- •Unit 1 Why start a business?
- •Vocabulary
- •Why start a business?
- •What is planning?
- •2) What information do you think a business plan must represent? Reading
- •Contents of a business plan
- •What should be in the plan?
- •Business plan
- •Vocabulary
- •Text 4 Starting a new business
- •Vocabulary
- •Financial activities and their management
- •Vice – President for Finance
- •Vocabulary
- •Specify the subject of the piece of writing:
- •Point out the purpose of the piece of writing:
- •Present the main points of the piece of writing:
- •Give your opinion of the piece of writing:
- •Vocabulary
- •Forms of business in the United Kingdom.
- •Sole trader
- •The public sector of the economy.
- •Vocabulary
- •Can you answer the following questions?
- •Introduction to accounting
- •Vocabulary
- •Assets and liabilities
- •Current Fixed assets
- •Vehicles
- •Investments
- •Balance sheet
- •Financial statements
- •Value added statement
- •Vocabulary
- •Valuation of assets
- •Vocabulary
- •Valuation of stock
- •Vocabulary
- •Variable costs
- •Indirect costs
- •Imputed costs
- •Costing and decision making
- •Vocabulary
- •Costing methods
- •Vocabulary
- •The use of funds
- •Vocabulary
- •Sources of finance
- •Borrowing
- •Other sources of funds
- •Management of working capital
- •Vocabulary
- •Money and its functions
- •Nebraska
- •Florida
- •Vocabulary
- •Banks and banking
- •Bank credit
- •Why are companies referred to as ltd., inc., gmbh, or s.A.?
- •The strategy of a company
- •Financial forecasting
- •Careers in finance
- •What is accounting?
- •Financial accounting
- •Business documents
- •Main streets store, inc
- •Main street store, inc Statement of Cash Flows For the Year Ended August 31, 20 XX
- •The ассоunt
- •Title of account Debit | Credit
- •Types of account
- •Classical economics
- •Keynesian economics (Part I)
- •Keynesian economics (Part II)
- •The importance of the rate of monetary growth
- •The basic propositions of monetarism (Part I)
- •The basic propositions of monetarism (Part II)
- •The monetary rule
- •The decline of monetarism
- •Supply-side economics (Part I)
- •(Part II) The Saving and Investment Effect
- •Supply - side economics (Part III) The Elimination of Productive Market Exchanges
- •Rational expectations theory
- •Government finance
- •Government Growth: Purchases and Transfers
- •Tax rates
- •Taxation
- •Types of taxes
- •Sources of federal revenue
- •Sources of State and Local Revenue
- •Tapescripts
- •Glossary
- •Indirect costs
- •Investment
Financial accounting
Accounting is shaped by the environment in which it operates. Just as nations have different histories, values and political systems, they also have different patterns of financial accounting development. In a number of countries accounting information is directed primarily toward the needs of investors and creditors, and "decision usefulness" is the overriding criterion for judging its quality. Financial accounting in the US and Great Britain has had such an orientation for many years. Moreover, these countries have large and developed stock exchanges and bond markets. As a result, a great deal of information is disclosed in companies' financial reports; and determining profitability is an objective of financial accounting. However, in other countries, financial accounting has a different focus and performs other roles. For example, in some countries, financial accounting is designed primarily to ensure that the proper amount of income tax is collected by the national government. This is the case in most South American countries. In other countries, financial accounting is designed to help accomplish macroeconomic policies, such as achieving a predetermined rate of growth in the nation's economy. Whether income tax and economic policy information are also useful to individual investors and creditors is somewhat beside the point. In such countries as Switzerland, Germany, and Japan the environment is characterized by a few, very large banks that satisfy most of the capital needs of business. Ownership also tends to be concentrated. The information needs are satisfied in a relatively straightforward way - through personal contacts and direct visits. Not surprisingly, the financial reports tend not to contain as much information as US companies' reports. And since banks are the primary source of capital, financial accounting is oriented toward creditor protection. France and Sweden offer still another orientation of financial accounting. National government plays a strong role in managing the country's resources. Governments also actively ensure that businesses have adequate capital and will lend or even invest in companies if necessary. Financial accounting is oriented toward decision making by government planners.
7.2. Find in the text and write down English equivalents of the following words and phrases:
фінансова звітність
створювати(ся), формувати(ся)
зразок, модель
першорядний, головний
оцінювати
розкривати(ся), виявляти(ся)
призначатися, створюватися
податок на прибуток
виконувати
попередньо встановлений
не має відношення до справи
потреба в капіталі
власність
мати тенденцію до чогось
простий шлях
утримувати, вміщувати
першоджерело
охорона, захист
гарантувати, ручатися
достатній капітал
прийняття рішень
плановик
Define the key-sentences of each paragraph and translate them into Ukrainian.
Use the key-words and sum up what the text says about financial accounting.
8.1. Read text 8
TEXT 8