ответы английский. Методические рекомендации для преподавателя к учебнику английский язык экономика и финансы environment часть 3
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Skills Focus Financial Statements a. Fill in the gaps with the suitable expressions from the box:
Each year a company produces an annual report with three key sets of figures: profit and loss account, ___ (1) B ___ and cashflow statement. These are three key financial statements in financial reporting. They give the basic information about a company’s financial results. The results a company publishes can affect____(2) H___: good results cause prices to rise, if the market believes the company is undervalued. However, poor results often cause a drop in share price, as investors feel the company is overvalued. The profit and loss (P&L) account (the income statement in the USA) records the money a company makes or loses during a particular reporting period, using the accruals principle. The ____(3) A ______ means that events in a particular reporting period, for example sales of goods or purchases of supplies, are recorded in that period, rather that when money is actually received or paid out: this may happen in a later period. Accounts record money received from sales (____(4) E _____, referred to as turnover in BrE), minus the labour and cost of materials used to produce them, which is called the cost of goods sold (COGS). The difference between the sales revenue and the cost of sales is ___(5) G ______ . Then selling and general expenses – the cost related to making these sales – employees’ salaries, rent for buildings, etc. - are taken away. These other costs and expenses are often grouped together as selling, general and administrative expenses (SG&A). There is also cost of depreciation – this is not an actual sum of money paid out, but is shown in the account to allow for the way that machinery wears out and declines in value over time and will have to be replaced. This leaves a company with its operating profit. Then we subtract the interest payable on money borrowed in the form of bonds and ___(6) F_____. This gives the profit before tax or ____(7) I _____. Sometimes there are exceptional items to report, for example the cost of closing a particular operation. A company pays tax on its profit, which in the UK is called corporation tax (corporate income tax in the USA). So, the statement also shows EBITDA (earnings before interest, tax, depreciation and amortization) and EBIT (earnings before interest and tax). After all the expenses and deductions there is the net profit, often called the ___(8) D ______. Dividends to shareholders (dividends per share) are usually paid to shareholders from profit after tax, also referred to as earnings. However dividends may be omitted, passed or skipped when business is bad. Not all profit is paid out in dividends. Some is kept to invest in future activities - these are retained earnings, or __(9) C _______. Non-profit organizations such as charities, public universities and museums produce an income and expenditure account. If they have more income than expenditure this is called a surplus rather than a profit.
c. Give the English equivalents for the following: принцип начисления - Accruals principle/basis выручка от продаж - Sales revenue/turnover себестоимость проданных товаров - cost of goods sold COGS валовая прибыль - gross profit коммерческие, общехозяйственные и административные расходы - selling, general and administrative expenses (SG&A) операционная прибыль - operating profit стоимость прекращения определенного вида деятельности - the cost of closing a particular operation износ оборудования и амортизация основных фондов - depreciation and amortization прибыль до вычета процентов, налогов и амортизационных отчислений - EBITDA (earnings before interest, tax, depreciation and amortization) стоимость реализованной продукции – cost of sales d. Match the words in two columns to make expressions and complete each sentence with the correct expression. Exceptional items Interest payable Operating profit P&L account Reporting period Retained earnings Selling and general expenses All businesses maintain records based on reporting periods of 12 months. The company’s operating profit has increased by 10 per cent this year. We kept $30.000 from our profits as retained earnings to be transferred to reserves. This year we fortunately didn’t have any exceptional items in the income statement. Profit and Loss (P & L) Account compares the revenue earned for a period of time with the expenses incurred for the same period. 3.5.4 a. Read the text, give the English equivalents for the words in brackets, and single out the main items of the income statement. The purpose of (the income statement) (sometimes called the earnings statement) is to report upon (the profitability) of a business organization for a stated period of time. In accounting, profitability is measured by comparing the revenues generated in a period with the expenses incurred to produce those (revenues). Revenue is defined as (the inflow of assets) resulting from the delivery of products or (the rendering) to customers. Many firms earn their revenues by selling their customers (tangible products), such as automobiles, office equipment, cameras, or paint. Others, called service firms or businesses, earn their revenues in the form of (fees or commissions) by rendering various types of services to customers, such as the fees for the professional services rendered by accountants, architects, lawyers, or physicians or commissions from the sale of(life, property, and casualty insurance) or (real estate). Other types of services generate revenues for other firms – (the interest earned) by banks and small (loan companies), the premiums received by (insurance companies), the admissions charged by theatres, or the rents collected by firms (owning) apartment buildings. The revenues earned are measured by (the value of the assets) customers are willing to surrender for the products or services received. Expense is defined as the (sacrifice) made or the cost incurred (to generate revenues). The expenses incurred can be classified into a number of categories that differ among firms. Common expense categories are (wages and salaries), (utilities) (electricity, gas, oil, telephone, and water), insurance, taxes (both on property and on income or earnings), supplies used, (advertising), and interest. Expense is measured by the cost of the assets surrendered or consumed in serving customers. The process of comparing the revenues earned with the expenses incurred is referred to as matching. Expenses are matched against revenues (to determine net income). If revenues (exceed) expenses, net income results. If the reverse is true, the business is operating at a loss. In a technical sense, the income statement is subordinate to the balance sheet. This is because it shows in some detail the items that collectively (account for) most of the period’s net change in only one balance sheet item, (retained earnings). (“Most” excludes dividends as well as a few relatively unusual retained earnings changes). Nevertheless, the information on the income statement is regarded by many to be more important than information on the balance sheet. This is because the income statement reports the results of operations and indicates reasons for (the entity’s profitabilty) (or lack thereof). The importance of the income statement is illustrated by this fact: in situations where accountants, in recording an event, must choose between a procedure that (distorts) the balance sheet or one that (distorts) the income statement, they usually choose not (to distort) the income statement. In practice, there is (a considerable variety) in the formats and degree of detail used in income statements. Less detailed income statements are published in (corporations’ annual reports) to their shareholders. Income statements prepared for the managers of an entity usually contain more detailed information. The heading of a statement must show (1) the entity to which it relates, (2) the name of the statement, and (3) the time period covered. To provide the basis for comparison (the SEC, the USA) requires that corporate annual reports contain income statements for the most recent years and balance sheets as of the end of the most recent two years. Illustration 5.1. PROFF COMPANY Income Statement For the Month of July 200X
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