Drawings 3672.00
Metro-Polo 1500.00
All-Clean Supplies _______ 406.00
22040.00 22040.00
Stock in hand 31/10/20… 2079.00
3. Look at the trial balance again and answer the questions below.
1) What are the total sales for the period? 2) How much cash has Patrick Flynn got in the bank? 3) How much money did he draw out of the business? 4) How much stock did he have at the start of the period? 5) How much does he owe the franchiser?
6) These figures are for one quarter. What's his wages bill going to be for a year, at this rate? 7) Roughly how much money do people owe him?
4. Arturo explains the trial balance to Patrick. Listen to what they say. Is Metro-Polo a creditor or a debtor of Patrick Flynn? (Dialogue 2)
SPEAKING
1. Summarize the information of this Unit to be ready to speak on Bookkeeping.
2. Improvise a conversation between a Managing Director and accountants of a big company in the form of a financial report. Make your report informative, instructive and interesting.
WRITING
1. When Arturo says in Dialogue 2 'Well, until they pay you, yes', he is referring to some time in the future, but note that he uses the present tense form of 'pay', not 'will pay'.
You use the present tense to refer to the future in clauses beginning with 'until', 'when', 'after', 'before', 'as soon as', 'while', 'if, 'in case', 'as long as', etc. Often the verb in the main clause is a future verb, with 'will'.
Write answers to the questions below. In each answer use a clause with one of the words above.
1) Really, we're doing business with our creditors' money – is that right? Yes, that's right, until you pay them.
As this is our first order, will the suppliers want cash on delivery? – Yes, ...
Our suppliers won't refuse to go on supplying us, will they? – No, ...
4) They'll go on giving us credit, won't they? – Yes, ...
2. Summarise the ideas of the texts and Supplementary reading of Unit 4 and write an essay related to bookkeeping, covering the following issues: What is the view on accounting as a job in different countries? How important is bookkeeping for running a business? What particular skills does a bookkeeper need? Do you possess such skills? What kind of financial documents do bookkeepers prepare? Do you find this job exciting or rather boring?
Unit 5 financial reporting
GETTING STARTED
Discuss the following questions with your partners:
● Why is the end of financial year an extremely busy time for accountants?
● In what forms do accountants present information about a company’s financial performance to the people interested in it?
Compare your findings with the information given below.
Financial statements are important reports. They show how a business is doing and are very useful internally for a company's stockholders and to its board of directors, its managers and some employees, including labor unions. Externally, they are important to prospective investors, to government agencies responsible for taxing and regulating, to lenders such as banks and credit rating agencies, and to investment analysts and stockbrokers.
All public companies are required to prepare documents showing the company's financial performance at regular periodic intervals. Most companies prepare annual statements; others prepare them semiannually, quarterly or as often as monthly. These show the financial wealth of a company (how much it owes and owns) but can be manipulated. It is often required that statements for external consumption be audited by independent accounting firms.
Financial Statements by Veronica Romualdez, eHow Contributor
USEFUL VOCABULARY
Make sure you know the following words and word combinations.
|
financial reporting |
финансовая (бухгалтерская) отчетность |
|
financial statement = financial report (or financial account British English) |
финансовый (бухгалтерский) отчет |
|
financial position |
финансовоe положение (состояние) |
|
balance sheet |
бухгалтерский баланс |
|
income statement (= profit and loss statement = P&L) |
отчет о прибылях и убытках |
|
statement of cash flows |
отчет о движении денежных средств |
|
notes (to financial statements) n |
пояснительная записка (к годовому отчету) |
|
accounts receivable |
счета дебиторов, дебиторская задолженность |
|
accounts payable |
кредиторская задолженность |
|
takeover n |
присоединение, поглощение |
|
asset (often pl) n |
актив; имущество, средства, ресурсы |
|
(in)tangible assets |
(не)осязаемые/(не)материальные активы |
|
(non)current assets |
(вне)оборотные активы |
|
fixed assets |
долгосрочные (внеоборотные) активы |
|
liability n( =obligation) |
обязательство, пассив |
|
pay off v (= repay) |
рассчитываться, расплачиваться |
|
inventory (often pl) n (US) =stock (UK) |
(материально-производственные) запасы
|
|
solvency n |
платёжеспособность; кредитоспособность |
|
goodwill n |
деловая репутация фирмы, гудвил |
|
entry n |
статья (отчетности) |
|
viability n |
жизнеспособность; экономическая целесообразность |
|
ascertain v |
устанавливать; определять, убеждаться; выяснять, узнавать |
|
cash on/in hand |
кассовая наличность |
READING
Text 1
1. Read the text and draw up an outline of it; make use of the items given below and rearrange them in the proper order.
Types of financial statements
International financial reporting standards
Purposes of financial statements
Moving to electronic financial statements
Definition of financial statements