Dialogue

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Iren: Hi, Susan! Glad to meet you. You look very tired. What is the mutter?

Susan: Hi, Iren. As you know, I'm the head of the accounting de­partment and this is the end of the year. A lot of work must be done.

Iren: I know. A lot of accounting reports.

Susan: The income statement and the balance sheet are the major ones.

Iren: Why do you think so?

Susan: Because these statements show how money was received Hid spent by our firm.

Iren: And what are the results?

Susan: The balance sheet and the profit statement are ready. So the assets and liabilities and the profit of the company can be checked. On the whole the firm's affairs are good.

Iren: How can you manage to prepare the financial statement in a short period of time? Do you have a lot of accountants?

Susan: No, of course not. All accounts are done through the com­puters.

Iren: You are right. Thank you for your information. I'll try to use \ our experience.

Susan: Oh, it's my pleasure.

Text

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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 semiannually, quarterly, or monthly.

Text

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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.

Words

balance sheet- балансовый отчет

statement- отчет

accounting equation

assets - активы

liabilities - пассивы

owner’s equity – уставной капитал

particular time-конкретное время

amounts - суммы

accounting equation – бух. сбалансированность

quarterly - раз в квартал

semiannually- раз в полгода

monthly - раз в месяц

income statement - отчет о доходах

revenue- доход

expense- расход

annually – раз в год

cover – охватывать, учитывать

previous- предыдущий

report - отчет

stockholder – акционер

Balance sheets

In the course of the lecture on Accounting the lecturer distributed some material with diagrams, tables and other information.

Here is a balance sheet sample distributed:

ABICO INTERNATIONAL AND SUBSIDIARY COMPANIES CON­SOLIDATED BALANCE SHEET as at December 31, 2007 2007 2006 Current Assets: 15,000 11,800 Cash 9,000 6,920 Marketable Securities 1,200 1,080 Receivables 2,800 2,600 Inventories 2,000 1,200 Long-term Assets: 5,443 3,200 Property, Plant and Equipment 1,056 0,950 Investments 0,200 0,100 Receivables 0,207 0,100 Goodwill 2,400 2,000 Deferred Expenditure 0,580 0,500 Total Assets 20,443 15,000 Current Liabilities: 3,000 2,600 Loans 2,000 1,800 Payables 1,000 0,800 Long-term Liabilities: 4,300 3,200 Loans 4,000 3,000 Other liabilities and provisions 0,300 0,200 Total Liabilities 7,300 5,800 NET ASSETS EMPLOYED 13,143 9,200 Shareholder's Interests: 5,000 3,000 Share Capital 3,000 1,700 Reserves 2,143 2,000 Retained Earnings 2,000 2,000 Minority Interests 1,000 0.500 Total Shareholder's Interest 6,000 3,500