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Заполните пропуски словами и словосочетаниями из словарного минимума к тексту Bookkeeping as Part of Accounting Cycle.
Раздел 15
1. Ознакомьтесь со словарным минимумом к тексту. Прочитайте и переведите текст “Bookkeeping as Part of Accounting Cycle”.
bookkeeping n бухгалтерия; бухгалтерский учет
double-entry bookkeeping система бухгалтерского учета с двойной записью
bookkeeper n бухгалтер, счетовод
accurate adj 1. точный, правильный; 2. тщательный
accurately adv 1. точно, правильно; 2. тщательно; безошибочно
receipts n pl денежные поступления, выручка; приход; доходы
data n pl данные
datum n данная величина
record n запись; регистрация; pl учетные документы; документация
record v записывать; регистрировать
record-keeping n ведение учета; учет
preliminary adj предварительный
statement n отчет; ведомость; смета; бюллетень
financial statements финансовая документация
monthly statement ежемесячный бюллетень
journal n бухгалтерский журнал, регистр; ведомость
general journal главный журнал учета
ledger n бухгалтерская книга, бухгалтерский регистр, гроссбух
general ledger общая бухгалтерская книга
to balance the ledgers сбалансировать бухгалтерские книги
posting n разноска по счетам, перенос в бухгалтерскую книгу; проводка
postv делать проводку; разносить счета; заносить в бухгалтерскую книгу
ledger posting запись в главную бухгалтерскую книгу
to post the journal into the ledger переносить журнальные записи в главную книгу
draw up (drew, drawn) v составлять
to draw up a balance подводить (составлять) баланс
trial balance пробный, предварительный бухгалтерский баланс; частичный пробный баланс
balance n баланс; сальдо; остаток
to bring accounts to a balance составлять сводный баланс
favourable balance активный баланс; положительный баланс
unfavourable balance пассивный баланс; отрицательный баланс
syn. adverse balance
cash balance кассовая наличность
balance of an account остаток счета
balances with foreign banks остатки на счетах в заграничных банках
balance in hand денежная наличность; наличность кассы
balance of payments платежный баланс (отчетность, характеризующая участие страны в международном обмене, включающая в себя текущий платежный баланс и баланс движения капиталов)
balance of payment deficit дефицит платежного баланса
balance of trade торговый баланс (отчетность, отражающая результаты участия страны в международной торговле. Являясь составной частью платежного баланса, она входит в текущий счет)
balance v подсчитывать, подытоживать; сводить, заключать, закрывать (счета, книги)
debit n дебет (расход)
debit account запись в левой части счета, показывающая задолженность организации
debit of an account дебет счета; списание средств со счета
debit balance дебетовое сальдо; дебетовый баланс, положительное сальдо
debit v (to an account) дебетовать; записывать; вносить в дебет
credit n кредит; доверие; бухгалтерский кредит; сумма, записанная на приход в правой части счета
credit account запись в правой части счета, отражающая приход актива
credit balance кредитовое сальдо; кредитовый баланс, отрицательное сальдо
credit v (to an account) кредитовать счет; записывать сумму в кредит счета
list v вносить в список, составлять список
list n список
accuracy n 1. точность, правильность; 2. тщательность
error n ошибка, погрешность
Bookkeeping as Part of Accounting Cycle
For management of any company to be efficient, extensive and accurate information concerning receipts and payments, assets and liabilities, depreciation of assets and other data about company status are required. Such information being obtained mainly from different records, additional funds and time should be invested in bookkeeping and accounting system.
In general, accounting and bookkeeping mean identifying, measuring, recording economic information about any business, bookkeeping being considered the preliminary stage and part of the larger field of accounting.
The task of a bookkeeper is to ensure the record-keeping aspect of accounting and therefore to provide the data to which accounting principles are applied in the preparation of financial statements. Bookkeeping provides the basic accounting data by systematical recording such day-to-day financial information as income from the sale of products or services, expenses of business operations such as the cost of the goods sold and overhead expenses* such as a rent, wages, salaries.
Accounting principles determine which financial events and transactions should be recorded in the bookkeeper's books. The analysis and interpretation of these records is the primary function of accounting. The various financial statements produced by accountants then provide managers with the basis for future financial planning and control, and provide other interested parties (investors, the government) with useful information about the company.
Modern accounting system is considered to be a seven-step cycle. The first three steps fall under the bookkeeping function, such as: 1) the systematic recording of financial transactions; 2) the transferring of the amounts from various journals to general ledger (also called "posting step"); 3) the drawing up of the trial balance.
Record keeping of companies is based on a double-entry system, due to which each transaction is recorded on the basis of its dual impact** on the company's financial position. To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects*** of every transaction, and entries must be made in different accounts to keep the ins (receipts) and outs (payments) balanced.
A typical account is known to have two sides: the items on the left side are called debits, while the items on the right side are credits.
Thus, double-entry bookkeeping doesn't mean that the same transaction is entered twice, it means that the same amount of money is always debited to one account and credited to another account, each record having its own effect on the whole financial structure of the company. Certain accounts are increased with debits and decreased with credits, while other accounts are increased with credits and decreased with debits.
In the second step in the accounting cycle, the amounts from the various journals are usually monthly transferred to the company's general ledger – a procedure called posting. Posting data to the ledgers is followed by listing the balances of all the accounts and calculating whether the sum of all the debit balances agrees with the sum of all the credit balances. This procedure known as the drawing up of a trial balance and those that follow it usually take place at the end of the fiscal year. By making a trial balance, the record-keeping accuracy can be checked. The trial balance having been successfully prepared, the bookkeeping portion of the accounting cycle is completed.
The double-entry system of bookkeeping enables every company to determine at any time the value of each item that is owned, how much of this value belongs to creditors, the total profit and how much belongs to the business clear of debt. Thus, one advantage of the double-entry system is that its information is complete enough to be used as the basis for making business decisions. Another advantage is that errors are readily detected, since the system is based on equations that must always be in balance.
Пояснения к тексту:
* overhead expenses – накладные расходы
** dual impact – двойное воздействие
*** interrelated aspects – взаимосвязанные аспекты
2. Вставьте в предложения предлоги of, in, by, below, где это необходимо.
The simpliest set … double entry books consists … a journal and a ledger. When a transaction occurs, it is not entered directly … the account, but it is first recorded … a book … original entries known as a journal.
Several kinds … journals are used … a bookkeeper, the general journal being the most common type. To list recurring (повторяющийся) transactions special journals such as sales, purchases, cash-receipts and cash-disbursements (выплаты) journals are widely used … bookkeeping. Transactions that cannot be registered … a special journal and all entries that cannot affect … cash are recorded … a general journal.
In a general journal the title … the account to be debited is placed … the top line, with its amount shown … the debit column. The title … the account that is to be credited is shown … it, with its amount placed … the credit column. … this may be a written explanation … the transaction. The total … the debits column should always equal the total … the credit column … each general journal page.
3. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов.
1. The accounting cycle is known to consist of seven main steps, the (bookkeeping / accounting) being responsible for the analysis and interpretation of the (records / entries).
2. Having drawn up the (balance sheet / trial balance), the bookkeeper expects the final financial (accounts / statements) to be prepared in the (accounting / managerial) department.
3. A bookkeeper deals with taxes, cash flow which includes cash (receipts/ credits) and (debits /payments), sales, purchases and different other business (activities / transactions).
4. Bookkeepers first (post / record) all the data in the books which are called (ledgers / journals).
5. The record-keeping (accuracy / accurately) can't be checked until total debits and total credits are added together.
6. Disagreement between the total of the (debits / receipts) and the total of the (payments / credits) in the trial balance means that there is an error in the records.
7. A ledger is a book having one page for each (entry / account) in the organization's financial structure, (debits / credits) being shown on the left side.
8. All items of tangible assets should be (posted / listed) accurately before calculating their depreciation.
9. If sources exceed uses, there will be (a balance / an excess) of cash representing funds provided but not yet put to use in the business.
4. Составьте предложения из двух подходящих по смыслу частей.
| 1. The preparation of a trial balance includes
2. A special book known as a journal is used
3. Double-entry bookkeeping is a system of recording accounts where
4. The posting procedure consists of
5. In bookkeeping a sum of money paid or owed by a business
6. One should know that crediting means
7. Unlike crediting the debiting procedure means
8. Bookkeeping as part of the accounting cycle deals with
9. A bookkeeper is sure to be fully responsible for
10. The sum of money gained by a business
| a. recording in an account a sum of money paid out or still owed.
b. regular transferring entries from the journal to the appropriate accounts in the ledger.
c. for recording all primary (первичный) information about any business transaction.
d. the accurate performance of the first three steps in the accounting cycle.
e. is recorded on the right-hand side of a list of accounts.
f. recording all money received by and paid out of a company in special books or computer files.
g. the checking of accounts by comparing the total credits with the total debits.
h. is shown on the left-hand side of a list of accounts.
i. each sale or purchase is shown as having an effect on both the debit and the credit columns of an account.
- recording the payment of a sum of money into an account.
| | |
Переведите на английский язык.
1. В настоящее время система финансового учета, как известно, состоит из семи ступеней, причем бухгалтерский учет проводится на первых трех этапах.
2. Принцип бухгалтерского учета с двойной записью используется для контроля за финансовым положением предприятия.
3. Следует знать, что типичный счет состоит из двух частей: левая часть для записей расходов, а правая часть для записей поступлений.
4. Чтобы составить пробный баланс, необходимо произвести разноску по счетам в гроссбух.
5. Составлением пробного баланса в конце бюджетного года завершаются первые три ступени финансового учетного цикла.
6. Финансовый учет обеспечивает данные для экономического анализа и планирования повышения производительности труда и дохода.
17. Прочитайте текст, разделите его на абзацы и озаглавьте каждый абзац. Ответьте на вопросы, следующие за текстом.
Accounting Steps
Each time an item is purchased or sold, a bookkeeper performs the first three steps of the cycle and passes on the information to the accountant who carries out the last four steps such as: 1) calculate adjustments; 2) prepare adjusted trial balance; 3) prepare financial statements; 4) close entries (закрытьсчета, свести отчетность). The most common reasons the accountant should consider preparing adjustments are the following: increased revenue (for example, interest earned but not yet received); any government taxes or employee salaries that have not yet been paid; the value of the office supplies that have been used (electricity, water, etc); depreciation of the assets; changes in the inventory (зд. товарно-материальные ценности), etc. As to inventory, it involves the physical measurement, counting and evaluation (оценка) of items for sale. Inventory evaluation is subject to a variety of accounting methods, since many inventory items cannot be specifically calculated. The grain in a grain elevator, for example, comes from different sources and may have been bought at several prices. An accountant must choose between one of several methods for valuing the grain; each will provide a slightly different value figure. On the fifth step when the adjustments are calculated, the accountant prepares an adjusted trial balance that combines the original trial balance with the effects of the adjustments. The balances in the accounts are the data that make up the organization's financial statements as a balance sheet and an income statement. The preparation of these statements is considered to be the main purpose of the sixth step. The final step comprises a series of bookkeeping debits and credits to transfer sums from income statement accounts into owners' equity accounts, and thus into capital. Such transfers reduce to zero the balances of all accounts, therefore the accounting books will be ready for the next accounting period.
Раздел 16
1. Ознакомьтесь со словарным минимумом к тексту. Прочитайте и переведите текст “ Accounting Information ”.
access n доступ; подход
evaluate v оценивать, устанавливать стоимость; давать оценку; определять качество, важность
performance n выполнение, исполнение; действие, поведение; деятельность; работа, интенсивность труда; эксплуатационные качества
financial performance финансовая деятельность
previous adj предыдущий
financial accounting финансовая отчетность
managerial accounting управленческая отчетность; учет (информации по управлению и организации компании)
syn management accounting
deal with (dealt, dealt) v иметь дело с (чём-л.); рассматривать (что-л.)
syn to be concerned with to deal in торговать (чём-л.)
pricing n калькуляция цен, ценообразование; установление цен; политика цен syn pricing policy
budgeting n составление сметы; финансовое планирование; составление бюджета
capital budgeting составление сметы капиталовложений и их окупаемости; расчет рентабельности капиталовложений
spread (spread, spread) v распространять; распределять
set n ряд; набор; комплект
financial statement зд. финансовый отчет
statement of cash flows отчет о движении денежных потоков
income statement отчет о доходах
statement of retained earnings отчет о нераспределенной (реинвестированной) прибыли
annual adj ежегодный, годовой
syn yearly
annual report ежегодный отчет
annually adv ежегодно
flow n поток, прилив (вложений)
cash flow поток наличности; движение денежной наличности, движение ликвидности
statement of cash flows отчет о движении денежных потоков
inflow cash приток наличности
outflow cash отток наличности
inflow of assets приток активов
outflow of assets отток активов
relating to (smth) prep относительно, касательно; adj относящийся к чему-л.
syn concerning; dealing with; regarding
source n источник
reliable source of information надежный источник сведений
generate v 1. производить; 2. образовывать
disclose v раскрывать; показывать
disclosure n раскрытие; сообщение
summarize v суммировать, резюмировать
net loss чистый убыток
render v отдавать, платить
to render a service оказывать услугу
to render an account for paymentпредоставлять счет к оплате
withdrawal n отзыв; изъятие; отмена; аннулирование; отказ; снятие со счета
Accounting Information
Accounting provides informational access to a company's financial condition for three broad interest groups. First, it gives the company's management the information to evaluate financial performance over a previous period of time, and to make decisions regarding the future. Second, it informs the general public, and in particular those who are interested in buying its stock, about the financial position of the company. Third, accounting provides reports for the tax and regulatory departments* of the government. In general, accounting information can be classified into two main categories: financial accounting (or public information) and managerial accounting (or private information).
Managerial accounting deals with cost and profit relationships, efficiency and productivity, planning and control, pricing decisions, capital budgeting, etc. Not being generally spread outside the company, this information provides a wide variety of specialized reports for division managers, department heads, project directors.
A standard set of financial statements is expected to be prepared regularly by financial accounting and published in an annual report at the end of the fiscal year. Being prepared in accordance with generally accepted accounting principles, these statements include the following items: 1) the balance sheet, 2) the statement of cash flows, 3) the income statement, 4) the statement of retained earnings.
Information relating to the financial position of a company, mainly about assets and liabilities, is presented in a balance sheet. The statement of cash flows shows the changes in the company's financial position and provides information which is not available in either an income statement or a balance sheet. Thus, the statement of cash flows represents the sources and the uses of the company's funds for operating activities**, applications of working capital and data about additional financial support. Provided the company couldn't generate sufficient cash to finance its activities, it would be necessary to borrow money and it should be indicated in the statement.
Another financial statement disclosing the results of the company's activity is known as the income and expense statement. Prepared for a defined time interval, this statement summarizes the company's revenues, expenses, gains and losses and shows whether a company has made a profit within the period. Income is considered to be the difference between revenues and expenses. If the total expenses exceeded the total revenues during the period, the difference would be the net loss of the company. Revenues are transactions that represent the inflow of assets as a result of operations – that is, the assets received from selling goods and rendering services. Expenses are transactions involving the outflow of assets in order to generate revenue, such as wages, salaries, rent, interest and taxes. In addition to disclosing revenues and expenses, the income statement also lists gains and losses from other kinds of transactions such as the sale of plant assets or the payments of long-term liabilities.
The income statement excludes the amount of assets withdrawn by the owners, in a corporation such withdrawal of assets being called dividends. The separate statement of retained earnings and stockholder's equity shows investors what has happened to their ownership in the company, how earnings and new stock issuance have increased its value, and what dividends were paid.
Each of these reports contains figures for previous years and for the current period, providing a way of comparing present and past company performance. Being prepared for the use of management, the financial statements contain neither debit nor credit columns. These statements are accompanied by additional data about the particular accounting method used, as well as explanations about the most important events within the previous year.
Пояснения к тексту:
* tax and regulatory departments – отделы по налогообложению и регулированию деятельности компаний
** operating activities – управленческая деятельность
2. Объедините следующие слова в синонимические пары:
To distribute, to deal in, to accept, to spread, to agree, to borrow money, to trade, to disclose, to handle, to summarize, to be interested in, to offer, to withdraw, to be concerned with, to evaluate, to make known, to give the main points of smth, to get a loan, to render, to take back, to generate, to determine, to deal with, to produce.
3. Составьте из прилагательных и существительных все возможные словосочетания.
Прилагательные: informational, previous, private, additional, sufficient, annual, net, particular, long-term, current, external, important, general, managerial.
Существительные: debt, method, cash, users, period, access, year, events, accounting, income, public, performance, information, support, source, loss.
4. Назовите русские эквиваленты следующих интернациональных слов.
Public, department, to classify, category, section, project, commission, analyst, association, standard, to operate, figure, activity, to summarize, period, rent, dividend, group, to accompany, design.
5. Составьте предложения из двух подходящих по смыслу частей.
1. A balance sheet represents
2. The statement of cash flows provides the information
3. The income statement summarizes the data
4. The statement of retained earnings discloses the information concerning
5. Financial accounting includes the
information
- Managerial accounting deals with
| a. about a company's revenues, expenses, gains and losses.
b. relating to the profitability of the company and its financial position.
c. the main accounting equation.
d. planning, control, budgeting and pricing decisions.
e. stockholders' equity and dividends.
f. about the changes in the financial structure of the company.
| | |
Переведите на английский язык.
1. Финансовые отчеты, публикуемые ежегодно для акционеров, представляют также интерес для налоговых органов.
2. Отчеты для управления содержат данные о планировании, о взаимосвязях стоимость и прибыли, о ценообразовании, о составлении бюджета, эффективности и производительности предприятия.
3. Ежегодный отчет содержит следующий набор финансовых документов: балансовый отчет, отчет о денежных потоках, отчет о прибыли, отчет о нераспределенном капитале, причем для сравнения в отчетах приводятся данные за предыдущий год.
4. Отчет о денежных потоках показывает, накопила ли компания достаточно наличных денежных средств для финансирования своей деятельности или необходимо было брать деньги взаймы.
5. Отчет о прибыли представляет данные как о доходах и расходах, так и о прибылях и убытках компании за данный период.
6. Отчет о нераспределенной прибыли включает информацию об использовании акционерного капитала и об уровне дивидендов акционеров.
17. Переведите текст и ответьте на следующие за ним вопросы
Auditing
The profession of the auditor is considered to be one of the most prestigious and well-paid ones. Auditors are accountants who analyze financial statements of the company and their responsibility is to express an opinion as to whether the accuracy of the company's financial reporting meets the requirements imposed by the government. In general, auditors deal more with operating efficiency and managerial effectiveness than with the accuracy of the accounting data.
Internal auditors are known to be hired by the company in order to help to identify accounting weakness and correct them before significant errors occur. They are often analytically minded people who make flowcharts of accounting systems and evaluate these flowcharts to suggest improvements in division of labour, paper flow, cash control, or other accounting responsibilities.
Independent auditors are employed by a company's board of directors to supply the stockholders with the results of checking the financial statements, in order to prove that annual reports are fair representations of the financial position of the company. Performing his work the auditor should follow several principles and assumptions: the company's accounts must represent a true financial position; generally accepted accounting principles have been used at all accounting steps and accounts can be compared with those of similar companies; the proper amount of information is disclosed in the financial statements. As a result, the auditor's opinion should be based only on facts and it must be objective. Auditors are expected to maintain a relationship of strict independence and professionalism with the companies for whom they work, so they mustn't hold shares in these companies. On the one hand, the auditor should respect the client's confidence, so having the access to some private information, the auditor must not spread it outside. On the other hand, he should think of public interests, that is why he must publish his opinion in a standard form and the information is to be clear to the stockholders. But he must always carry out his duties under the law and inform authorities about fraud.
Вариант 1
1. Укажите эквиваленты английских слов / словосочетаний.
List
| a) список
| b) данная величина
| c) запись
| d) гроссбух
| Source
| a) доступ
| b) источник
| c) кредит
| d) отчет
| To summarize
| a) отдавать (платить)
| b) записывать (регистрировать)
| c) суммировать (резюмировать)
| d) производить (образовывать)
| Previous
| a) предварительный
| b) точный
| c)ежегодный
| d) предыдущий
| 2. Вставьте подходящее по смыслу слово из предлагаемых вариантов.
1. The task of … is to record systematically all transactions of the company.
- bookkeeping
- statement
- credit
| 2. The company has earned enough to cover its … .
- fixed / constant costs
- overhead costs
- annual expenses
| | |
Вариант 2
Раздел 15
1. Ознакомьтесь со словарным минимумом к тексту. Прочитайте и переведите текст “Bookkeeping as Part of Accounting Cycle”.
bookkeeping n бухгалтерия; бухгалтерский учет
double-entry bookkeeping система бухгалтерского учета с двойной записью
bookkeeper n бухгалтер, счетовод
accurate adj 1. точный, правильный; 2. тщательный
accurately adv 1. точно, правильно; 2. тщательно; безошибочно
receipts n pl денежные поступления, выручка; приход; доходы
data n pl данные
datum n данная величина
record n запись; регистрация; pl учетные документы; документация
record v записывать; регистрировать
record-keeping n ведение учета; учет
preliminary adj предварительный
statement n отчет; ведомость; смета; бюллетень
financial statements финансовая документация
monthly statement ежемесячный бюллетень
journal n бухгалтерский журнал, регистр; ведомость
general journal главный журнал учета
ledger n бухгалтерская книга, бухгалтерский регистр, гроссбух
general ledger общая бухгалтерская книга
to balance the ledgers сбалансировать бухгалтерские книги
posting n разноска по счетам, перенос в бухгалтерскую книгу; проводка
postv делать проводку; разносить счета; заносить в бухгалтерскую книгу
ledger posting запись в главную бухгалтерскую книгу
to post the journal into the ledger переносить журнальные записи в главную книгу
draw up (drew, drawn) v составлять
to draw up a balance подводить (составлять) баланс
trial balance пробный, предварительный бухгалтерский баланс; частичный пробный баланс
balance n баланс; сальдо; остаток
to bring accounts to a balance составлять сводный баланс
favourable balance активный баланс; положительный баланс
unfavourable balance пассивный баланс; отрицательный баланс
syn. adverse balance
cash balance кассовая наличность
balance of an account остаток счета
balances with foreign banks остатки на счетах в заграничных банках
balance in hand денежная наличность; наличность кассы
balance of payments платежный баланс (отчетность, характеризующая участие страны в международном обмене, включающая в себя текущий платежный баланс и баланс движения капиталов)
balance of payment deficit дефицит платежного баланса
balance of trade торговый баланс (отчетность, отражающая результаты участия страны в международной торговле. Являясь составной частью платежного баланса, она входит в текущий счет)
balance v подсчитывать, подытоживать; сводить, заключать, закрывать (счета, книги)
debit n дебет (расход)
debit account запись в левой части счета, показывающая задолженность организации
debit of an account дебет счета; списание средств со счета
debit balance дебетовое сальдо; дебетовый баланс, положительное сальдо
debit v (to an account) дебетовать; записывать; вносить в дебет
credit n кредит; доверие; бухгалтерский кредит; сумма, записанная на приход в правой части счета
credit account запись в правой части счета, отражающая приход актива
credit balance кредитовое сальдо; кредитовый баланс, отрицательное сальдо
credit v (to an account) кредитовать счет; записывать сумму в кредит счета
list v вносить в список, составлять список
list n список
accuracy n 1. точность, правильность; 2. тщательность
error n ошибка, погрешность
Bookkeeping as Part of Accounting Cycle
For management of any company to be efficient, extensive and accurate information concerning receipts and payments, assets and liabilities, depreciation of assets and other data about company status are required. Such information being obtained mainly from different records, additional funds and time should be invested in bookkeeping and accounting system.
In general, accounting and bookkeeping mean identifying, measuring, recording economic information about any business, bookkeeping being considered the preliminary stage and part of the larger field of accounting.
The task of a bookkeeper is to ensure the record-keeping aspect of accounting and therefore to provide the data to which accounting principles are applied in the preparation of financial statements. Bookkeeping provides the basic accounting data by systematical recording such day-to-day financial information as income from the sale of products or services, expenses of business operations such as the cost of the goods sold and overhead expenses* such as a rent, wages, salaries.
Accounting principles determine which financial events and transactions should be recorded in the bookkeeper's books. The analysis and interpretation of these records is the primary function of accounting. The various financial statements produced by accountants then provide managers with the basis for future financial planning and control, and provide other interested parties (investors, the government) with useful information about the company.
Modern accounting system is considered to be a seven-step cycle. The first three steps fall under the bookkeeping function, such as: 1) the systematic recording of financial transactions; 2) the transferring of the amounts from various journals to general ledger (also called "posting step"); 3) the drawing up of the trial balance.
Record keeping of companies is based on a double-entry system, due to which each transaction is recorded on the basis of its dual impact** on the company's financial position. To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects*** of every transaction, and entries must be made in different accounts to keep the ins (receipts) and outs (payments) balanced.
A typical account is known to have two sides: the items on the left side are called debits, while the items on the right side are credits.
Thus, double-entry bookkeeping doesn't mean that the same transaction is entered twice, it means that the same amount of money is always debited to one account and credited to another account, each record having its own effect on the whole financial structure of the company. Certain accounts are increased with debits and decreased with credits, while other accounts are increased with credits and decreased with debits.
In the second step in the accounting cycle, the amounts from the various journals are usually monthly transferred to the company's general ledger – a procedure called posting. Posting data to the ledgers is followed by listing the balances of all the accounts and calculating whether the sum of all the debit balances agrees with the sum of all the credit balances. This procedure known as the drawing up of a trial balance and those that follow it usually take place at the end of the fiscal year. By making a trial balance, the record-keeping accuracy can be checked. The trial balance having been successfully prepared, the bookkeeping portion of the accounting cycle is completed.
The double-entry system of bookkeeping enables every company to determine at any time the value of each item that is owned, how much of this value belongs to creditors, the total profit and how much belongs to the business clear of debt. Thus, one advantage of the double-entry system is that its information is complete enough to be used as the basis for making business decisions. Another advantage is that errors are readily detected, since the system is based on equations that must always be in balance.
Пояснения к тексту:
* overhead expenses – накладные расходы
** dual impact – двойное воздействие
*** interrelated aspects – взаимосвязанные аспекты
2. Вставьте в предложения предлоги of, in, by, below, где это необходимо.
The simpliest set … double entry books consists … a journal and a ledger. When a transaction occurs, it is not entered directly … the account, but it is first recorded … a book … original entries known as a journal.
Several kinds … journals are used … a bookkeeper, the general journal being the most common type. To list recurring (повторяющийся) transactions special journals such as sales, purchases, cash-receipts and cash-disbursements (выплаты) journals are widely used … bookkeeping. Transactions that cannot be registered … a special journal and all entries that cannot affect … cash are recorded … a general journal.
In a general journal the title … the account to be debited is placed … the top line, with its amount shown … the debit column. The title … the account that is to be credited is shown … it, with its amount placed … the credit column. … this may be a written explanation … the transaction. The total … the debits column should always equal the total … the credit column … each general journal page.
3. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов.
1. The accounting cycle is known to consist of seven main steps, the (bookkeeping / accounting) being responsible for the analysis and interpretation of the (records / entries).
2. Having drawn up the (balance sheet / trial balance), the bookkeeper expects the final financial (accounts / statements) to be prepared in the (accounting / managerial) department.
3. A bookkeeper deals with taxes, cash flow which includes cash (receipts/ credits) and (debits /payments), sales, purchases and different other business (activities / transactions).
4. Bookkeepers first (post / record) all the data in the books which are called (ledgers / journals).
5. The record-keeping (accuracy / accurately) can't be checked until total debits and total credits are added together.
6. Disagreement between the total of the (debits / receipts) and the total of the (payments / credits) in the trial balance means that there is an error in the records.
7. A ledger is a book having one page for each (entry / account) in the organization's financial structure, (debits / credits) being shown on the left side.
8. All items of tangible assets should be (posted / listed) accurately before calculating their depreciation.
9. If sources exceed uses, there will be (a balance / an excess) of cash representing funds provided but not yet put to use in the business.
4. Составьте предложения из двух подходящих по смыслу частей.
| 1. The preparation of a trial balance includes
2. A special book known as a journal is used
3. Double-entry bookkeeping is a system of recording accounts where
4. The posting procedure consists of
5. In bookkeeping a sum of money paid or owed by a business
6. One should know that crediting means
7. Unlike crediting the debiting procedure means
8. Bookkeeping as part of the accounting cycle deals with
9. A bookkeeper is sure to be fully responsible for
10. The sum of money gained by a business
| a. recording in an account a sum of money paid out or still owed.
b. regular transferring entries from the journal to the appropriate accounts in the ledger.
c. for recording all primary (первичный) information about any business transaction.
d. the accurate performance of the first three steps in the accounting cycle.
e. is recorded on the right-hand side of a list of accounts.
f. recording all money received by and paid out of a company in special books or computer files.
g. the checking of accounts by comparing the total credits with the total debits.
h. is shown on the left-hand side of a list of accounts.
i. each sale or purchase is shown as having an effect on both the debit and the credit columns of an account.
- recording the payment of a sum of money into an account.
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Заполните пропуски словами и словосочетаниями из словарного минимума к тексту Bookkeeping as Part of Accounting Cycle.
1. Every company needs some way of keeping systematic ... about all transactions that have taken place, all this information being necessary to prepare further financial … .
2. The most commonly used … … books are known to be called ... and … .
3. … … to the general ledger is usually done in the second step of the accounting cycle.
4. The … … system is based on the equations that should be always kept in ... : payments must equal ..., and credits must balance … .
5. The ... cycle is considered to be completed when the … … has been drawn up.
6. The laboratories are doing some ... experiments before starting work on this project.
7. … and responsibility are sure to be the main qualities of any bookkeeper.
8. Economists expect new computer programmes to be very helpful in detecting possible ... in the accounting system.
9. In accounting and banking a ... is calculated as the difference between the total amount of money coming into (known as ...) and money going out of (known as ...) an account.
10. The balance sheet is known to ... the assets the firm owns and the liabilities for which it is responsible at a given period of time.
6. Вставьте в предложения слова before, after, until, when, since.
1. In every selling transaction, … the payment is made, the seller is considered to be a creditor of the buyer.
2. The real exchange rate measures the relative price of domestic goods to foreign ones … it is measured in a common currency.
3. … starting any business, the owner should think of keeping accurate bookkeeping system.
4. The USA has given almost $150 billion in foreign aid … 1945.
5. … posting the journal into the ledger one should prepare a trial balance.
6. It is interesting that the practice of double-entry bookkeeping is likely to have appeared only … trade relations began rapidly developing among nations in the 14th century. It happened long time a detailed description of this system was published. The profession of accountant is said to have existed … the end of the 17th century, but definite rules regulating the accountant’s work were adopted only … the 18th century. This profession wasn’t recognized (признавать) in Europe or America … the late 19th century.
7. Переведите на английский язык части предложений в скобках, обращая внимание на значения слова balance и сочетаний с ним.
1. At the end of the fiscal year the company bank statement showed (остаток в $15,000).
2. A team of accountants is working now at (составлением сводного баланса компании).
3. After financial crises the government has to take special decisions to achieve (сбалансированной экономики).
4. The country (имеет дефицит торгового баланса с 1982 года).
5. The bank carefully examined (балансовый отчет фирмы) before approving of the loan.
6. In international economies, (платежный баланс) showing the net inflow (приток) of money to the country is considered to be a statistical account.
7. At the end of the year or even monthly a bookkeeper (должен составить предварительный баланс).
8. The main function of the central bank (состоит в том, чтобы подсчитывать каждый день) the sums received against the sums needed (никогда, не позволяя остаткам накапливаться).
9. If the company pays $40 to one of its trade creditors, (кассовая наличность уменьшится на $40, а остаток на счетах к оплате уменьшится на то же количество).
10. As every transaction is listed once as a debit and once as a credit, so (сумма дебетового сальдо должна равняться сумме кредитового сальдо).
11. The example shows that 94 dollars have been taken in and 27 dollars have been paid out. The difference of 67 dollars (называемая денежной наличностью) is added to the outside of the account to make both totals the same. If it is necessary to know whether the ins exceed the outs, one (может подсчитывать остаток на счете) or, as accountants often say, (закрыть счет).
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