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Unit 9 Accounting ABC.doc
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Which of the following investing activities increase/decrease cash:

  • Purchase fixed assets by issuing debt

  • Sell fixed assets for cash

  • Collect a loan

  • Purchase equipment for cash

TRANSLATION-2’ POINT

Translate the cash flow statement below into Russian:

Operating activities

Net earnings

Xxx

Adjustments to reconcile to cash provided by operations

Depreciation and amortization

Xxx

Net decrease in accounts receivable

Xxx

Net decrease in inventory

Xxx

Prepaid expenses

Xxx

Accounts payable

Xxx

Taxes and other liabilities

Xxx

Net cash provided by operating activities

Xxx

Investing activities

Purchase of fixed assets

Xxx

Acquisitions of businesses

Xxx

Sales of businesses and property

Xxx

Net cash used for investing activities

Xxx

Financing activities

Reductions of notes payable

Xxx

Issuances of notes payable

Xxx

Reductions of long-term debt

Xxx

Net issuances of common stock

Xxx

Cash dividends

Xxx

Net cash used in financing activities

Xxx

Net increase (decrease) in cash

Xxx

PUZZLE-5’ POINT

Classify each term from the box under the appropriate heading:

land accounts receivable accounts payable

owners’ investment cash merchandise inventory

prepaid rent retained earnings plant and property

long-term debt intangible assets paid-in capital

depreciation loans receivable prepaid advertising

premium on common stock goodwill common stock bank overdraft income tax payable

Assets

Liabilities

Capital

PUZZLE-6’ POINT

Fill in the blanks with the accounting terms from the box:

assets (4) liabilities (2) liability (2) capital (5)

income (2) expense year or period

balance sheet merchandise inventory

note payable or promissory note

  1. The accounting equation is ________________=_________________+__________________.

  2. Items owned by a business that have monetary value are ______________________________________________________.

  3. _______________________________ is the interest of the owners in a business.

  4. Money owed to an outsider is a(n) __________________________.

  5. The difference between assets and liabilities is ________________ ______________________________________________________.

  6. An investment in the business increases _____________________ _________________________ and_________________________.

  7. To purchase ‘on open account’ is to create a (an) ______________ ______________________________________________________.

  8. The statement that shows net income for the period is known as the ______________________________________________ statement.

  9. Two groups of items that make up the income statement are ______ ________________________ and __________________________.

  10. Assets must equal _______________________________________.

  11. Expense and income must be matched in the same _____________ ______________________________________________________.

  12. Merchandise inventory appears as a(n) ______________________ in the ________________________________________________.

  13. The only account figure that appears on both the income statement and balance sheet is _____________________________________.

  14. A written promise to pay a creditor an amount of money in the future is known as ______________________________________.

SUMMARY’ POINT

Translate the phrases below into Russian and make them stick in your mind:

  1. fixed costs

  2. variable costs

  3. current/noncurrent assets or liabilities

  4. start-up costs

  5. running costs

  6. breakeven point

  7. calculate costs

  8. contribution

  9. financial statement

  10. balance sheet

  11. income statement

  12. cash flow statement

  13. accounts receivable/payable

  14. owners’/shareholders’ equity

  15. paid-in capital

  16. retained earnings

  17. cash and cash equivalents

  18. inventory

  19. long-lived assets

  20. tangible/intangible assets

  21. trademark

  22. goodwill

  23. a promissory note

  24. notes payable

  25. net revenue\earnings

  26. deduct expenses

  27. deduct expenses from revenue

  28. fall/be due

  29. convert to/into cash

  30. buy/sell on open account

BATTLE’ POINT

Team up with your classmate and start to develop your arguments about the following statements:

  1. Financial accounting – that is what really does count. Management accounting is a waste of time.

  2. What is cash flow statement for? Balance sheet and income statement are more than enough for accounting purposes.

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