Bookkeeping as Part of Accounting Cycle
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Экономические специальности –IV семестр (6-летки)
Специальность Бухучет
Assets and Liabilities
The term “asset” means anything of value that is owned by a company and can be expressed in terms of money. Economic resources that provide a potential future service to the organization are called assets in accounting. A company’s total assets include such items as cash, buildings, equipment, any other property and accounts receivable, that is, money owned by its customers.
Assets are usually classified as current and long-term, both types consisting of tangible as well as of intangible items. Current tangible assets including cash, accounts receivable, stock-in-trade are usually converted into cash within one year and sometimes can be used as a means of payment. On the other hand, current intangible assets consist of short-term investments in stocks and bonds.
Long-term intangible assets are not really visible and include such items as goodwill, patents, trademarks, copyrights, these assets often being the most important factor for obtaining future incomes. For example, goodwill means an intangible asset which takes into account the value added to a business as a result of its reputation which cannot be really calculated. In contrast, the real estate (such as farm land, machinery, buildings and other physical objects) belongs to long-term tangible assets.
Liabilities are obligations that a company owes to another organization, to an individual (such as creditors and employees) or to the government. Like assets, liabilities are divided into current and long-term ones. Current liabilities are usually amounts that are paid within one year, including accounts payable, taxes on income and property, short-term loans, salaries and wages, and amounts of money owed to suppliers of goods and services. Noncurrent liabilities often called long-term are usually debts, such as bonds and long-term loans.
The amount by which the total assets exceed total liabilities is known as the net worth which is usually called the equity for companies. When the company is a corporation, the equity means the investment interest of the owners (that is, the stockholders) in the organization’s assets. The owners’ equity can be increased either by investing more money in the company or by earning a profit and can be decreased because of the company’s losses.
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All companies keep proper accounting system in order to know whether or not they are operating profitably, each of the assets and the liabilities and the equity being shown in a company’s accounts separately. The balance sheet prepared by the company’s accountant is one of the important financial reports showing the value of the total assets, total liabilities and equity on a given date. The relationship of these main categories is represented by the fundamental accounting equation: assets (everything that is owned) are equal to liabilities (owed) plus equity (clear of debt).
ASSETS = LIABILITIES + EQUITY
As all three factors are expressed in terms of money, they are limited to items that can be given a monetary value. The accounting equation should always be in balance, so that one side must equal the other.
Active vocabulary
assets – актив, фонд; капитал, имущество
assets and liabilities – актив и пассив
capital assets – основные фонды, основной капитал, основные средства
term– термин, выражение; период
terms – условия
credit terms – условия аккредитива, условия ссуды
lending terms– условия выдачи кредита
accounting– учет, отчетность, бухгалтерское дело; анализ хозяйственной деятельности
accounting cycle– цикл учета; учетный период; syn. accounting period
item – отдельный предмет, вид товара, изделий; статья (в счете, балансе), пункт, позиция, параграф
account – финансовый отчет, запись финансовой операции
accounts– отчетность, деловые книги
accounts receivable – счета дебиторов, счета к получению; ожидаемые поступления
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accounts payable – счета к оплате; ожидаемые выплаты
capital account– счет основного капитала, счет основных фондов; баланс движения капиталов
income account – счет доходов (прибылей) и убытков
current– текущий
current account– текущий счет
current assets– оборотные средства (фонды); текущие (легкореализуемые, ликвидные) активы
current liabilities– краткосрочные обязательства; текущие пассивы
ant. noncurrent liabilities, long-term liabilities– долгосрочные обязательства
tangible– осязаемый, материальный
tangible assets– материальные активы
tangible item – материальный предмет
intangible– неосязаемый, нематериальный
intangible assets– нематериальный актив
intangible item – нематериальный предмет
stock-in-trade – товарный запас, товарная наличность, остаток непроданных товаров
stock(s) – активы, запас(ы), фонд(ы)
in stock – в запасе, в наличии, в ассортименте
goodwill– гудвил, деловая репутация; ценность фирмы, определяющаяся ее клиентурой, репутацией, деловыми связями; престиж фирмы
trademark– торговая марка
copyright – авторское право
to take into account – принимать во внимание
real estate – недвижимое имущество
employee– служащий, рабочий, работающий по найму
salary– заработная плата, оклад
net worth – стоимость имущества за вычетом обязательств; собственный капитал (предприятия), чистая стоимость компании
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equity – капитал компании, акционерный капитал; активы (предприятия) за вычетом задолженности
investment interest – процент инвестиций
stockholder – акционер, владелец акций, владелец государственных ценных бумаг
syn. shareholder
proper– правильный, надлежащий
properly– правильно, должным образом
operate– работать, управлять
balance sheet – балансовый отчет
balance sheet account – статья бухгалтерского баланса
to be in balance– быть сбалансированным
accountant– эксперт по анализу балансов и финансовой отчетности, квалифицированный бухгалтер; ревизор, контролер
equation – уравнение, равенство; правильное соотношение
accounting equation– бухгалтерская сбалансированность
clear of debt – без долга
Questions to the text:
- What does the term “asset” mean?
- How can the company’s assets be classified?
- How “goodwill” increase the company’s profits?
- What liabilities does the company usually have? How are they classified?
- How is the net worth calculated?
- What accounts should be kept by the company?
- What is the main accounting equation?
- Why is it important to keep the proper accounting system?
Bookkeeping as Part of Accounting Cycle
Active vocabulary
| Bookkeeping | Бухгалтерия; бухгалтерский учет |
| Double-entry bookkeeping | Система бухгалтерского учета с двойной записью |
| Bookkeeper | Бухгалтер, счетовод |
| Accurate | Точный, правильный; тщательный |
| Accurately | Точно, правильно; тщательно; безошибочно |
| Receipts | Денежные поступления, выручка; приход; доходы |
| Data | Данные |
| Datum | Данная величина |
| Record | Запись; регистрация; учетные документы; документация; записывать; регистрировать |
| Record-keeping | Ведение учета; учет |
| Preliminary | Предварительный |
| Financial statements | Финансовая документация |
| Monthly statement | Ежемесячный бюллетень |
| Journal | Бухгалтерский журнал, регистр; ведомость |
| General journal | Главный журнал учета |
| Ledger | Бухгалтерская книга, бухгалтерский регистр, гроссбух |
| General ledger | Общая бухгалтерская книга |
| Balance the ledgers | Сбалансировать бухгалтерские книги |
| Posting | Разноска по счетам, перенос в бухгалтерскую книгу: проводка |
| Post | Делать проводку; разносить счета; заносить в бухгалтерскую книгу |
| Ledger posting | Запись в главную бухгалтерскую книгу |
| To post the journal into the ledger | Переносить журнальные записи в главную книгу |
| Draw up a balance | Подводить, составлять баланс |
| Trial balance | Пробный, предварительный бухгалтерский баланс |
| To bring accounts to a balance | Составлять сводный баланс |
| Favourable balance | Активный баланс; положительный баланс |
| Unfavourable balance | Пассивный баланс; отрицательный баланс |
| Cash balance | Кассовая наличность |
| Balance of an account | Остаток счета |
| Balances with foreign banks | Остатки на счетах в заграничных банках |
| Balance in hand | Денежная наличность; наличность кассы |
| Balance of payments | Платежный баланс |
| Balance of payment deficit | Дефицит платежного баланса |
| Debit account | Запись в левой части счета, показывающая задолженность организации |
| Debit of an account | Дебет счета; списание средств со счета |
| Debit balance | Дебетовое сальдо; дебетовый баланс, положительное сальдо |
| Credit account | Запись в левой части счета, показывающая приход актива |
| Credit balance | Кредитовое сальдо; кредитовый баланс, отрицательное сальдо |
| List | Список; составлять список |
| Accuracy | Точность, правильность; тщательность |
| Error | Ошибка, погрешность |
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For management of any company to be efficient, extensive and accurate information concerning receipts and payments, assets and liabilities, depreciation of assets and other data about company status are required. Such information being obtained mainly from different records, additional funds and time should be invested in bookkeeping and accounting system.
In general, accounting and bookkeeping mean identifying, measuring, recording economic information about any business, bookkeeping being considered the preliminary stage and part of the larger field of accounting.
The task of a bookkeeper is to ensure the record-keeping of accounting and therefore to provide the data to which accounting principles are applied in the preparation of financial statements. Bookkeeping provides the basic accounting data by systematical recording such day-to-day financial information as income from the sale of products or services, expenses of business operations such as the cost of the goods sold and overhead expenses (накладные расходы) such as a rent, wages, salaries.
Accounting principles determine which financial events and transactions should be recorded in the bookkeeper's books. The analysis and interpretation of these records is the primary function of accounting. The various financial statements produced by accountants then provide managers with the basis for future financial planning and control, and provide other interested parties (investors, the government) with useful information about the company.
Modern accounting system is considered to be a seven-step cycle. The first three steps fall under the bookkeeping function, such as: 1) the systematic recording of financial transactions; 2) the transferring of the amounts from various journals to general ledger (also called "posting step"); 3) the drawing up of the trial balance.
Record keeping of companies is based on a double-entry system, due to which each transaction is recorded on the basis of its dual impact on the company's financial position. To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects of every transaction, and entries must be made in different accounts to keep the ins (receipts) and outs (payments) balanced.
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