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Переведенная на английский лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система) (стр. 3 из 3)

2. THE BASIS FOR THE ACCOUNTING PROCESS

The basis for the accounting process is the accounting equation. It shows the relationship among the firm's assets, liabil­ities, and owner's equity.

Assets are the items of value that a firm owns —'cash, inven­tories, land, equipment, buildings, patents, and the like.

Liabilities are the firm's debts and obligations — what it owes to others.

Owner's equity is the difference between a firm's assets and its liabilities — what would be left over for the firm's owners if its assets were used to pay off its liabilities.

The relationship among these three terms is the following:

Owners' equity = assets - liabilities

(The owners' equity is equal to the assets minus the liabilities)

For a sole proprietorship or partnership, the owners' equity is shown as the difference between assets and liabilities. In a part­nership, each partner's share of the ownership is reported sepa­rately by each owner's name. For a corporation, the owners' eq­uity is usually referred to as stockholders ' equity or sharehold­ers ' equity. It is shown as the total value of its stock, plus retained earnings that have accumulated to date.

By moving the above three terms algebraically, we obtain the standard form of the accounting equation:

Assets = liabilities + owners' equity

(The assets are equal to the liabilities plus the owners' equity)

3. A BALANCE SHEET

A balance sheet (or statement of financial position), is a summary of a firm's assets, liabilities, and owners' equity ac­counts at a particular time, showing the various money amounts that enter into the accounting equation. The balance sheet must demonstrate that the accounting equation does indeed balance. That is, it must show that the firm's assets are equal to its liabilities plus its owners' equity. The balance sheet is prepared at least once a year. Most firms also have balance sheets prepared semi-annually, quarterly, or monthly.

4. AN INCOME STATEMENT

An income statement is a summary of a firm's revenues and expenses during a specified accounting period. The in­come statement is sometimes called the statement of income and expenses. It may be prepared monthly, quarterly, semiannually, or annually. An income statement covering the previous year must be included in a corporation's annual report to its stockholders.

5. THE IMPORTANCE OF THE ABOVE TWO STATEMENTS

The information contained in these two financial statements becomes more important when it is compared with corresponding information for previous years, for competitors, and for the indus­try in which the firm operates. A number of financial ratios can also be computed from this information. These ratios provide a picture of the firm's profitability, its short-term financial position, its activity in the area of accounts receivables and inventory, and its long-term debt financing. Like the information on the firm's fi­nancial statements, the ratios can and should be compared with those of past accounting periods, those of competitors, and those representing the average of the industry as a whole.


Vocabulary

1. General Definition of Accounting

general

accounting

account

impossible

manage

without

accurate

lender stockholder

agency

rely (on)

statement

report balance sheet

income statement

summary

specific

represent

perhaps

transaction

occur

accounting period

report

needed

client

confuse

bookkeeping

responsible

record

data

process

user provide

deal (with)

revenue accounts (debt) receivables amount

borrow owe

profit

investment

return on investment

and the like compile

sales territory

store

общий счет (бухгалтерский) учет ведение счетов

невозможный

зд. руководить, управлять без

точный кредитор, заимодавец

акционер зд. ведомство, орган

полагаться (на)

зд. отчет

отчет

балансовый отчет, баланс

отчет о доходах

обобщенный отчет, итоги

конкретный

представлять

возможно

сделка, деловая операция

зд. происходить, иметь место

отчетный период

сообщать

нужный

клиент

смешивать (в уме), путать

счетоводство, ведение бухгалтерских книг, бухгалтерия

ответственный записывать, вести учет

данные

обрабатывать

пользователь

обеспечивать зд. иметь отношение (к) доход

дебиторская задолжен­ность (долг, который следует получить ком­пании, счета дебито­ров, счета к получению

сумма

занимать, брать взаймы

быть должным

выгода, прибыль

инвестиция, инвестирование

прибыль на инвестиро­ванный капитал

и тому подобное собирать

территория продажи

магазин

individual salesperson

отдельный продавец

division

зд. сектор

department

отдел

generally

вообще

in any way

зд. в любой форме

set goals

ставить цели

control

контролировать, управлять

evaluate

оценивать

potential investor

потенциальный инвестор

soundness

надежность

confirm

подтвердить

tax

налог

liability

зд. пассив; задолженность

payroll

платежная ведомость (по зарплате)

deduction

удержание, вычеты

approve

зд. утверждать, одобрять

issue

выпуск

stock

амер. акции, англ. ценные бумаги

bond

облигация

be able

быть способным

provide

предоставлять

in the required form

в требуемом виде

2. The Basis for the Accounting Process

basis

основа

accounting equation

бухгалтерская сбалансированность

(дебет и кредит)

relationship

соотношение

assets

активы, авуары, зд. актив баланса

own

владеть

item of value

материальные ценности

owner

владелец, собственник

debt

obligation

долг

обязанность, обязательство

owner's equity

собственный (уставной) акционерный

капитал

pay off

расплачиваться (с)

term

зд. понятие, значение

sole

proprietorship

partnership

единоличный

право собственности

партнерство, товарищество

share

доля

report

сообщать

is referred (to)

зд. называться

stockholder's equity

доля акционера

retained earning

нераспределенная прибыль

accumulate

накапливаться

to date

зд. к определенному времени

move

зд. переставлять

above

вышеуказанный

algebraically

алгебраически

obtain

получать

3. A Balance Sheet

statement

зд. отчет

summary

сводка, краткое изложение

particular

конкретный

various

различный

enter

demonstrate

входить показывать

indeed

действительно

balance

уравновешиваться

that is

то есть

prepare

готовить

at least

по крайней мере

once

один раз 1

semiannually

раз в полгода

quarterly

ежеквартально

4. An Income Statement

income statement

отчет, счет прибылей (и убытков)

summary

сводка

cover

охватывать, учитывать

previous

предыдущий

annual report

годовой отчет

5. The Importance of the above two Statements

importance

важность

compare

сравнивать

competitor

a number (of)

ratio

конкурент ряд соотношение, коэффициент

provide

profitability

account receivable

зд. давать доходность сумма, причитающаяся к получению, дебитор­ская задолженность

long-term

долгосрочный

debt financing

долговое финансирова­ние (т.е. путем получения займов)

like

как

those

зд. заменяет слово «отчеты»

accounting period

отчетный период

average

средняя величина

as a whole

в целом