Balance sheet

Ex. 1. Read and translate the text.

Balance sheet, its content and structure

A balance sheet is a way of economic grouping and generalized reflection in the monetary assessment of the statе of economic resources on the composition and placement and the sources of their formation with targeted appointment on a certain date. As a rule, the balance is composed on the last day of the reporting period (month, quarter, year). For separate reflection of economic resources and their sources of formation the balance sheet is constructed in the form of two-sided (bilateral) table. On the left hand of the balance, called assets, the layout of economic resources is shown, and on the right, that is a liability, are the sources of funds and their appointment. Assets and liabilities of the balance sheet consist of individual articles. Each of them reflects the value of a certain economic similar type of means or their sources. In the assets of balance there are articles, which include material assets, intangible assets and cash equivalents. In the liabilities of balance there are articles, which reflects the sources of economic resources (authorized, additional and reserve capital, profit, Bank loans, etc.) The lack of results of the assets and liabilities of the balance sheet indicates the presence of errors in the accounts or in the preparing of the balance sheet.

BALANCE

Assets	Sum, hrv.	Liabilities	Sum, hrv.
fixed assets	690 000	authorized capital	800 000
tangible assets	150 000	Profit	50 000
Uncompleted production	24 000	Bank loans	30 000
Cash		Suppliers	50 000
calculations in banks	85 000	target financing	20 000
Total:	950 000	Total:	950 000

The overall results of the assets and liabilities of the balance sheet equal to each other. This is an obligatory condition for the correctness of its compilation.

A bank’s balance sheet presents financial information comparing what a bank owns with what it owes and the ownership interest of stockholders. Assets indicate what the bank owns; liabilities show what the bank owes; and equity refers to the owners interest such as:

Assets = Liabilities + Equity

VOCABULARY:

balance sheet liabilities

assessment value

composition intangible

placement authorized

sources profit

formation bank loans

targeted appointment lack

construct stockholders

two-sided table owner’s equitу

assets maturities

earnings interest rates

surplus

Ex. 2. Answer the questions.

What is balance sheet?
When is balance sheet composed?
What is the structure of balance sheet?
What do assets include?
What do liabilities include?

Ex. 3. Find the English equivalents in the column “B”.

“A” “B”

1. звітний період 1. certain date

2. двостороння таблиця 2. economic resources

3. відсутність підсумків 3. material assets

4. господарські засоби 4. the monetary assessment

5.резервний капітал 5. аs a rule

6. як правило 6. authorized capital

7. грошова оцінка 7. two-sided table

8. матеріальні цінності 8. reserve capital

9. певна дата 9. the lack of results

10. статутний капітал 10. reporting period

11. наявність помилок 11. the presence of errors

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