difference for Apple？ It's innovative。
Apple offers state-of-the-art products。 We look for design and innovation from Apple。
So that's its point of difference。 And in this case， what's the frame of reference？
In this particular positioning statement， it's other personal computers。
personal computing experience。 So you have these three pieces to a strong positioning， statement。
the target segment， the point of difference， and the frame of reference。
And positioning is defining the value proposition， in these three terms， the target market。
the point of difference， and the point of parity。 Now you can play around with this。
And if you think about this and get into it a little bit。
you may realize that your point of difference， is going to be relative to the frame of reference。
So for example， let me give you an example of--， this product isn't on the market anymore。
but it's-- crest made this chewing gum。 If the crest chewing gum was referred to。
the frame of reference was other toothpaste products， then crest chewing gum's point of difference。
is it's a toothpaste product that's in gum form。 On the other hand， if you take crest chewing gum。
and compare it as a frame of reference to other chewing， gums。
the point of difference is this is a chewing， gum that has toothpaste in it。
So these two things go together， and part of the art of coming up with a good positioning。
is figuring out who's the right target market to go after， and also what's the frame of reference。
and what's going to be your point of difference。 And playing around with those two pieces。
is a lot of the art of positioning。 Very important concept， but you really。
need to understand these three ideas--， target marketing， point of difference。
and frame of reference， or point of parity。 And what you're going to do is， once you。
decide on your positioning statement， you use all of the elements of the marketing mix。
that we've already talked about-- product， price， promotion。
and place-- to position your product to meet， the needs of the target segment。
And positioning should be clear and simple， and focus on a few key benefits。
Sometimes people talk about this as a unique selling proposition。 The position must be defensible。
so you want to take a positioning that you own， and that other people can't copy very easily。
And the really important thing is you cannot be everything， to everyone。 If you do that。
you have no position。 You must make choices。 You must focus。 You must choose a target segment。
You must choose a point of difference。 You must choose a frame of reference。
to have a clear positioning。 Because if you try to be everything。
you're going to end up being lukewarm tea。 And that is not a good brand positioning。 Positioning。
once you have the good brand positioning， that should determine what products you develop。
And positioning is a strategic idea。 So you really want to think about this。
in terms of what your target segment， what a customer's want， what your competition。
what is your position relative， to the competition。 All of that is a big picture strategic vision。
That is distinct from messaging。 Messaging is tactical。 Once you have your brand positioning。
you can decide things like what color should the brand be， or what should the symbol be。
or what should the logo be。 And we're going to talk about those in the third section。
of my part here。 But that's very much tactical and messaging。
Positioning at the level-- I'm talking about it right here--， this is very much a strategic idea。
And a very important piece of this， is this point of parity or frame of reference。
These are-- so I want to spend a little bit more time。
thinking about this just so that you understand。 It's a part of the positioning statement。
but it's associations that are not unique to the brand。 They are these frame of reference。
They are associations that are shared with other brands。
And you want to think about these points of parity， as things that are necessary for the category。
So something a brand must have to be considered， in this frame of reference。 So for example。
if your frame of reference， is a grocery store， then people， think in order to be a grocery store。
it has to have produce or it has to have fresh product。 That's what a grocery store is。
And if it doesn't have that， it's not a grocery store。 So one of the things you think about。
in terms of these points of parity， are what are the conditions that your brand must have。
that they share with the competition to be part of that set。
And then you want to think about points of parity。
sometimes as ways to negate a competitor's point of difference。 So for example， in toothpaste。
when one of the brands--， and I can't remember which one--。
first came out with fluoride and as a cavity preventer， and that was a differentiator。
All of the other brands copied and put fluoride in their toothpaste。
Suddenly it's a frame of reference。 It's a point of parity。 All toothpaste now has fluoride。
So what I've done is negated the point， of difference of the first innovator who came out。
with fluoride toothpaste。 I have a slide up here on January 9， 2007， a few years ago。
When Steve Jobs is still here， he used to go out on January。
and come up with some big innovation every year， and announcement about Apple。 On January 9， 2007。
one of the big announcements at the time， was that he changed the name from Apple Computer to just Apple。
And now it's been a while。 And so people are very used to thinking about it as Apple。
And probably many of you don't even remember it used， to be Apple Computer。
But the point I'm making here is when， he changed the name of the company， think about。
just for a second to see if you get this idea， which one of the three aspects of the brand positioning。
did he change？ Did he change the target segment？ Did he change his point of difference？
Or did he change his frame of reference？ It should be clear， he changed his frame of reference。
Target segments still create of young people， point of difference still innovation。
But now the frame of reference is not computers， but it's consumer electronics。
And I believe when he made this change， was the same time he introduced the iPhone。
And he really was in consumer electronics。
And it was no longer the frame of reference， comparing to other personal computers。
The point of difference， I think， is more clear to people， what that is。 It's strong， favorable。
unique brand associations。 Some people talk about this as a unique selling proposition。
It's a similar concept。 And what you wanted to do is to have it be sustainable。
You want a competitive advantage， a point of difference， that you can hold。
and that is difficult for competition， to copy。 And it can be a lot of different things。
It can be product attributes， performance attributes。 It can be imagery。 It can be benefits。
It can be design。 It can be anything that you can own， and that really differentiates your brand。
When you're choosing a point of difference， you want to make sure that it's desirable to the customer。
Is it relevant？ Is it distinctive？ You also want to make sure that you can deliver these things。
Don't over promise。 Don't say something that's not feasible。 That's not sustainable。
So in choosing a point of difference， it's very， very critical。
It's probably going to be the reason people choose your brand。
But you've got to make sure it's important， and that you can deliver on that criteria。
[MUSIC PLAYING]， [MUSIC PLAYING]。
[MUSIC]。
沃顿商学院《商务基础》｜Business Foundations Specialization｜（中英字幕） - P50：2_1 2 1 资产负债表方程.zh_en - GPT中英字幕课程资源 - BV1R34y1c74c
Hello， I'm Professor Brian Boucher and welcome back。 In this video。
we'll take a look at the one rule of grammar in the accounting language， the balance sheet equation。
We'll see how the balance sheet equation makes all the financial statements fit together。
We'll also use the balance sheet equation to solve some problems where we're missing。
one piece of information， but we can fill in everything that we do know into the balance。
sheet equation and solve for what we need。 Hope you enjoy the video。
So if you've ever tried to learn a foreign language， you know that one of the most difficult。
things is learning all the rules of grammar， all the cases and declensions and the changes。
in verb endings and all that stuff。 Well， the good news about learning the language of accounting is that there's only one rule。
of grammar， the balance sheet equation or the accounting identity。
This is that assets equal liabilities plus stockholders' equity at all points in time。
Another way to say this， as we've talked about， is that the resources of the company equal。
the claims on those resources by the outsiders and by the owners。
Can you give me an example of when this is used in the real world？
A good example to think about how we use the balance sheet equation in real life is when。
we buy something big like a house or a car。 So let's say we wanted to buy a $500。
000 house but we only had $50，000 of cash。 Well we would need to go out and borrow $450。
000 from the bank in a mortgage in order to buy， the house。 Then after we bought it， we'd have $500。
000 in assets， the house， which is equal to the， $450，000 of liabilities， the mortgage， plus $50。
000 in equity， which is how much cash we， put in and which represents our claim on that house。
The most important feature of the balance sheet equation is that it must always balance。
That's why we're going to talk about something called double-entry bookkeeping。
If you increase something on one side of the equation， you have to increase or decrease。
something else to stay in balance。 So there has to be at least two entries anytime you tinker with the balance sheet equation。
And as we'll see， the changes between two balance sheets are going to be summarized in。
the income statement， the statement of stockholder's equity， and the statement of cash flows。
So let me show you this graphically。 So let's say we have a balance sheet at the end of December 31。
2014。
Assets equal liabilities for stockholder's equity。
We'll split the assets into cash and non-cash assets。
And we'll split stockholder's equity into contributed capital and retained earnings， which。
our concepts will talk more about in later videos。
Then we have a balance sheet at the end of the year。
So we've got one at the beginning of 2015 at the end of 2015。
The difference in the retained earnings is going to be explained in the income statement。
for the year end of December 31， 2015。
And the difference in cash is going to be explained in the statement of cash flows for。
the year end of December 31， 2015。
Here you go again with a difference between income and cash。 Remind me， why are they different？
Okay， let's go back to the house example。 So let's say on your first balance sheet at the beginning of the year。
you have a $500，000， house， which is your asset， $450，000 mortgage， which is your liability。
and $50，000 of equity。
Now let's say that during the year， the value of your house increases to a million dollars。
Now you can't actually do this in practice， but for the sake of the example， let's assume。
you could write up the value of the house from $500，000 to a million at the end of the year。
So your balance sheet at the end of the year would have a million dollar asset， the house。
$450，000 of liabilities because the mortgage doesn't change， but your equity would go up。
from $50，000 to $550，000。
Now if we look at the statements that explain the changes in two balance sheet， none of。
this affects the cash flow statement because there's no cash impact of your house going。
up in value。 In fact， your cash actually probably went down as you were paying the mortgage。
but your。
income statement would show a gain of $500，000 from the increase in your equity due to your。
ownership claim of the house。 Housing prices going up， can you give us a more contemporary example？
Okay， so let's talk about what happened during the financial crisis of 2007， 2008， and 2009。
There were banks out there that had assets called mortgage-backed securities。
These are assets because they're claims on collecting cash payments from people that。
took out subprime mortgages。 So let's say a bank had $10 billion of these mortgage-backed securities as assets。
And let's say they had $9。5 billion of liabilities and half a billion of equity。
Financial crisis hits。 These homeowners no longer make their mortgage payments。
which means these assets drop in。
value。 So now they have to be written down in value from $10 billion to， let's say， $1 billion。
Now the liabilities don't change。 In fact， that's why you need a government bailout because your liabilities don't change。
But what does change is the equity。
The equity drops by $9 billion as well。
And so it's another example where there's no cash flow impact of the change in these。
two balance sheets， but we end up showing a $9 billion loss on our income statement due。
to the drop in our equity claims on those assets。
Of course， we also have to mention the statement of stockholders' equity， which explains the。
changes in stockholders' equity between two balance sheets， which we will talk about more。
later in the course。
What I want to do next is show you how everything that we're going to talk about fits into this。
balance sheet equation。 So we talked about how stockholders' equity is two components。
contributed capital， which。
is the money that we raise from shareholders， and retained earnings， which is what we create。
by operating the business。
Retained earnings is going to equal whatever retained earnings were at the beginning of， the period。
plus any net income earned during the period minus any dividends paid out to。
shareholders。
That's why it's called retained earnings because it's the earnings or net income less。
any dividends paid out。
And the net income， as we talked about in a prior video， is revenues minus expenses。
So if we put all of this into the balance sheet equation， we get one big complete balance sheet。
equation， which is assets equal liabilities plus contributed capital plus your prior。
retained earnings plus revenues minus expenses minus dividends that you pay during the period。
Is that all yours？
Are you going to make us do some mathematics with this？ Why yes。
I am going to ask you to do some math。 Now I'm going to give you some problems。
give you a chance to try to answer the problems。
and then we'll talk through the answers。 After I read the problem。
you'll see a little pause icon on the screen。
You want to try to answer the problem before I give you the answer， pause the video at this， point。
try to come up with the answer， and then resume the video。
But if you want to just roll through and hear the answer right away， then it's okay to keep。
the video going。 This is going to be the procedure that we follow any time that I give you some questions。
that I want you to try to answer during the video lecture。 Okay， here's the first one。
Assets equal 100， liabilities equal 50， what is stockholder's equity？
We can solve this one with the balance sheet equation。 We know that assets are 100。
liabilities are 50， the only thing that's missing is stockholder's。
equity， which has to be 50， so that we have 100 on the left-hand side and 100 on the right-hand。
side。
Next。 Equity is increased by 100 and stockholder's equity is unchanged。
What is the change in assets？ Again， we can use the balance sheet equation to answer this。
but now we're looking at changes。
in the numbers。 So stockholder's equity is unchanged， liabilities go up by 100。
The only way for the equation to stay in balance is for assets to also go up by 100。
Next， all non-cash assets are 70， total liabilities are 60， total stockholder's equity is 30， what。
is cash？
We can use the balance sheet equation for this one if we separate assets into cash and non-cash。
assets。 So we have liabilities of 60 and stockholder's equity of 30， that's 90 on the right-hand。
side。 Non-cash assets are 70， the only thing missing is cash， which has to equal 20， so that we。
have 90 on each side。
Next， cash decreases by 10 and all non-cash assets increase by 15。
What is the change in liabilities？
We can use the same equation， but we have to be a little bit careful。 We have cash going down by 10。
non-cash assets going up by 15。 We're looking for liabilities。
but we don't know what happened with stockholder's equity。
And because we don't know what happened with stockholder's equity， we actually don't have。
enough information to solve this。 Now， if we knew that stockholder's equity had not changed。
then liabilities would have， had to go up by 5 so that we have an increase in 5 on both sides of the equation。
But without knowing what happened to stockholder's equity， we technically don't have enough。
information to answer this one。 Come on。 A trick question。 Really？ Sorry about the trick question。
but I promised that it won't be the last。 Next， we have retained earnings increasing by 100。
Dividends are 50。
What is net income？
Earlier in the video， we looked at the equation for retained earnings， where retained earnings。
is equal to prior retained earnings， what they were at the beginning of the year， plus。
net income during the period， minus dividends。 So we know that the change in net income。
or change in retained earnings， retained earnings。
minus prior retained earnings is 100。
We know that dividends is 50， so the only thing missing is net income， which has to。
be 150 for this to balance。 Next， we have revenue increasing by 100。
All other categories are unchanged except assets。
What is the change in assets？ We have to use the complete balance sheet equation to solve this one。
so that we break。
stockholder's equity into contributed capital， prior retained earnings， revenues， expenses。
and dividends。 So we know that revenues are going up by 100。
Everything else is unchanged but assets， which means that assets also have to go up。
by 100， so that both sides of the equation increase by 100。
Finally， expenses increased by 60 and all other categories are unchanged except cash。
What is the change in cash？ We will again use the complete balance sheet equation。
but now we will split assets into。
cash and non-cash assets。 So we know that expenses went up by 60。
Everything else is unchanged except for cash。 Now notice on the right hand side of the equation。
expenses going up by 60 means the right hand， side goes down by 60。
which means that cash also has to go down by 60 for us to stay in， balance。 I think I can do this。
Can we do more maths problems？ Finally， some positive feedback。
The purpose of this exercise was to preview the type of problem that you are going to be。
doing a lot in this course。 There is going to be a certain piece of information that you need that you are not given。
but， you can take all the other information that you are given and a set of equations which。
will usually be in the form of T-accounts or journal entries， feeling everything you， know。
and then solve for that one piece of information that you need， but you can't find。
in the financial statements。 Wow， has it been 12 minutes already？
Time sure flies when you are doing the balance sheet equation。
I am going to go ahead and wrap up this video and we will come back next time and talk in。
more detail about assets， liabilities and shareholders' equity。 I will see you then。
See you next video。 。 。 。 [ Silence ]。
沃顿商学院《商务基础》｜Business Foundations Specialization｜（中英字幕） - P51：3_1 2 2 资产负债和股东权益.zh_en - GPT中英字幕课程资源 - BV1R34y1c74c
Hello， I'm Professor Brian Bichay。 Welcome back。 In this video。
we're going to build on our discussion of the balance sheet equation， to talk about assets。
liabilities， and stockholders' equity in more detail。
We're going to provide precise definitions for each of them， and we're going to look。
at situations where we can record them and situations where we can't record them。 Let's get started。
Let's start with assets。 An asset is a resource that's expected to provide future economic benefits。
That means it's either going to generate future cash inflows or it's going to reduce。
future cash outflows。 There are two criteria that we use to decide when to recognize an asset。
First it must be acquired in a past transaction exchange， and second the value of its future。
benefits can be measured with a reasonable degree of precision。
So for example， if we buy a truck， the truck would be considered an asset。
The acquired ownership of the truck in exchange and the value of the benefits of the truck。
are equal to the price that we pay to buy the truck， so both criteria are satisfied。
and it would be an asset。 Now we're going to practice applying these criteria to figure out which of the following。
items would be assets。 I'm going to give you a number of items。
and for each one I want you to try to figure。
out whether it's an asset or not。 If it's an asset。
try to give me the account name and what the dollar amount would be。 If it's not an asset。
then try to figure out what criteria would cause it to not be an。
asset。 I'll bring up the pause sign， so if you want to pause and try to answer it yourself， you。
can， but as always you can just roll through and listen to the answers if you'd like。
So let's get started。 BOC sells $100，000 of merchandise to a customer that promises it to pay cash within 60 days。
This will be an asset called accounts receivable。 It's an asset because there was a transaction where we delivered goods to a customer。
and。
in return we got a promise from them to pay cash。
It's an asset because that can turn into cash within the next 60 days。
And the value of the future benefits can be reasonably estimated because it's the amount。
that customer owes us on the invoice， and that amount is $100，000 which is what the value。
of the asset would be。
Next， BOC signs a contract to deliver $100，000 of natural gas to DEF each month for the next。
year。
This one will not be an asset because there's been no past transaction or exchange。
Every exchange of cash， goods， or services is going to happen sometime in the future。
Nothing has been exchanged yet， so there can't be an asset for it。
Excuse me。 Both of these two sound like promises to me。
Why is the first an asset but the second is not？ That's a great question。 In the first example。
the customer has promised to pay us cash， but we've acquired that promise。
through delivering them goods。 In other words， there's been a past transaction or exchange which is that first criteria for。
recognizing an asset。 In the second case， I've always done a sign of contract。
If the contract was broken， it's not clear we'd have any basis to ask the customer to， pay us $100。
000。 This first criteria acquired in a past transaction or exchange is there to raise our assurance。
that something that we want to call an asset is a legitimate resource that should deliver。
future benefits as opposed to a simple promise that could easily be broken， as might be the。
case if there's a contract that was signed with no accompanying exchange of cash， goods。
or services。 BOC buys $100，000 of chemicals to be used as raw materials。
BOC pays in cash at the time of delivery and receives a 2% discount on the purchase price。
This is an asset and we'll call this asset inventory。
Inventory is a term that we're going to use for any product or raw materials that we buy。
that we're going to turn into a finished product that we're going to sell at a markup。
It meets both criteria。
We acquired the chemicals in a market transaction and the value of the benefits is known here。
because it's what we paid in the market transaction。
And note that the value here is $98，000， not $100，000 because we value it at what we。
actually paid for it， not some kind of higher sticker price that wasn't what the transaction。
actually happened at。
BOC pays $12 million for the annual rent on its office building。
It is already occupied it for one month。
This is an asset。 We're going to call it prepaid rent。
It meets the first criteria because in a market transaction we paid for the right to occupy。
space in this office building for 12 months。
The value of the benefits are also known。 They're what we've paid for。
But note that at this point the value of the benefits is only $11 million， not the $12。
million that we've paid。 Because we've already occupied it for a month we've used up one month of the future benefits。
So at this point in time there's only $11 million of future benefits。
So we have prepaid rent worth $11 million。 BOC buys a piece of land for $100，000。
This broker said this was a steal because the land is probably worth $150，000。
This is an asset which we'll call land。 It meets the first criteria because there was a market transaction where we acquired ownership。
The value of the benefits are assumed to be what we paid for it which is $100，000。
Now note we ignore the last sentence about what the broker thinks the land is worth because。
that's not what we paid for it in a market transaction and so we're not going to use。
that as the value of the benefits。 We're going to use the more objective number of what we actually paid for it。
So we've got an asset land that's worth $100，000。
BOC is advised by a marketing firm that its brand name is worth $63 million。
This would not be an asset because we never acquired it in a past transaction or exchange。
And you could argue that the value of the brand cannot be measured with a reasonable。
degree of precision so it doesn't really mean either criteria。
Are you seeing that marketing people do not know what they are talking about？ No， no， no。
I definitely respect marketing people。 Some of my best friends are marketing professors。
It's simply a case where accountants have decided to err on the side of reliability or， objectivity。
Without a market transaction where the company has acquired the brand， we can't be sure of。
how much it's worth and so we err on the side of leaving it off the financial statements。
For this reason you'll often see the value of the company in the stock market to be greater。
than the value on the financial statements because investors would consider this to be。
an economic asset whereas the accounting system is going to ignore this asset as not reliable。
enough。
Now we're going to turn to liabilities。 A liability is a claim on assets by creditors or non-owners that represent an obligation。
to make future payment of cash， goods or services。
My former boss called me a liability to the organization。 Is this what he meant？ No。
you were probably a liability in a different sense。 Let's go on。 Just like assets。
there are two criteria for when we recognize a liability。
First， the obligation is based on benefits or services received currently or in the past。
and second， the amount and timing of the payment is reasonably certain。
Even though the words are different， these are essentially the same two criteria for， the assets。
The first one says there has to be some kind of transaction or exchange where you've received。
something that creates an obligation and the second criteria says you can measure the amount。
of what the obligation is。
For example， let's say we borrow money from a bank。
We have an obligation to repay the bank based on receiving the benefit of getting the money， now。
The amount and timing of the payment is reasonably certain and if there was any question， I'm。
sure the bank would clarify how much we exactly owe them。
Borrowing money from a bank would meet both criteria and it would be a liability called。
something like notes payable or mortgage payable。
We're going to do the same exercise now with liabilities。
I'll give you a number of items。 I'll give you a chance with the pause sign to try to answer them if you'd like and then。
we'll talk about what the answer is。 First item， BOC receives $300。
000 of raw materials from a supplier and promises to pay within。
60 days。
This will be a liability。 We're going to call this liability accounts payable。
We use that term any time we owe money to a supplier。
It meets the first criteria because we got the benefit of raw materials in a transaction。
which now creates the obligation to pay our supplier and the amount of the obligation is。
reasonably certain。
It's the $300，000 which is on the invoice。 So we're going to have an accounts payable liability for $300。
000。
Based on this quarter's operations， BOC estimates that it owes the IRS $3 million in taxes。
This will be a liability。 We'll call this liability income tax payable。
So a little bit hard to see the first criteria here because there was no explicit transaction。
but essentially what happened is the government allowed us to operate our business so that。
we got the benefit of being able to operate our business in this country and in return。
it created an obligation to pay them taxes based on the right to operate the business。
We have to then estimate the amount of the liability even though we don't know exactly。
what the taxes are at this point。 We can estimate them with reasonable certainty。
We come up with $3 million as our estimate so we would have a liability called income。
tax payable for $3 million。 We said that the amount in timing of payment has to be reasonably certain for the liability。
Why is an estimated amount considered to be reasonably certain？
We're going to have to make a lot of estimates in accounting。
As long as we're reasonably certain about the number we should go ahead and book the， liability。
For something like taxes there are tax forms available on the web。
We have a rough idea of how much our tax will income will be during the period and so。
we can estimate what our tax liability is。 Now it may not be 100% correct when we eventually file the form but whatever our best estimate。
is is much better estimate than ignoring completely so we go ahead and put our best。
estimate on the financial statements。 Next， BOC signs a three-year $120 million contract to hire Dakota Dokes as its new CEO。
starting next month。
This one is non-eliability and it's not a liability because there's no obligation based。
on benefits that have been received currently or in the past which is the first criteria。
Until Dakota actually works for us and works for us without getting paid there cannot be。
a liability。 Even then the liability would only be for the time that he or she has worked without pay。
We wouldn't book a liability for the entire three-year contract because we haven't received。
the benefits for that yet。
Plus there's too much uncertainty with that because Dakota could quit tomorrow， we could。
fire Dakota， our lawyers， his or her lawyers could find a way out of the contract。
There's too much uncertainty over the dollar amount for the three-year contract so we only。
are going to record a liability for the amount of time that Dakota has worked for us。
Since he or she hasn't worked for us yet there would be no liability。
The EOC has not yet paid employees who earn salaries of $1 million during the most recent。
pay period。
This would be a liability which we're going to call salaries payable。
It does meet the first criteria because there's an obligation based on the benefits we've。
received。 The employees have worked for us， we've gotten the benefit of their services and now we have。
an obligation to pay them for those services。
The amount we owe is reasonably certain and if there were any questions the employees。
would surely let us know how much we owe them。
So we'd have an obligation based on past benefits for $1 million and we book a liability。
called salaries payable for $1 million。
In both of these last two examples we have not yet paid our employees。
Why is this one a liability but not the previous one？
Is it because the first one pertains to an executive whilst the second one pertains to。
lowly employees？ No， no， no， it has nothing to do with status。
It's simply a matter of for liability to exist。 There must be some obligation based on benefits or services received in the past。
Employees that have worked for us without being paid creates a liability for us。
Employees that have not yet worked for us cannot create a liability。 BOC borrows $500。
000 from a bank on a one-year note with a 10% interest rate。
We talked about this example earlier。
This would be a liability called notes payable。
Meets the first criteria because we have an obligation based on receiving the benefit， of the $500。
000 from the bank。
The amount that we owe is reasonably certain it's $500，000 so it meets the second criteria。
so we have a liability called notes payable for $500，000。
What about the interest？ We will interest on the loan。
Shouldn't there be an interest payable as well？ Great question。
Interest is not a liability at this point because we just took out the loan and we can。
presumably pay it back right now without owing an interest。
Interest only becomes a liability as the money is outstanding over time and to the extent。
that we haven't paid it the amount of interest that we owe but haven't paid becomes a liability。
Finally BOC is sued by a group of customers who claim their products were defective。
The suit claims damages at $6 million。
This would not be a liability。 It does meet the first criteria。
There's a potential obligation based on a benefit received in the past。
The benefit was we sold products which turned out to be defective。
Doesn't meet the second criteria though because we can claim that the amount of the payment。
is still uncertain until we have a settlement or we go to trial。
We don't know whether we have to pay anything so because of that uncertainty we don't have。
to record a liability in this case。
Finally we have stockholders equity。
Stockholders equity is the residual claim on assets after settling claims of creditors。
In other words it's assets minus liabilities。 A lot of synonyms for this it's also called shareholders equity。
owners equity， net worth。
net assets， net book value。
Unlike assets or liabilities there are not two criteria for how to measure stockholders。
equity because if you measure all your assets correctly and you measure all your liabilities。
correctly that stockholders equity is whatever is left over。
But there are two sources of stockholders equity。
The first source is what we call contributed capital which arises from selling shares of。
stock to the public。
So we'll talk about common stock and additional paid in capital。
That's what you record when you issue new shares to the public。 Common stock is for the par value。
Additional paid in capital is for everything you receive above the par value。
And then treasury stock is what we call it when the company repurchases its own stock。
from investors。 Wait， what is this thing called par value？
Is this why there are so many accountants on their golf course during the day？
I'm not sure why you're seeing so many accounts on the golf course but it has nothing to do。
with par value。 Par value is this archaic historical concept。
There used to be laws which said that companies couldn't issue new equity if the value of。
their stock was below the par value or they couldn't pay dividends if the value was below。
the par value。 Most of those laws are gone now and par values main implication is that when we issue equity。
we put the par value amount of the proceeds into an account called common stock。
You put the rest into additional paid in capital。 You'll see this more in subsequent videos。
The other source of stockholders equity is retained earnings which arise from operating。
the business。 Devenin earnings is the accumulation of net income which is revenues minus expenses less。
than any dividends that have been paid out since the start of the business。
So what are dividends？ Dividends are distributions of retained earnings to shareholders。
They're not considered an expense and we record them as a reduction of retained earnings。
on the date the board declares the dividend which is called the declaration date。
If we don't pay in cash on that date which is what usually happens， it will create a。
liability to our shareholders until we actually pay the dividend on the payment date。
Excuse me。 Please explain that again。 Why are dividends not an expense？
They are paid in cash like other expenses and why are they a liability？ Both great questions。 First。
dividends are not considered an expense because they're not considered a cost of generating。
revenue。 Instead， dividends are a discretionary decision by the board of directors to return some funds。
back to shareholders。 That's presumably somewhat independent of the company's performance or sales during the。
period。 Second， we create a dividend payable because once the board declares a dividend。
it's essentially， holding the shareholders money until it sends the check。
making the shareholders creditors， of the company。
I admit this one seems weird because usually liabilities are for non-owners whereas here。
we have a liability to our owners but we consider them creditors in this one specific， case。
The best thing at this point is just to memorize it。
Dividends are not an expense and when the board declares but doesn't pay a dividend， we。
create a dividend payable liability。 That wraps up our discussion of assets。
liabilities and stockholders' equity。 Now we have to figure out how to keep track of them。
Well the good news is in the next video， we'll talk about those magical things called debits。
and credits which will help us keep track of everything in the financial statements。 See you then。
See you next video。 Bye。
沃顿商学院《商务基础》｜Business Foundations Specialization｜（中英字幕） - P52：4_1 3 1 借贷记账法 I.zh_en - GPT中英字幕课程资源 - BV1R34y1c74c
Hello， I'm Professor Brian Buchay。 Welcome back。 This is the video you've all been waiting for。
We're going to talk about debits and credits。 Now I have to admit that there's somewhat of a disagreement in the accounting faculty。
world about whether we should still be teaching debits and credits。
I am firmly in the camp where I believe that debits and credits are a very useful and powerful。
tool for learning and teaching accounting。 Plus， I still use them to this day。
If I had to figure out some kind of complicated transaction in a financial statement， first。
thing I would do would be break out the debits and credits to help me crack the problem that。
I'm trying to solve。 So hopefully you'll find them useful too。 If nothing else。
you're joining an exclusive fraternity of people around the world that。
can speak in the language of debits and credits。 Let's get started。
As a starting point， I have to say that the most interesting thing about bookkeeping is。
that it's the only word in the English language with three consecutive sets of double letters。
O-O-K-K-E-E。
Beyond that， I'm not sure it's that interesting， but these three fundamental bookkeeping equations。
I'm going to show you are incredibly powerful tools for both learning accounting and then。
ultimately understanding the information that you're going to read in financial statements。
The first equation we've seen before， assets equals liabilities plus stockholders' equity。
the balance sheet equation。
We're also going to introduce the equation that the sum of the debits has to equal the。
sum of the credits and that the beginning balance of an account plus increases minus decreases。
has to equal the ending balance of an account。 These three equations must balance at all times and this will come in handy because many。
times we'll be missing one piece of information but we'll have everything else and then we。
can use one of these equations to figure out the piece of information that we're missing。
We're going to recognize that the balance sheet equation can be preserved through the use。
of debits and credits。 So instead of having to constantly go back and recalculate the balance sheet equation。
instead all we have to do is make sure our debits equal our credits and we know that the。
balance sheet equation is preserved。
So what are these magical things called debits and credits？
A debit is defined as a left side entry and a credit is defined as a right side entry。
Doesn't credit mean good？ But my account， credit card， credit to society， all sounds good to me。
And doesn't debit mean bad？ Debit card， debit my account， debit to society。 I hate the word debit。
Yes， debit and credit have gotten those connotations in the real world。 But in the accounting world。
debit simply means left， credit simply means right。 Sometimes debits are good。
sometimes they're bad， sometimes credits are good， sometimes， they're bad。
All they mean is left and right。 And don't ask me why we abbreviate debit as DR。
It's probably something the British came up with centuries ago and we've just always。
done it that way， but that's the way we do it， so get used to it。
Now let's take a look at how debits and credits can be used to preserve the balance sheet equation。
So here's the balance sheet equation again。 And in prior videos。
remember we did a more complete balance sheet equation where we split。
the stockholders' equity into contributed capital， retained earnings。
and then revenues and expenses。
Where are dividends？ In a prior video， you had dividends in this complete balance sheet equation。
I bet you think we aren't even watching the videos we don't participate in。 Nice catch。
I did drop dividends from this equation。 One reason is that I was running out of space on the slide。
as you can see。 But the more important reason is we're going to not treat dividends as a separate account。
going forward。 We'll create separate accounts for revenues and expenses。
but we're just going to treat， dividends as a reduction in retained earnings。
The problem with this equation is that we have the negative expenses at the end。
As we saw a couple of videos ago， it can get confusing when working with expenses in this。
case because an increase in an expense would be an increase in a negative number on the。
right-hand side of the equation， which would make it go down and it gets very confusing。
So to solve this problem， we're going to move expenses to the other side。
Now we have assets plus expenses， equals liabilities plus contributed capital plus retained earnings。
plus revenue， and it's all positive numbers。
Then we're going to call everything on the left， debits， and everything on the right credits。
There are a number of rules of debits and credits that we have to keep in mind and follow。
if we want the debits and credits to stand in for the balance sheet equation。
First is that every transaction must have at least one debit and at least one credit。
which makes sense because if we want debits to equal credits， we have to have at least。
one on each side in a transaction。 Debits must equal credits for all transactions。
and as long as that's the case， we'll know。
that the balance sheet equation will stay in balance。
No negative numbers are allowed。 So you're going to debit a positive number or credit a positive number。
You're never going to debit a negative number or credit a negative number。
And as you can see in the balance sheet equation above， now that it's rearranged， we don't。
need to deal with negative numbers for debits and credits。
Now we're going to talk about accounts and account balances。
In a case you ever wondered， the reason why this is called accounting is because we put。
everything in these accounts， which are areas where we keep track of similar types of transactions。
Every account has a normal balance。
That's the type of balance either debit or credit that the account carries under normal。
circumstances。
We're going to represent accounts in something called the T account， which is going to show。
all of the changes in the account value。 We're going to put debits on the left side of the T and credits on the right side of the。
T and we're going to do that because debit means left and credit means right。
The difference between the sum of the debits and the sum of the credits at any point in。
time will give us a balance for the account。
And then the change in account balance equation is the one we saw before， beginning balance。
in account plus increases minus decreases， has to equal the ending balance， where we're。
going to use debits and credits to stand in for the increases and decreases。
I was wondering why I wasn't getting any questions。 Wake up。 It's going to get more interesting。
Let's take a look at how this works in more detail。
Assets and expenses are going to have a normal balance that's a debit， which means it's going。
to sit on the left side of the T account。 For example。
let's look at an asset like accounts receivable。
Remember， this is the money that's owed to us by customers based on sales we've made。
in the past。 It's an asset because its money will collect in the future。
Let's put a little A in parentheses to denote that this is an asset account。
The beginning balance sits on the left side of the T account because it's a debit balance， account。
Then let's say during the period we make new sales of 100。
New sales on account， increase accounts receivable， increase the amount of cash that。
our customers owe us， and we're going to increase the account through a debit entry。
We increase a debit account with a debit entry。
Even when we collect cash from customers， it reduces accounts receivable。
The customers don't owe us the cash anymore because they paid us so the account has to。
go down。 We reduce accounts receivable with a credit。
We reduce a debit balance account with a credit entry。 Then at the end of the period we draw a line。
add up the debit， subtract some of the credits。
and we get an ending balance in this case of 10。20， which sits on the debit side because。
again it's a debit balance account。
So， does debit mean good？ I mean， new sales are good， right？ Or does credit mean good？
Cash collections are good， right？ I am so confused。
Don't think of debits and credits as good and bad。 Debit simply means left entry。
credit simply means right entry。 Debit will sometimes increase account。
debits will sometimes decrease in account， it all， depends on the type of account it is。
So hang on for more examples， but just keep in mind， debit and credit is not good and， bad。
it's just left and right。
Now let's look at accounts that have a normal balance on the credit side。
Liability， stockholders， equity and revenue have normal balances that are credits which。
sit on the right side of the T account。
If we look at an example of a liability like accounts payable， this is money that we owe。
our suppliers based on raw materials that we've received in the past。
Put a little L in parentheses to indicate it's a liability because we have an obligation。
to pay those suppliers in the future。
At the beginning of the period we owe our suppliers a thousand dollars。
That beginning balance sits on the credit side because it's a credit balance account。
During the year we pay $80 to our suppliers。 That reduces the liability， reduces the obligation。
We reduce a liability with a debit。
So a debit entry reduces a credit balance account。
Also during the year we go out and purchase new inventory。
We purchase it on account so we owe our suppliers $100。
That's going to increase the liability accounts payable。 We increase the liability with a credit。
A credit entry increases a credit balance account。
The end of the period we draw a line， add up the credit， subtract the sum of the debits。
We get an ending balance of $10。20 which sits on the credit side or right side because it。
is a credit balance account。 I think I've got it。 Debit means increase for a debit account and decrease for a credit account。
And credit means increase for a credit account and decrease for a debit account。
Or is it the other way around？ You're exactly right。
Debit's increase a debit balance account and decrease the credit balance account。
It's increase a credit balance account and decrease a debit balance account。 Did I say that？ Yeah。
I think so。 Anyway， let's just go on。 One way to represent this graphically is through something we call the super T account。
If you think of the whole balance sheet as a big T account with assets on the left and。
liabilities and stockholders equity on the right， then what you can see is all the individual。
asset accounts are going to be increased by debits because they're on the left side of。
this super T。
All the individual liability contributed capital and retained earnings accounts are going to。
be increased through credits because they sit on the right hand side of the super T。
Then we're going to get to the trickiest revenues and expenses。
Remember revenues and expenses live within retained earnings。
Revenues increase net income which means they increase retained earnings。
So revenues have a credit balance。
They're increased with credits which then in turn increases retained earnings。
Are reductions in net income and hence reductions in retained earnings？
So expenses have a debit balance because a debit to an expense represents a reduction。
in retained earnings。 I mean， there's not much intuition to this。
This is just something you're going to want to memorize until it becomes second nature。 Dude。
can I get a tattoo of this on my arm？
Yeah， you could， but maybe a less drastic step would be to just print out the slide or。
maybe write it on your hand with an eight-pen。 But I do think it is a good idea to keep it cheat sheet handy to help remind you which。
accounts are debit balance accounts and which accounts are credit balance accounts until。
you have it memorized。 We're going to follow a very systematic approach in analyzing transactions to figure out how。
to represent them as journal entries。 Journal entries are what we're going to use to show a transaction in this debit and credit。
format。 So there's three questions we have to think about。
First， what specific asset liability， stockability。
revenue or expense accounts does a given transaction。
effect？ Does the transaction increase or decrease the affected accounts？
And then should the accounts be debited or credited？
And here we can look back to something like our super T account as a cheat sheet to figure。
out whether we debit or credit to increase or decrease the accounts。
Then we can put it in the journal entry format which is our shorthand for what happened in。
the transaction。 We start with the debit account。
We use the abbreviation DR for debit， the name of the account and the dollar amount。
Then we list the credits after that。 We indent the credits， put a CR for the abbreviation。
the names of the accounts credited and the。
dollar amount。
The key thing to remember is always list your debits first， then list your credits and then。
always indent your credits。 Okay， this is really important。
Place your right hand and repeat after me。 I do solemnly swear that I will always list my debits first。
I do solemnly swear that I will always list debits first。 That I will always list credits second。
That I will always list credits second。 And that I will always indent my credits。
And that I will always indent my credits。 Did I just ask you to swear an oath about debits and credits？
I think maybe I'm getting a little loopy here。 So why don't we go ahead and stop the video at this point。
We'll pick it up in the next video with a series of four examples to help pull together。
everything we've talked about so far and then we'll practice doing some journal entries。
I'll see you then。 See you next video。 [BLANK_AUDIO]。
