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The assets, liabilities and equity





ЗАДАНИЕ

II сессия

По дисциплине «Английский язык»

Студентам заочного отделения факультета бухгалтерского учета

По специальностям 1-25 01 08 09 «Бухгалтерский учёт, анализ и аудит в АПК », 1-25 01 04 05 «Финансы и кредит в АПК » для самостоятельной подготовки к сессии 2011–2012 учебный год

Text 1

 

Accounting

 

Accountancy (British English) or accounting (American English) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated.

Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements in order to express an opinion as to the fairness and adherence to generally accepted accounting principles, in all material respects.

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as book-keeping.

At the heart of modern financial accounting is the double-entry book-keeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy way to check for errors. This system was first used in medieval Europe, although some believe that the system dates back to Ancient Greece.

According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep book-keeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such.

(1501)

 

Vocabulary to the text

accountancy , accounting – бухгалтерское дело, счетоводство

disclosure – раскрытие; выдача (сведений); сообщение, разглашение

assurance – уверение, гарантия, заверение, уверенность

financial accounting – финансовый учет

auditing – 1) проверка отчетности; 2) ревизия баланса и отчетности; 3) аудит

financial statement – финансовый отчет

adherence – соблюдение, строгое следование правилам

book-keeping – счетоводство, ведение бухгалтерских книг (стадия учета, которая заключается в регистрации хозяйственных операций в учетном регистре)

double-entry book-keeping system – система двойной записи (система учета, в соответствии с которой каждая операция отражается одновременно по дебету одного и кредиту другого бухгалтерского счета)



entry – (бухгалтерская) запись, проводка

transaction – сделка, торговая операция

debit – дебет (левая сторона бухгалтерских счетов; в активных счетах – приход (получение денежных средств, материалов, увеличение себестоимости готовой продукции, увеличение задолженности покупателей и т. д.), в пассивных – расход (погашение обязательств, уменьшение капитала или получение убытка);

account – счет, вклад, депозит (денежные средства в кредитно-финансовом учреждении, которые принадлежат какому-л. лицу), счет (бухгалтерского учета), учетный регистр, статья бухгалтерской отчетности

credit – кредит (правая сторона бухгалтерского счета или учетной книги; в активных счетах – расход (расходование денежных средств, материалов, списание из запасов готовой продукции, списание накопленных затрат со счета незавершенного производства и т. п.), в пассивных – поступление (привлечение дополнительного акционерного капитала или получение новых кредитов, получение прибыли и т. п.);

 

Text 2

Auditing

 

“In God we trust, all others we audit”. This quote sums up a basic viewpoint of some professionals towards auditing. Auditing has existed in one form or another since ancient times. Records show that auditing activity was part of early life in Babylonia, China, Greece, and Rome. One ancient meaning for the word “auditor” was a “hearer or listener”. In Rome, auditors heard transactions as they took place. They observed the events as they happened and were able to recount the responsibilities and obligations to which each party was bound.

Modern auditing, as defined by the American Accounting Association, is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.

An examination of the definition of auditing reveals that there are three key aspects of the definition. First, auditing is not an activity which can be performed in a haphazard manner, it is a systematic process based on logic and reasoning.

Second, during an examination of financial statements the auditor objectively obtains and evaluates evidence regarding assertions about economic actions and events embodied in the financial statements to ascertain the degree of correspondence between those assertions and established criteria. In the audit of financial statements prepared by a company, the established criteria are generally accepted accounting principles (GAAP).

The third and final key aspect of the definition is that auditing involves communicating the results of the audit to interested users. The auditor communicates the findings of the audit process by issuing an audit report. In the audit report, the auditor gives an opinion as to whether the assertions are reported in accordance with the established criteria.

(1625)

Vocabulary to the text

 

American Accounting Association – Американская ассоциация бухгалтерского учета (организация бухгалтеров, преподавателей бухгалтерского учета и научных работников, заинтересованных в развитии теории и практики бухгалтерского учета)

assertion – утверждение, отстаивание (прав, претензий)

haphazard – 1) случайный; 2) бессистемный

to embody – 1) воплощать в жизнь, олицетворять, заключать в себе, содержать; 2) объединяться, сливаться (в акционерное общество)

generally accepted accounting principles (GAAP) – общепринятые принципы бухгалтерского учета (ГААП, ОПБУ); в широком смысле: принципы ведения финансового учета и представления отчетности, которые на данный момент времени признаются базой для составления отчетности, корректно отражающей экономическое положение фирмы

audit report – отчет о результатах аудита (более детальный отчет, чем заключение аудитора; представляется руководству или совету директоров вместо или вместе с сокращенным аудиторским заключением)

 

Text 3

The assets, liabilities and equity

 

Accounting is the process of measuring and recording the financial value of the assets and liabilities of a business and monitoring these values as they change with the passage of time. When we refer to a business we could be referring to an individual, a company or any other entity for which accounting records are to be kept (for example a church, club or other non-profit organization).

The assets of a business are those things that belong to the business that have a positive financial value i.e. items that could be sold by the business in exchange for money. Examples of assets include land, buildings, vehicles, stock, equipment, rare gold coins, bank accounts with positive balances and money owed to the business by its debtors.

The liabilities of a business are those things that belong to the business but unlike assets have a negative financial value i.e. items that will require the payment of money by the business at some point in the future. Examples of liabilities include unpaid bills, unpaid taxes, unpaid wages, rusty motor vehicles, stock that has passed its use-by date, overdrawn bank accounts and money owed by the business to its creditors.

The equity of a business is defined as the value of the assets minus the value of the liabilities. In other words the equity is the financial value that would be left if all the assets were sold and the money from the sale was used to pay off all the liabilities. Another way of expressing this is to say that the equity is the amount of money that would be released if the business was to be wound up.

The assets, liabilities and equity of a business are all financial measurements that relate to a particular point in time. The financial statement that is used to present this information is known as the balance sheet. The balance sheet is a statement of the assets, liabilities and equity of a business as they exist at a particular point in time.

(1583)

 

Vocabulary to the text

assets – имущество, средства, авуары, ресурсы, активы

liabilities – долги, денежные обязательства, задолженность

stock – запас, резерв; фонд; инвентарь, имущество

equity – собственный капитал, собственные средства

balance sheet – (бухгалтерский) баланс, балансовый отчет

 

Text 4

 

Balance Sheet

 

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership, a corporation or other business organization. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.

A standard company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by the liabilities.

A balance sheet summarizes an organization or individual's assets, equity and liabilities at a specific point in time. Two forms of balance sheet exist. They are the report form and the account form. Individuals and small businesses tend to have simple balance sheets. Larger businesses tend to have more complex balance sheets, and these are presented in the organization's annual report. Large businesses also may prepare balance sheets for segments of their businesses. A balance sheet is often presented alongside one for a different point in time (typically the previous year) for comparison.

A personal balance sheet lists current assets such as cash in checking accounts and savings accounts, long-term assets such as common stock and real estate, current liabilities such as loan debt and mortgage debt due, or overdue, long-term liabilities such as mortgage and other loan debt. Securities and real estate values are listed at market value. Personal net worth is the difference between an individual's total assets and total liabilities.

A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt. The small business's equity is the difference between total assets and total liabilities.

(1657)

 

Vocabulary to the text

balance sheet – балансовый отчет

sole proprietorship – единоличное владение

assets – активы

liabilities – пассивы

owner’s equity – собственный капитал владельца

report form – вертикальная форма отчёта о прибылях и убытках

account form – горизонтальная форма

checking account – текущий счет

saving account – сберегательный счет

common stock – обычные акции

real estate – недвижимость

loan debt – задолженность по кредиту

mortgage debt – задолженность по ипотечному кредиту

overdueневзысканный; неуплаченный в срок

securities – ценные бумаги

real estate values – оценка недвижимого имущества

accounts receivable – дебиторская задолженность

intangible assets – нематериальные активы

fixed assets – основные средства, постоянные активы

accounts payable – кредиторская задолженность

accrued expenses – накопленные обязательства

long-term debt – долгосрочная задолженность

Text 5

Income statement

 

The income of a business is the sum of those things that increase the value of the assets without any corresponding increase in the liabilities or any new investment by the owners of the business. Examples include revenue from the sale of goods, equipment or services supplied, rent or interest received and capital gains.

The expenses of a business are those things that reduce the value of the assets without any corresponding reduction in the liabilities or any capital drawings by the owners. Examples include the cost of stock and raw materials, rent or interest paid, electricity bills, telephone, wages, taxes, dividends, depreciation and donations to charity.

The income and expenses of a business are financial measurements that relate to a specified period of time rather than a specific point in time. The financial statement that is used to present this information is known as the income statement. The income statement is a statement of the income and expenses of a business as they occur during a specific period.

The income statement is commonly divided into two sections in a similar fashion to the balance sheet. One section shows the total income and the other section shows the total expenses. Like the balance sheet each section will be broken down into more or less detail depending on its intended use. However unlike the balance sheet the totals of each of the two sections are unlikely to be the same. The difference will usually be shown as a separate item at the bottom of the income statement and if the total income exceeds the total expenses it will be given a title such as retained earnings, net profit or excess of income over expenditure. If the total expenses exceed the total income it will instead be called something like retained loss, net loss or excess of expenditure over income.

(1514)

 

Vocabulary to the text

income – доход, поступления; заработок

expenses – расходы, издержки

drawings – изъятия (выплаты из чистой прибыли индивидуальному предпринимателю или участнику партнерства, аналогичные дивидендам в акционерной компании)

depreciation – амортизация

income statement – отчет о доходах

totals – итоги

retained earnings – нераспределенная прибыль (чистая прибыль компании, не распределенная среди акционеров, а направленная в резервы или на другие цели )

net profit – чистая прибыль

net loss – чистый убыток

 





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