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Accounting StepsDate: 2015-10-07; view: 525. Вставьте в предложения следующие слова: before (2), after (2-3), until (2), when (2-3), since (1-2). 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. 23. Прочитайте текст, разделите его на абзацы и озаглавьте каждый абзац. Ответьте на вопросы, следующие за текстом. 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 (закрыть счета, 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. 1. Why is it necessary to make adjustments in a balance sheet? 2. What does the term "inventory" mean for an accountant? 3. Is the balance sheet considered to be the final important financial document of the company? 4. What account does closing entries affect? 25. Используя тексты урока (Unit 15), составьте схему, показывающую последовательность этапов для системы финансового учета компании. На основе этих текстов и текста Assets and Liabilities (Unit 14) укажите, на каких этапах цикла учета решаются следующие задачи: 1) the posting of the amounts from journals to the general ledger at the end of a month; 2) the calculation of moral and physical depreciation of the capital assets; 3) the calculation of total assets, liabilities; 4) the recording of the data about a transaction in journals; 5) the evaluation of the inventory; 6) the preparation of the financial statements on the basis of a balance sheet; 7) the determination of the equity clear of debt; 8) the preparation of the adjustments caused by depreciation of the equipment; 9) the calculating of the sum of all debits and credits; 10) the checking of the main equation of the bookkeeping; 11) the transferring of the sums into the capital account; 12) the preparation of the trial balance sheet.
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