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11. _________ remains about the factory's long-term future.
12. The essential concern of economics is to understand and improve
the ___________ of the economy.
Sentence structure:
a) Study these examples from the text:
… in terms of nature and extent of uncertainty it faces.
b) We could also say:
… in terms of nature and extent of uncertainty which it faces.
c) Notice how in these sentence the relative pronoun which can be left
out, to make a shorter, more compact sentence with the same meaning.
d) Does a similar compact form exist in your own language?
15. ‘Translate’ each example in the following exercise into its full
form, as in above.
1. It is important that an organization analyse the resources it possesses in order to assess its strategic capability.
2. In addition to identifying the basis on which it will compete, an organization should determine the directions it wishes to take.
3. The mission of an organization describes the broad purpose and
reasons for an organization’s existence, the nature of the business it is in
and the customers it seeks to serve and satisfy.
4. It is important that an organization analyses the nature of the environment it operates in.
5. The environment in which the organization operates will effect the
overall place of the firm – that is the products it makes, the markets it operates in and its ability to meet future changes.
From the history of the word budget
The term ‘budget’ derives from a French word ‘bougette’ (Oxford
English Dictionary (OED)) which means a small leather bag or case.
At least by 1733 (OED) and probably earlier, the Chancellor of the Exchequer would bring his proposals for collecting and spending public revenues
to Parliament in a bougette. Opening his bag and revealing his proposal
papers led to the expression ‘to open the budget’, a tradition carried on to
this day with the familiar red dispatch case.
41
DISCUSSING POINTS
1. Match the objective in column A with its type in column B.
Prove your point of view.
A B
1. The direction aim to develop Virgin into
the leading British international media and entertainment group. (Prospectus for Stock Exchange
listing, 1986)
2. The most important objective remains the
achievement of a minimum return of 20% on average capital employed. (United Biscuits Annual Report, 1985)
3. In the UK Costain Homes is budgeting to
sell 2500 homes in 1987 – a figure that will put it
a) Unit objective
b) Mission
c) Corporate objective
among the top ten house builders. (Costain Group
plc Annual Report, 1986)
Source: Johnson and Scholes (1989)
2. You have already learnt that feedback is the traditional control
system. Performance would be recorded, accumulated on file, and then
assembled in reports to managers, typically monthly but sometimes
more frequently. If reported performance showed unfavourable variances from plan, then corrective action would be taken.
Feedforward is the more modern approach to control system.
Guess what is the task of feedforward approach.
READING FOR DETAILS AND LANGUAGE STUDY: SECTION C
1. Check that you understand the detailed questions below and
answer them.
1. What do management accounting tasks depend on?
2. What management accountant functions are shared by the majority
of firms or enterprises?
3. What is cost information needed for?
4. What should the cost of goods sold be matched against according
to accepted accounting rules?
5. Why isn’t the cost of unsold finished goods and partly completed
products included in the cost of goods sold?
42
6. How often do most organizations produce profit reports for internal
ить в соответствие
издержки на производство
purposes?
7. What is both routine and non-routine reporting aimed at?
8. What kind of managerial decisions are made on the basis of routine accounting data?
9. What kind of accounting information is required in the process of
strategic decision making?
10. What is feedback accounting information concerned with?
2. Find English equivalents of the following Russian words and
word combinations:
A B
1) запас готовых изделий
2) текущая информация
3) материально-производст-
венные запасы
4) определение качества работы
5) ратифицирование договора
6) годовой отчет
7) привод
расходы и доходы
8) запас частично готовой про-
дукции
9) распределять затраты
10)
проданных товаров
11) данные себестоимости
a) allocate costs
b) match costs with revenues
c) performance measurement
d) contract negotiation
e) inventories
f) finished goods stock
g) routine information
h) partly completed stock
i) annual account
j) cost of goods sold
k) cost information
3. Fill in the blanks using words and phrases from the list in the
bottom.
Earlier systems of 1) ___________________ have become incorporated within the much wider approach of modern 2) __________________ ,
where the objective is to provide information on costs, revenues, and the use
of capital, etc., in such detail and form as to assist managers in
3) ___________________________ of their activities and organizational
units. Annual budget planning and monitoring has become very important
in all enterprises. Management accountants supply advice as well as
43
4) _____________ , and increasingly their role is 5) ____________ to link
up with 6) _________________________ and wider management strategy.
a) proactive; b) Management Information Systems; c) cost accounting; d) planning, decision-making and control; e) management accounting;
f) routine reports
4. Identify the nouns, adjectives, adverbs and verbs in the following groups of words. Use the appropriate ones in the sentences below.
Choose the correct form of the word.
A
a) vary; b) variation; c) variable; d) variant; e) invariable; f) various;
g) variety
1. The planning laws ________ from town to town.
2. Students are offered a wide ______ of courses in this department.
3. They are seeking financial support from ______ sources.
4. There is _______ in size, method of construction, and design.
5. There are many _________ of the basic structure.
6. When anything went wrong, his ________response was to blame
others.
7. All these ________ can affect a student's performance.
B
a) an effect; b) to effect; c) effective; d) effectiveness; e) ineffective;
f) Effectively
1. Humour is often far more ______ than shouting.
2. They need a system that could deliver services to local communities more _______.
3. The new Council Tax rates came into ______ from 1st April.
4. If correctly administered, such drugs can ______ radical cures.
5. ________ increase was one of the objectives set before engineering
department.
6. The way of controlling the firm was _______.
С
a) efficiency; b) efficient; c) inefficient; d) inefficiently
1. The most ________ way to plan is to put your tasks in order of
priority.
2. The administration was ________ and corrupt.
3. New technology aimed at improving _________ and customer
service.
4. The tunnel ventilation system operated ________ .
44
5. Mark the following statements as true (T) or false (F). Prove
your point of view.
Statements T F
1. While plans may differ in focus, they all concern
achieving long-term and short-term organisational goals.
2. One management accounting activity is designed to
help managers identify, measure, and control operating costs.
3. Routine information is required for strategic decisions and non-routine information is used for making resource
allocation and pricing decisions.
4. Non-routine information is information on profitability of such segments of the business as products, consumers
and distribution channels.
5. Financial accounting systems should provide information for planning, control, and performance measurement.
GLOSSARY
acceptability n. приемлемость
adequate достаточный; адекватный, соответствующий
administer v.
управлять, руководить, осуществлять, обеспечивать
authorise v. уполномочивать, поручать, санкционировать
awareness n. осведомленность, информированность
budgeted предусмотренный в бюджете
budget cycle n. цикл финансовых операций
capacity n. способность; возможность
commit v. совершать
conform v.
соответствовать, согласовываться, следовать
правилам
controversy n. разногласие
counter v. противостоять
enable v.
давать возможность или право что-л. сделать;
делать возможным
environment среда; окружающая обстановка, окружение
45
evaluate v.
evolve into v. развиваться, эволюционировать
feedback n. обратная связь
feasibility n. осуществимость, выполнимость
implement v.
incurred
incur debts
incur losses
loop n. контур; петля
maintain v.
master adj. главный, основной
media n. средства информации
merge v. сливаться, соединяться
monitor v. наблюдать, следить, смотреть
negotiation обсуждение условий, переговоры
optional adj.
outcome результат, исход
performance n. исполнение, выполнение; свершение
proactive adj.
profound adj.
raise v. собирать (особ. о финансовых средствах)
sophisticated усовершенствованный, сложный
specify
suitability n. годность
ultimate
undertake v. предпринимать, совершать
unit n. подразделение;
оценивать; устанавливать стоимость; определять количество; давать оценку; составлять
мнение; определять качество
выполнять, осуществлять; обеспечивать выполнение, приводить в исполнение
понесенный
влезть в долги
понести потери, потерпеть убытки
поддерживать, защищать, отстаивать; удерживать, сохранять
дополнительный, необязательный; факультативный
активный, инициативный, упреждающий, профилактический
сильный, глубокий; непомерный, чрезвычайный; абсолютный, полный, совершенный
точно определять, устанавливать, предписывать;
детально излагать
максимальный, наибольший; конечный, завершающий
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U n i t 3
THE BASICS OF FINANCIAL ACCOUNTING
BEFORE YOU READ
1. Imagine that you decided to purchase a shop. What kind of information would you want to know about a new business? What do you
think the goodwill of the business is?
2. Have you heard of the balance sheet. This term has become part
of everyday language and refers to the most important financial statement in use in business. Do you know what this statement shows?
READING FOR GIST
1. Skim the text about the basics of financial accounting. Find an
appropriate heading for each section (letters A – E):
1) double entry book-keeping;
2) ledger;
3) balance sheet;
4) the accounting equation;
5) trial balance.
A
The whole of financial accounting is based on the accounting equation.
This can be stated to be that for a firm to operate it needs resources, and that
these resources have had to be supplied to the firm by someone. The resources possessed by the firm are known as Assets, and obviously some of
these resources will have been supplied by the owner of the business. The
total amount supplied by him is known as Capital. If in fact he was the only
one who had supplied the assets then the following equation would hold true:
Assets = Capital
On the other hand, some of the assets will normally have been provided by someone other than the owner. The indebtedness of the firm for
these resources is known as Liabilities. The equation can now be expressed as:
Assets = Capital + Liabilities
It can be seen that the two sides of the equation will have the same totals. This is because we are dealing with the same thing from two different
points of view. It is:
Resources: What they are = Resources: Who supplied them
(Assets) (Capital + Liabilities)
47
It is a fact that the totals of each side will always equal one another,
and that this will always be true no matter how many transactions are entered into. The actual assets, capital and liabilities may change, but the
equality of assets with that of the total of capital and liabilities will always
hold true.
Assets consist of property of all kinds, such as buildings, machinery,
stocks of goods and motor vehicles, also benefits such as debts owing by
customers and the amount of money in the bank account. There are two
kinds of assets: fixed assets (those possessions which are relatively permanent) and current or ‘circulating’ assets (assets which are constantly
changing in value and it is through the movement of these that the proprietor of a business intends to make a profit).
Liabilities consist of money owing for goods supplied to the firm, and
for expenses, also for loans made to the firm. Liabilities may be current
liabilities which are to be repaid within one year and long-term liabilities
which are not expected to be repaid during the current year, e.g. mortgage.
Capital is often called the owner’s equity or net worth.
B
The accounting equation is expressed in a financial position statement
called the Balance Sheet.
When a new business starts it is a good idea to draw up a statement
showing its financial position. One way of doing this is in the form of a
balance sheet. Look carefully at the following statement.
Balance sheet of Valuemart as at 1 July 1990
£ £
Assets Capital 82,000
Premises 84,000 Liabilities
Fixtures and fittings 7,000 Bank loan 16,000
Stock 5,000
Cash 1,900
Bank 100
98,000 98,000
From this we can derive a definition of a balance sheet. It is a statement drawn up at a particular date (in this case 1 July 1990) to show the
value of the assets of the business (which is called Valuemart) and how the
finance for these assets was obtained.
On 2 July Bill Turner, the proprietor of Valuemart purchased a new
fridge for £300, paying for it by cheque. After this transaction his balance
sheet would have looked like this:
48
Balance sheet of Valuemart as at 2 July 1990
£ £
Assets Capital 82,000
Premises 84,000 Liabilities
Fixtures and fittings 7,300 Bank loan 16,000
Stock 5,000
Cash 1,600
Bank 100
98,000 98,000
One asset, fixtures and fittings, has increased in value by £ 300 while
another, cash, has been reduced by the same amount. The balance sheet still
balances and the totals are the same as at 1 July.
On 3 July, Bill purchased £ 500 worth of stock on credit from a supplier. His balance sheet again changed.
Balance sheet of Valuemart as at 3 July 1990
£ £
Assets Capital 82,000
Premises 84,000 Liabilities
Fixtures and fittings 7,300 Bank loan 16,000
Stock 5,500 Trade Creditor 500
Cash 1,600
Bank 100
98,500 98,500
Of course in most businesses transactions will be taking place with
much greater frequency than in the above exercise. Balance sheet is not
suitable as a means of recording the large number of different transactions
that are taking place continuously. For a businessman to rewrite his balance
sheet after each transaction or even after each week’s transactions would be
quite time-consuming. In addition it would not provide enough information
about the actual transactions. Some other method, which is called doubleentry book-keeping, is needed.
Book-keeping is the part of accounting concerned with recording
transactions. The main book used to record these transactions is known as
the ledger. At one time all ledgers were bound volumes. Today loose-leaf
paper, ledger cards and computer-based systems are also used. Whatever the
means used to record transactions, the principles and methods are basically
the same.
The ledger contains accounts of each asset and liability of the business
as well as the capital of the owner. The word ‘account’ is usually abbreviated to ‘a/c’ and means ‘a record of’. Each account contains a record of
changes in one particular asset, liability or in the capital.
The traditional layout of a page in the ledger
Dr Cash account 4 Cr
date
details folio £ p date details folio £ p
• Each page in the ledger is divided clearly into two sides.
• The left-hand side is known as the debit side but is usually abbre-
viated to ‘Dr’. This abbreviation derives from ‘Debtor’ – a term still used in
some texts to describe the left-hand side of the page.
• The right-hand side is known as the credit side and is abbreviated
to ‘Cr’. The word ‘credit’ has different meanings in other contexts. When
referring to ledger accounts, though it is simply the right-hand side of the
account.
• The name of the account is written at the top of the page, which is
numbered for reference purposes. The cash a/c above is on page 4 of the
ledger. Some accounts will require more pages than others. The loose-leaf
system provides useful flexibility in such circumstances.
• The columns on the debit side are the same as on the credit side.
There is space to record the date, brief details and the amount of money
involved in a transaction. The folio column is used mainly to provide a
cross-reference system.
D
Double entry book-keeping is the name given to the system of recording transactions in the ledger. Every transaction has a dual aspect; it affects
the firm in two ways. To show the full effect of each transaction, accounting
must therefore show its effect on each of the two items, be they assets, capital or liabilities. From this need arose the double-entry system where to show
this twofold effect each transaction is entered twice, one to show the effect
upon one item, and a second entry to show the effect upon the other item.
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