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Balance sheet. Sections and articles of the balance

Ex. 1. Read and translate the text.

Sections and articles of the balance

In order to obtain information needed for control and management the articles of balance assets are grouped in three sections, liabilities - in five sections.

Assets. Section I. Non-Current assets". Articles: intangible assets, uncompleted building, fixed assets, long-term financial investments, long-term accounts receivable, other non-current assets. Section II. "Current assets". Article: inventories, bills received; accounts receivable for goods, works and services; accounts receivable on calculations, other current accounts receivable, current financial investments, cash and their equivalents in different types of currency, other current assets. Section III. Deferred Expenses of balance assets.

Liabilities. Section I. Owners equity. Articles: Authorized equity, share equity, additional equity, reserve equity, unpaid equity, retained earnings. Section II. Warranty provision. Article: providing payments to staff, other providing, target financing. Section III. Long-term liabilities. Article: long-term Bank loans, other long-term financial liabilities, deferred tax liabilities. Section IV. Current liabilities. Articles: Short-term Bank loans, the current notes receivable; accounts payable for goods, work, services; current liabilities on cash equivalents. Section Y. Deferred Income of balance liabilities.

In addition to the balance sheet the accountants draw up other forms of financial statements: statement of financial results, statement of cash flows, statement of owners equity.

 

VOCABULARY:

 

non-current assets owners equity

intangible assets authorized equity

uncompleted share equity

fixed assets additional equity

long-term financial investments retained earnings

accounts receivable unpaid equity

financial investments provision payments to staff

inventories deferred tax liabilities

note receivable accounts payable

note payable Deferred Income

Deferred Expenses current notes receivable

 

Ex.2. Answer the questions.

 

  1. How many sections of balance sheet? What are they?
  2. What sections of assets are there?
  3. What articles of assets are there?
  4. What sections of liabilities are there?
  5. What articles of liabilities are there?
  6. What other forms of financial statements are filled in?

 

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

 

A B

 

  1. 1. Deferred Income
  2. 2. inventories
  3. 3.financial investments
  4. 4. intangible assets
  5. 5. note receivable
  6. 6. retained earnings
  7. 7. owners equity
  8. 8. fixed assets
  9. 9. Deferred Expenses
  10. 10.current notes receivable

 

Ex. 4. Ask all the types of questions to the following sentences.

 

1. In order to obtain information needed for control and management the articles of balance assets are grouped in three sections, liabilities - in five sections. 2. In addition to the balance sheet the accountants draw up other forms of financial statements: statement of financial result, statement of cash flows, statement of owners equity.

 

Ex. 5. Find the equivalents of English words and exclude the extra words.

 

current notes receivable, uncompleted assets, unpaid equity, inventories, non-Current assets, owners equity, additional equity, retained earnings

 

, , , , , , , , .

 

Ex. 6. Compose the table of sections and articles and learn them.

 


:

  1. Balance sheet
  2. The Article. Stylistic functions of English articles
  3. \ , , Balance co-cards




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