Study carefully the meaning of the following phrases and word combinations

 

management – руководство

workforce / staff / employees - штат сотрудников

Board of Directors – совет директоров

Chairperson – председатель / President – президент

Managing Director (Chief Executive Officer) – генеральный директор

administration – администрация

company strategy – стратегия компании

Senior Management (Company Officers) – высшее руководство ( высший менедж - мент )

Middle Management – средний уровень руководства (средний менеджмент)

department – отдел, подразделение

Marketing department - отдел маркетинга

Finance department - финансовый отдел

Public Relations department - отдел по связям с общественностью

Production department – отдел производства

Personnel department (Human Resources) – отдел кадров

Research and Development department - отдел исследований и развития сбыта ( продаж )

Sales department - отдел продажи

sector – сектор

division – подразделение

hierarchy – иерархия

organisation chart – схема организационной структуры

Headquarters (Central/Head Office) – штаб - квартира , центральный офис

subsidiary (local company) – дочерняя компания , филиал

authority – власть, полномочия

accountability – ответственность, подотчетность

lines of accountability (lines of authority) – иерархические связи

superior – начальник

to supervise – заведовать, руководить

deputy – заместитель

to report to smb. – отчитываться перед кем-л.

to work under smb. – работать под чьим-л. руководством

team – команда

to be in charge of – отвечать за

to be responsible for – быть ответственным за что-л.

responsibility – ответственность

to permeate – проникать

to frustrate – расстраивать, делать тщетными

to accomplish – выполнять

to foster – поощрять

tremendous – громадный

settings – окружение, окружающая обстановка

profound influence – большое влияние

COMPREHENSION CHECK

 

I. Give English equivalents to the following:

Матричная структура, иерархическая структура, функциональная структура, совет директоров, штат сотрудников, филиал (отделение), дочерняя фирма, средний менеджмент, собрание акционеров, руководство фирмы, общие проблемы и перспективы организации, гибкость и быстрота реагирования компании на изменения внешней среды, работать под чьим-л. руководством, максимально эффективное использование высококвалифицированной рабочей силы, творческий потенциал сотрудников, подразделение, передача части управленческих функций средним менеджерам, дублирование функций.

 

II. Read the words and guess their meanings:

1	Accounts Dept.	department responsible for administering a company's financial affairs
2	A.G.M.UK	abbr. Annual General Meeting of a company's shareholders
3	board of directors	group of people chosen to establish policy for and control a company
4	chairmanUK	person who heads a Board of Directors; head of a company; chairperson
5	director	a member of the board of directors
6	executive officerUS	person managing the affairs of a corporation - chief executive officer
7	headquarters	a company's principal or main office or centre of control
8	manager	person responsible for day-to-day running of a dept.; executive officerUS
9	managing directorUK	senior director after the chairman responsible for day-to-day direction
10	Marketing Dept.	department that puts goods on market, inc. packaging, advertising etc
11	organisation chart	a table or plan showing a company's structure graphically
12	Personnel Dept.	department responsible for recruitment and welfare of staff or employees
13	presidentUS	the highest executive officer of a company; head of a company
14	Production Dept.	department responsible for physical creation of product
15	Purchasing Dept.	department responsible for finding and buying everything for a company
16	R & D Department	department responsible for Research and Development of (new) products
17	reception	the place where visitors and clients report on arrival at a company
18	Sales Department	department responsible for finding customers and making sales
19	shareholder	person who holds or owns shares in or a part of a company or corporation
20	vice presidentUS	any of several executive officers, each responsible for a separate division

Who is who?

1. Chief Executive Officer 2. Information Systems Director 3. Purchasing Director 4. Human Resources Director for sale to customers. 5. Systems Analyst 6. Managing Director 7. Marketing Director 8. Production Director 9. Customer Service Manager 10. Staff Development Officer 11. Finance Director 12. Exports Manager

a. Manager responsible for (CEO) buying. b. Person who designs computer networks c. British English term for senior manager of a company. d. Manager responsible for the creating goods or services  e. American English term for the top manager of a company f. Person responsible for setting up training opportunities for employees g. The person responsible for computer operations in a company. h. Person responsible for managing product development, promotion, customer service, and selling. i. Person responsible for markets in other countries. j. Manager responsible for personnel issues. k. Person responsible for relationships with customers l. Person responsible for presentation and control of profit and loss.

III. Complete these sentences using the words from the list below and translate the sentences into Russian:

climate

clarify

career

depend on

delegate

equipped

facilitate

hierarchy

interactions

informal

improve

link

limit

management

response

skills

weaknesses

Communication, the (1) _____ between an organization and its members, is essential to the organization’s major functions. When you understand how the organization communicates, you are (2) _____ to become a productive member of the group. Communication also facilitates (3) _____ among management, employees, customers, suppliers, financiers, and government officials. Communication occurs through both formal and informal channels and flows up and down the hierarchy, as well as across the line of authority. Open communication patterns encourage links among all members of the organization and (4) _____ complex activities that require creativity. Tightly controlled communication patterns that (5) _____ an official hierarchy are well suited to situations that call for a rapid (6) _____. An organization’s communication (7) _____ is affected by the corporation’s management style and ethics. Given the volume of messages flowing into, around, and out of modern organizations, communications (8) _____ has become an issue. In many organizations many managers are encouraged to (9) _____ the number of messages, (10) _____ communication assignments, (11) _____ responsibility for writing and speaking, and build employees` communication (12) _____ . Many organizations have also developed plan for communicating during times of crisis. Regardless of where you work or what you do, communication will play a part in your career. By analyzing your strengths and (13) _____, setting realistic goals and practicing different types of communication you can (14) _____ your verbal and written communication skills.

IV . Translate into English :

1. Классическая матричная структура возникла как реакция на необходимость проведения быстрых технологических изменений при максимально эффективном использовании высококвалифицированной рабочей силы.

2. Иерархическая структура организации хороша тем, что обеспечивает точное распределение задач и обязанностей внутри компании; легко контролируема и управляема сверху.

3. Иерархическая структура организации плоха тем, что:

· вся ответственность замыкается на высшем руководстве;

· мешает сотрудникам видеть общие проблемы и перспективы организации;

· интересы отдела могут стать для работников важнее интересов организации в целом;

· происходят потери информации при переходе с одного иерархического уровня на другой.

4. Преимущества матричной структуры заключаются в том, что

· она обеспечивает компании гибкость и быстроту реагирования на изменения внешней среды.

· работа в матричной структуре активизирует творческий потенциал сотрудников.

· матричная структура усиливает конечную ответственность каждого руководителя за проект.

5. Матричная структура плоха тем, что:

· работник или группа подчиняется одновременно нескольким руководителям, что снижает управляемость фирмой;

· матричная структура сложна для практической реализации;

· в рамках матричной структуры наблюдается тенденция к анархии, т.к. нечетко распределены права и ответственность между элементами структуры, наблюдается частичное дублирование функций;

· для этой структуры характерна борьба за власть, т. к. в ее рамках четко не определены властные полномочия.

 

V. Answer some questions on the Text:

1. What groups of people are most companies made of?

2. What is the management structure of a typical company like?

3. What is the Board of directors responsible for?

4. Who is responsible for the running of the business?

5. Name some of the departments or functions within a company?

6. What are the main factors of successful performance of the company over the years?

7. What is necessary for any company in order to survive & be successful?

8. What kind of information should a company profile contain?

9. Why are organizations so important for us?

10. How do people feel about organizations?

11. What is the reason for the existence of organizations?

12. What kind of behavior is typical of organizations?

13. Why do organizations influence our behavior?

14. Why are the people only beginning to realize the importance of studying organizations?

 

Литература

Основная: 1, 2, 5.

Дополнительная: 3, 4, 9, 10.

 

 

TOPIC 6.

ACCOUNTING

Accounting can be defined as the measuring and recording of all relevant financial data concerning a particular entity that is business, government organisation, etc.

Financial reporting is the communicating of such information in appropriately summarised form. In the UK such summarised form is called "Accounts". In the USA it is called "Financial statements". These accounts or statements are communicated to interested par­ties both within and outside the organisation.

Financial reporting provides information that is useful to present and potential investors, creditors and other users in making rational investment, credit and other economic decisions.

Accounting is often referred to as the "language of business". It is used in the business world to describe the transactions entered into by all kinds of organisations.

The actual record-making phase of accounting is usually called book-keeping. However, accounting extends far beyond the actual making of records. Accounting is concerned with the use to which these records are put, their analysis and interpretation.

Accountants are therefore those individuals specialised in the "art" of capturing the correct data, and preparing the most mean­ingful financial reports from that data. They are "producers" of fi­nancial information, which is then made available to "consumers" such as owners and lenders.

Accountants are assisted in their work by bookkeepers, who op­erate some form of accounting system, usually computerised, to help capture, accumulate, categorise, summarise and report the many thousands of transactions that affect an economic entity every year.

Accounting shows a financial picture of the firm. An accounting department records and measures the activity of a business. It reports on the effects of the transactions on the firm’s financial condition. Accounting records give a very important data. It is used by management, stockholders, creditors, independent analysts, banks and government.

Most businesses prepare regularly the two types of records. That is the income statement and balance sheet. These statements show how money was received and spent by the company.

One major tool for the analysis of accounting records is ratio analysis. A ratio analysis is the relationship of two figures. In finance we operate with three main categories of ratios. One ratio deals with profitability, for example, the Return on Investment Ratio. It is used as a measure of a firm’s operating efficiency.

The second set of ratios deals with assets and liabilities. It helps a company to evaluate its current financial position.

The third set of ratios deals with the overall financial structure of the company. It analyses the value of the ownership of the firm.

The purpose of accounting is to provide the company's shareholders with a clear picture of the company's financial health. This "photograph", which is usually published once a year, can be used as a managerial tool, allowing us to see how efficient a company is, and whether it should stay in business.

 

Read and memorize the following words and word combinations:

income statement  отчет о доходах

balance sheet   балансовый  отчет

ratio analysis   анализ коэффициентов

return on investment ratio – коэффициент возвращения инвестиций

assets and liabilities актив и пассив

accounting      бухгалтерский учет и отчетность

account           счет

to define          определять

to measure       измерять

to record          записывать, учитывать

relevant           соответствующий

data                  данные, факты

datum               факт

concerning      касательно

particular        определенный

entity                юридическое лицо, организация

to report          составлять отчет о

reporting         отчетность

to communicate сообщать

communication сообщение

information              сведения

appropriate     соответствующий

appropriately  соответственно        

to summarise  суммировать           

summarised              суммированный

in summarised form в соответствующем суммированном виде

to call              называть

to be called      называться

statement         заявление, отчет, выписка (по счету)

party                сторона

interested parties заинтересованные стороны

user                 пользователь

decision           решение

auditor             аудитор

range               диапазон

a wide range of широкий круг

profit               прибыль

to lend (lent, lent) давать кредит

lender              кредитор

successful        успешный

competitor       конкурент

to withdraw     отзывать, отметить, убирать (зд. снять со счета)

to capture        зд. подбирать

capturing        зд. подборка

meaning          значение

meaningful     значимый

meaningfully  многозначительно

available          имеющийся в на личии

to be made available представить

consumer        покупатель, потребитель

owner             владелец

to assist           помогать

accountant     бухгалтер

bookkeeper      учетчик, младший бухгалтер

COMPREHENSION CHECK

I. Give English equivalents to the following:

1. производительность; 2. ревизование; 3. доходность; 4. аудит; 5. нераспределенная прибыль; 6. бухгалтерский учет; 7. бухгалтерское дело; 8. прогноз сбыта; 9. периодичность учета; 10. валовая прибыль; 11. счет; 12. доходные статьи; 13. торговая операция; 14. акционерный капитал; 15. дебет; 16. бухгалтерский баланс; 17. кредит; 18. оприходование; 19. пробный баланс.

II .Give Russian equivalents to the following:

А financial picture of the firm, an accounting department, a transaction, important data, stockholders, income statement, balance sheet, a major tool, ratio analysis, to deal with, profitability, assets and liabilities, current financial position, accounting, financial accounting, managerial accounting, product cost accounting, bookkeeping, accounting cycle, account , transaction .

 

III. Read and translate the definitions of the basic accounting terms:

1. Accounting - the process of systematically collecting, analyzing, and reporting financial information.

2. Auditing - checking the accuracy of records.

3. Audit - an accountant's examination of a company's financial records to determine if it used proper procedures to prepare its financial reports.

4. Financial accounting - a "scorekeeping" process that is meant to keep several interested groups (inside and outside the firm) informed of the financial condition of the firm.

5. Managerial accounting - serves the firm's managers by calling attention to problems and aiding them in planning, decision making, and controlling the firm's operations.

6. Product cost accounting - an accounting system that allocates costs to the various products made by a firm.

7. Responsibility accounting - an accounting system for classifying costs or charging them to certain responsibility centers so as to allow the performance of such centers (and their managers) to be evaluated.

8. Bookkeeping - the accurate day-to-day recording of all the financial transactions that occur in an organization; the initial step in the accounting process.

9. Accounting cycle - the sequence of accepted procedures that accountants must follow over a specific period of time.

10. Account - an individual written record for specific assets, liabilities, owners' equity, revenues, and expenses.

11. Transaction - a financially significant event that either increases or decreases the value of an account.

12. Debit — in bookkeeping, any transaction that increases assets or decreases liabilities or owner’s equity; always entered in the left column.

13. Credit — in bookkeeping, any transaction that decreases assets or increases liabilities or owner’s equity; always entered in the right column.

14. Basic accounting equation — a mathematical statement of the balance between what a firm owns, what it owes, and what its owners’ equity is.

15. Profit equation — profits equal revenue minus expenses.

16. Owners’ equity — the difference between a firm’s assets and its liabilities; what would be left over for the firm’s owners if its assets were used to pay off its liabilities.

17. Accrual — the principle in accounting that means that a firm charges off expenses only in the accounting period (usually the calendar year) and not necessarily in the period in which the actual cash payment was made.

18. Double-entry bookkeeping — a system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equation.

19. General journal — a book of original entry in which typical transactions are recorded in order of their occurrence.

20. General ledger — the book in which all the accounts of a business using double-entry bookkeeping are contained.

21. Posting — the process of transferring journal entries to the general ledger.

22. Trial balance — a summary of the balances of all general ledger accounts at the end of the accounting period.

23. Balance sheet (statement of financial position) — a summary of a firm’s assets, liabilities, and owners’ equity accounts at a particular time, showing the various money amounts that enter into accounting equation.

24. Accounting software package — a set of computer programs designed for solving various problems of accounting.

25. Certified public accountant (chartered accountant in BrE) — an accountant who has fulfilled the legal requirements of his or her state of knowledge in accounting theory, practice, auditing, and law and who is licensed to sign financial reports.

26. Capital stock — the original investment of the stockholderowners.

27. Revenues — are the funds received by a business, mainly from the sales of goods and services.

28. Gross profit — the difference between net sales and cost of goods sold.

29. Sales forecast — a prediction of what sales will be over a certain period of time.

30. Profit (net income, earnings) — the difference between total revenues and total expenses.

31. Retained earnings (surplus) — the amount that the firm has plowed back from profits over the years but has not paid out in dividends.

32. Return on sales (net profit margin) — a form of profitability ratio calculated as net income divided by net sales.

33. Profitability- the possibility and ability of a firm to produce a profit.

34. Productivity — the average level of output per unit of time per worker.

35. Efficiency — maximum output of a good from minimum resources used in production.

IV. Agree or disagree with the statements:

1. At the end of the fiscal year a business must check out the assets and liabilities.

2. There is no difference between gross salary and net salary.

3. An employer should hire an experienced accountant for preparing a financial statement.

4. The accounting department provided data for the management.

5. The board of directors never checks out assets and liabilities a net worth.

6. Governmental corporations can not issue stock certificates.

7. The whole of financial accounting is based on the accounting equation.

8. The resources possessed by the firm are known as liabilities.

9. Credit — in bookkeeping, any transaction that increases assets or decreases liabilities or owner’s equity; always entered in the left column.

10. Most businesses prepare regularly the three types of records.

V. Fill in the gaps using the words given:

(Business , accounting, transactions, accountants, system, financial,   information, records)

 

1._____ is commonly defined as a comprehensive _____ for collecting, analyzing, and communicating financial _____.

2. It is the accountant’s responsibility to keep ____ of _____ transactions such as taxes, sales, incomes, and expenses.

3. Even more important is the accountant’s analysis of how those _____ will affect a particular business.

4. By sorting, analyzing, classifying, and recording thousands of transactions, _____ can determine how well a _____ is being managed and how financially strong it is.

 

 

VI. Complete as in the text:

1. Accounting can be defined... the measuring and recording. . all relevant financial data.

2. ... the UK such summarised form of financial reporting is called...

3. ... the USA it is called...

4. Financial reporting provides information that is useful to... and other users.

5. Accounting is a direct result of the work of...

6. Accountants specialize in the art ... capturing the correct data and preparing reports... that data.

7. This financial information is made available to consumers such as...

8. Accountants are assisted in their work... bookkeepers.

9. Accountants report the many thousands... transactions that affect... every year.

 

 

VII. Translate from Russian into English:

1. Бухгалтерский учёт — упорядоченная система сбора, регистрации и обобщения информации о состоянии имущества, обязательств организации и их изменениях (движении денежных средств) путём документального учёта всех хозяйственных операций.

2. Объектами бухгалтерского учёта являются имущество организаций, их обязательства и хозяйственные операции, осуществляемые организациями в процессе их деятельности.

3. Одной из основных задач бухгалтерского учёта является формирование полной и достоверной информации о деятельности организации и её имущественном положении, необходимой как внутренним пользователям— руководителям, учредителям, участникам и собственникам имущества организации, так и внешним — инвесторам, кредиторам и другим .

4. Задачи бухгалтерского учёта решаются посредством использования различных способов и приемов, совокупность которых называется методом бухгалтерского учёта.

5. Метод бухгалтерского учёта включает в себя следующие основные элементы:

· документирование;

· оценка;

· бухгалтерские счета;

· двойная запись;

· инвентаризация;

· калькулирование;

· составление баланса и отчетности.

6. Бухгалтерский учёт может вестись:

· бухгалтерией, входящей в состав предприятия;

· бухгалтером;

· руководителем организации;

· сторонней организацией.

 

 

VIII. Answer some questions:

1. What is the purpose of accounting?

2. Who uses the data provided by accounting firms?

3. What are the two types of records which most businesses prepare?

4. What is the purpose of the ratio analysis?

5. What categories of ratios in finance do you know?

 

Литература

Основная: 1, 2, 5.

Дополнительная: 2, 3, 4, 7.

 

 

TOPIC 7.

 

FINANCIAL STATEMENTS

Financial statements (or financial reports) are formal records of a business' financial activities. Four major financial statements are used to communicate the required information about a business.

One is the income statement, which reports income-generating activities or earnings of a business during the period.

The second statement, called the statement of owner's equity. The statement of owner's equity shows the changes in the owner's capital account over a period of time. Both of these statements are prepared from the four types of transactions affecting owner's equity.

The third is the balance sheet. The balance sheet shows the financial position of the business on a particular date, such as at the end of the accounting period.

The fourth statement, called the statement of changes in financial position, is used to summarize all the changes during the year in terms of some measure of financial resources, such as cash.

The income statement is a financial statement summarizing the amount of revenues earned and expenses incurred by a business over a period of time. Many people consider it the most important financial report, its purpose being to measure whether or not the business achieved or failed to achieve its primary objective of earning an acceptable income.

The purpose of the balance sheet is to show the financial position of a business on a certain date. For this reason, it is often called the statement of financial position and is dated as of a certain date.

All of the assets and liabilities of a company can be added up to see what the company owes and what it owns. A balance sheet is this summary, a snapshot of a company's position at a given point in time.

A balance sheet is made up of two lists, placed side by side. On the left the company lists everything it owns, such as cash and "fixed assets" called property, plant, and equipment, which include everything from buildings and trucks to tools, pencils, and copy machines. This list is labeled assets. On the other side, the company lists its liabilities, consisting of all claims to the company's assets, from creditors and from the company's owners. The lists end up being exactly equal-whatever assets are not claimed by the company's creditors belong to the owners.

When the company's shareholders sit down to see what they really own, they look at the lists on both sides of the balance sheet. By subtracting a company's liabilities from its assets, shareholders calculate the stockholders' equity to see what belongs to them after all of the company's debts have been paid off. This is commonly called book value.

When liabilities, such as loans from banks, start to exceed the level of a company's assets, the shareholders may become nervous and sell their shares. They don't want to be around on the day when the company can no longer pay its debts and is forced to declare bankruptcy, reducing the shareholders' equity to nothing.

The purpose of accounting is to provide the company's shareholders with a clear picture of the company's financial health. This "photograph", which is usually published once a year, can be used as a managerial tool, allowing us to see how efficient a company is, and whether it should stay in business.

VOCABULARY

balance	баланс, остаток
balance sheet	баланс: документ, представ­ляющий все активы и пассивы компании по установленной форме на определенную дату (за квартал, за год)
consolidated balance sheet	консолидированный баланс: общий баланс корпорации и ее дочерних компаний
assets	активы: собственность, вклю­чая строения, оборудование, кредитные требования по должникам, ценные бумаги, наличные средства
liabilities	пассивы: все, что подлежит оп­лате компанией/предприя­тием, включая счета на раз­личные приобретения, зарпла­ту сотрудников, дивиденды, объявленные к выплате, долго­срочные обязательства, бан­ковские кредиты и т.д. (правая сторона бухгалтерского баланса)
receivables	причитающиеся суммы
items of a balance sheet	статьи баланса
cash in vaults	наличные в хранилище
cash due from banks, companies etc.	причитающиеся наличные сред­ства от банков, компаний и т.д.
earnings	общая выручка
to earn interest	получать проценты
to pay interest	выплачивать проценты
interest paid	выплаченные проценты
interest earned	полученные проценты
interest charged	взимаемые проценты
to retain	удерживать, оставлять у себя
retained earnings	выручка, оставшаяся в распо­ряжении компании
retained profit	нераспределенная прибыль
to make/to earn a profit	зарабатывать прибыль
equity	простая акция, собственный капитал
share	акция, ценная бумага, свиде­тельствующая о внесении опре­деленной доли в капитал ак­ционерного общества и дающая право на получение части прибыли-дивидендов и управление акционерным обществом.
ordinary share	обыкновенная акция: акция, дающая дивиденды, размер которых зависит от размера прибыли, а также право голоса в управлении акционерным обществом
preference share	привилегированная акция: ак­ция, дающая фиксированные дивиденды (в % на вложенный капитал) независимо от при­были, но не дающая права го­лоса в управлении
shareholder/stockholder	акционер
to invest	инвестировать
investment	инвестиция
return on investments	прибыль на вложенные средства
to record transactions	учитывать сделки
the amount of...	сумма в...
increase/rise	рост
fee and commission earnings	поступления от сборов и ко­миссионных
fee and commission charges	сборы и комиссионные
costs	затраты
staff costs	затраты на персонал
to reduce costs	сокращать затраты
debt	долг
bad debt	безнадежный долг (очевидно, он не будет возвращен)
doubtful debt	сомнительный долг
provisions for bad and doubtful	резервы для покрытия смешанных долгов
debts
depreciation	амортизация
depreciation on assets	амортизация оборудования и недвижимости
depreciation on premises	амортизация строений
fixed assets	основные средства (фонды)
labeled assets	маркированные средства
to borrow	брать взаймы, занимать
to owe	задолжать
to own ; owner	владеть, иметь; владелец
summary	сводка, резюме
list	список, составлять список
claim	требование, претензия, иск; требовать
book value	полная стоимость основных производственных средств
loan	заем
to exceed	превышать
to declare bankruptcy	объявлять о банкротстве

COMPREHENSION CHECK

I. Give English equivalents to the following:

Пробный баланс, принцип сбалансированности, чистый капитал, консолидированный баланс, статьи баланса, собственный капитал, инвентаризация, полная стоимость основных производственных средств, объявлять о банкротстве, кассовая наличность, балансовая ведомость, полученная прибыль, распределённая прибыль, нераспределённая прибыль, отчёт о доходах, отчёт о результатах хозяйственной деятельности, утверждение доходов и расходов.

 

II .Give Russian equivalents to the following:

Assets, liability, to set up the operation; after subtracting the debts from the assets; two lists placed side by side; a company’s liabilities; loans from banks; pay its debts; the purpose of accounting is; how efficient a company is, sheet, snapshot, cash, equipment, loan, equity, bankruptcy, health, property, claim, creditors, balance, shareholder, borrowings, summary.

 

III. Read and translate the definitions of the basic financial terms:

ASSETS AND LIABILITIES

1. Assets — the items of value that a firm owns.

2. Current assets — cash and other assets that can be quickly converted into cash or that will be used in one year or less.

3. Fixed assets — assets that will be held or used for a period longer than one year.

4. Tangible assets — include land and buildings, plant and machinery, investments, debtors and cash.

5. Intangible assets — assets that do not exist physically but that have a value based on legal rights or advantages that they confer on a firm.

6. Depreciation — the process of apportioning the cost of a fixed asset over the period during which it will be used.

7. Liquidity — the ease with which an asset can be converted into cash.

8. Expenses — the costs incurred in the generation of revenue.

9. Direct expenses (costs) — expenses which can be directly associated with the cost of producing a particular article or service.

10. Overhead (indirect, operating) expenses (costs) — expenses incurred in manufacture though not directly identified with any particular item produced.

11. Prepaid expenses — assets that have been paid for in advance but not yet used.

12. Liabilities — are borrowed funds (debt) and delayed payments (such as payables and accruals) of a business.

13. Current liability — debts that will be repaid in one year or less.

14. Long-term liabilities — debts that need not be repaid for at least one year.

15. Goodwill — the value of a firm’s reputation, location, earning capacity, and other intangibles that make the business a profitable concern.

16. Accounts payable — short-term obligations that arise as a result of making credit purchases.

17. Accounts receivable — amounts that are owed to a firm by its customers.

18. Notes payable — obligations that have been secured with promissory notes.

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