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UNIT 10
FINANCIAL STATEMENTS
READING SESSION
Read the following paragraphs:
The Balance Sheet
The Balance Sheet shows a company`s resources and financial position at a particular date and the provenance of these resources; it is prepared either at the end of the year or at the end of each month. The Balance Sheet contains a listing of items such as: assets, liabilities, owner `s equity. In a balance sheet cash is always the first asset listed. It portrays the overall financial position of the business at a specific date during these recurring cycles of investment, recovery of investment and reinvestment.
The Statement Of Cash Flow
Cash flows result from three major groups of activities :operating activities; investing activities; financing activities.
It is often prepared in order to give a full and complete picture of cash receipts and disbursements for an accounting period. It is useful in preparing a cash budget.
The Chart Of Accounts represents a list of accounts with their account numbers. It differs from one country to another for example in the U.K the chart of accounts consists of five classes while in France it has seven classes. The entries recorded on the left side of any account are called debits while entries recorded on the right side are called credits. The chart of account is conceived with the purpose of reflecting increases and decreases in monetary amounts resulting from business transactions.
U.K.
Class 1 – Assets
Class 2 – Liabilities
Class 3- Shareholders ` Equity/ Owner `s equity /Shareholders`/ stockholders `equity – in corporations/ Partners equity – in partnerships
Class 4 –Expenses
Class 5- Revenues
VOCABUARY:
Accounts receivable = debitori
Marketable securities= titluri negociable
Debentures =1obligaţiuni negarantate
2.titlu de creanţă
Inventories= stocuri
Fixtures= bunuri imobiliare
Accounts payable= creditori
Income tax= taxa pe venit
tangible assets= imobilizări corporale
intangible assets= imobilizări necorporale
consumables = consumabile
accruals= cumulări
cash in hand = bani de casă
depreciation = amortizare, depreciere
income=venit
imprest accounts and credits = avansuri de casă şi acreditive
loss= pierdere
profit and loss account =cont de profit şi pierderi
profit or loss brought forward =profit sau pierderi evidenţiate în devans
FOCUS ON LANGUAGE
Plans
Have you got anything fixed up for?
I was wondering if you had anything in mind for
Likes
I am in to
I am fond of
I am keen on
I enjoy / like / love
I do enjoy / do like / do love
There`s nothing I love / like more than
I`m crazy about
I take much interest in
Dislikes
I don`t like / love / enjoy
I dislike
I`m not crazy about
There`s nothing I love less than
I hate
I am not particularly keen on
CHECK YOUR UNDESTANDING
I. Translate into Romanian:
a. The Chart of Accounts
1. ASSETS 2. LIABILITIES
Current assets Current Liabilities
Cash Notes Payable
Cash in Checking Accounts Accounts Payable
Cash in Saving Accounts Salaries Payable
Cash on Hand Unearned Rent
Notes Receivable Revenue
Accounts Receivable
Inventory
Prepaid Rent
Prepaid Insurance
Supplies on Hand
Non-current Assets: Long Term Liabilities :
Equipment Mortgage Payable
Accumulated Depreciation: Equipment Bonds Payable
Buildings
Accumulated Depreciation: Buildings
Land
3. OWNER `S EQUITY
Capital
Withdrawals
4. REVENUE
Sales
Commission Earned
Rent Income
Interest Income
5. EXPENSES
Cost of Sales
Salaries Expense
Depreciation Expense
Rent Expense
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