Unit 3. Balance Sheet

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Составьте 6 вопросов к тексту (общих и специальных)

3.

Образуйте однокоренные слова.

Прочитайте следующие утверждения и определите какое из них верное, а какое нет.

1) An effective accounting system includes accurate collecting, classifying and reporting of financial information.

2) The accounting process doesn't follow any principles and rules.

3) The procedures for handling and presenting information depend upon the type of business or the amount of money involved.

4) The balance sheet and the income statement are the main financial statements.

5) The financial position of the company at one point in time is shown in the income statement.

6) An accountant keeps and checks financial accounts.

Count –

Finance –

Keep –

Collect –

Report –

Inform –

Collect –

Classify –

1. accounting system	a)предоставлять информацию
2. reflect the major financial activities of a company	b) состояние финансов
3. interested party	c)заинтересованная сторона
4. present information	d) балансовый отчет
5. balance sheet	e) отражать, показывать
6. financial status	основную финансовую деятельность компании

Which reviews are called audits?

On what basis are auditors employed?

What is the aim of maintaining an internal audit?

What are the responsibilities of a bookkeeper?

Text 1. Read and translate.

The balance sheet is a document that shows the totals of money received and money paid out by a company and the difference between them. The balance sheet includes two parts: assets; liabilities and share capital. Both parts should always be balanced.

The item Current Assets includes cash, marketable securities, accounts receivable and stock-in-trade. Thus these assets appear to be working assets, i.e. they circulate as follows:

Realised Finished Goods ACCOUNTS RECEIVABLE

Accounts receivable CASH

CASH ACCOUNTS PAYABLE

Current assets are the assets which a company can convert quickly into cash, usually stocks and accounts receivable falling due within one year.

Cash includes bills, petty cash fund and money on deposit.

Marketable securities are a short-term investment of surplus or temporary free assets. Normally this assets are located into commercial securities or federal bonds. The balance sheet shows their nominal cost, their market value is given in brackets.

Accounts receivable are amounts owed to a business by suppliers of goods and services. Usually customers are allowed a 30, 60 or 90 days period of time within which they are to effect a payment.

Stock-in-trade includes raw materials to be used for production and semi-finished good.

Capital assets include property, premises, plant and machinery, and equipment. They are not meant for sale but for the goods production, storage and transportation. This category comprises land, buildings, machinery, equipment, furniture and vehicles. Capital assets loose their value with age and use. The real cost of capital assets may gradually loose their value as a result of obsolescence of machinery.

Prepayments and deferred charges include, for instance, insurance against fire prepayment or lease prepayments etc.

Liabilities are money owned by a company, a debt.

Current liabilities are the debts that are payable on demand or within one year.

Long-term liabilities are liabilities which should be paid within a period of time which is not less than one year.

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