- •Unit 13 accounting
- •Accounting principles and concepts
- •Accountancy in a free-market economy
- •Public and private accountants
- •Vocabulary list
- •Exercises
- •Accountancy Profession
- •Discussion
- •Accounting Methods
- •Reading practice
- •Profit and Loss Account
- •Financial Statements And Their Elements a. Balance sheet
- •Liabilities
- •B. Income statement/profit and loss statement
- •Revenues
- •Expenses
- •Gains and losses
Profit and Loss Account
1. Товарооборот 2. Себестоимость реализованной продукции 3. Валовой доход или убытки 4. Расходы по сбыту 5. Административные расходы б. Другие операционные доходы 7. Прибыли по акциям компаний группы 8. Прибыли по акциям родственных компаний 9. Прибыли от инвестиций в другие статьи основного капитала 10.Проценты полученные и другие прибыли 11.Списанные инвестиции 12. Проценты уплаченные и аналогичные расходы 13. Налог на прибыль или убытки от основной деятельности 14. Прибыли и убытки от основной деятельности после уплаты налога 15. Чрезвычайные доходы 16. Чрезвычайные расходы 17. Чрезвычайные прибыли или убытки 18. Налог на чрезвычайные прибыли или убытки 19. Другие налоги, не указанные выше 20. Прибыли или убытки за отчетный период |
1. Turnover 2. Cost of sales 3. Gross profit or loss 4. Distribution costs 5. Administration expenses 6. Other operating income 7. Income from shares in group companies 8. Income from shares in related companies
9. Income from other fixed asset investment
10. Other interest receivable and similar income 11. Amounts of written off investments 12. Interest payable and similar charges 13. Taxation on profit or loss on ordinary activities 14. Profit or loss on ordinary activities after taxation 15. Extraordinary income 16. Extraordinary charges 17. Extraordinary profit or loss 18. Tax on extraordinary profit or loss 19. Other taxes not shown under the above items 20. Profit or loss for the financial year |
b) Read the text that follows to find the answers to the following questions:
• What financial document presents the position of the enterprise?
• What can assets include?
• What can liabilities include?
• What is equity?
• What financial document measures the performance of the enterprise?
Financial Statements And Their Elements a. Balance sheet
The position of the enterprise is presented ill the balance sheet. That statement shows resources and the claims to or interests in them and provides an indication of the financial strength of the enterprise.
The balance sheet includes the following elements:
ASSETS
Assets include property, plant and equipment, financial leases, investments in subsidiaries and other enterprises; long-term receivables; purchased goodwill, patents, trade marks and similar intangibles; marketable securities; current receivables (or trade debts); inventories; cash and bank balances; and prepaid expenses.
Assets arise from past events, which may be cash or non-cash transactions. Assets may be purchased, exchanged for other assets, self-generated or received as grants or donations.
An asset is recognized when it is reasonably certain that the future economic benefit embodied in it will flow to the enterprise.
In a number of countries, intangible assets such as concessions, patents, licences, trade marks and similar rights and assets may be recognized in the balance sheet only if they were acquired for a valuable consideration. A number of countries allow assets to be carried on the balance sheet only if the reporting enterprise is the legal owner.