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| 1. Bookkeeping 2. Accounting 3. Managerial accounting 4. Cost accounting 5. Tax accounting 6. Auditing 7. Creative accounting | a) calculating an individual's or a company's liability for tax b) writing down the details of transactions (debits and credits) c) keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on d) preparing budgets and other financial reports necessary for management e) inspection and evaluation of accounts by a second set of accountants f) using all available accounting procedures and tricks, to disguise the true financial position of a company g) working out the unit cost of products, including materials, labour and all other expenses |
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The purpose of ________ is to provide financial information about the economic entity. 2. The _________ of creating accounting information are recording, classifying and summarizing. 3. Financial information provided by an accountant is needed by managerial ________ ________ to help them plan the 244 company’s activities. 4. The purpose of each business to earn ________. 5. Every economic entity should stay _______, that is to have sufficient cash to play debts. 6. The company that is unable to meet its obligations is called _______ . 7. To meet _______ of our society we need some knowledge of accounting.
Words for reference: challenge; insolvent; profit; makers; solvent; decision; means; accounting.
3.Найдите следующие выражения из текста и переведите их устно. Managerial accounting, external transaction, taxing authorities, levy taxes (on), legal contract, non-profit organizations, financial statement, audit, cost accounting, creative accounting, bookkeeping.
Тема № 7 The Double Entry System
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As you enter information in your books you will always make two entries
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which exactly balance one another. Each entry has a left side – these are called
debits and a right side – these are called credits. For each entry you must enter at
least one debit and one credit and the total of the amounts on the right must equal
the total on the left. Another “rule” is that debits are positive and credits are
negative and if you add them all together the total is “zero”.
If you go to the store and buy a drill you are decreasing your cash in the bank
by $129.50. You are increasing your expenses by the same amount – and there you
have your two entries. Cash gets the negative entry or credit and small tools gets
the positive entry or debit.
All your asset accounts (1000 series) are debit accounts which means they are
positive numbers. An asset is a positive number in the system. The liability
accounts (2000 series) are called credit accounts and they are negative numbers
but generally when you look at them on the balance sheet you don’t show the
minus sign.
The 3000 series is sales. Sales are considered a credit account. You sell
something and get some cash. Cash is a debit account. Make a sale and you better
increase your cash – debit cash. Positive entry.
The 4000 and 5000 series the expense accounts are all debit accounts. You
enter an expense as a positive number (debit) to increase your record of what
you’ve spent. Whenever you make a purchase of an item that goes to one of your
expense accounts you always increase your expense which is a debit.
Тема № 8 THE BALANCE SHEET
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Financial statements are the final product of the accounting process. They provide information on the financial condition of a company. The balance sheet, one type of financial statement, provides a summary of what a company owns and what it owes on one particular day.
Assets represent everything of value that is owned by a business, such as property, equipment and accounts receivable. On the other hand, liabilities are the debts owed by a company – for example, to suppliers and banks. If liabilities are subtracted from assets (assets — liabilities), the amount remaining is the owners' share of a business. This is known as owners' or stockholders' equity.
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One key to understanding the accounting transactions of a business is to understand the relationship of its assets, liabilities, and owners' equity. This is often represented by the fundamental accounting equation: assets equal liabilities plus owners' equity.
Assets = Liabilities + Owners’ Equity
These three factors are expressed in monetary terms and therefore are limited to items that can be given a monetary value. The accounting equation always remains in balance; in other words, one side must equal the other.
The balance sheet expands the accounting equation by providing more information about the assets, liabilities, and owners' equity of a company at a specific time (for example, on December 31, 1999). It is made up of two parts. The first part lists the company assets, and the second part details liabilities and owners' equity. Assets are divided into current and fixed assets. Cash, accounts receivable, and inventories are all current assets. Property, buildings, and equipment make up the fixed assets of a company. The liabilities section of the balance sheet is often divided into current liabilities (such as accounts payable and m-come taxes payable) and longterm liabilities (such as bonds and long-term notes).
The balance sheet provides a financial picture of a company on a particular date, and for this reason it is useful in two important areas. Internally, the balance sheet provides managers with financial information for company decision-making. Externally, it gives potential investors data for evaluation of the company's financial position.
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