Key terms

Accounts payable – кредиторська заборгованість – amounts which a company owes its creditors for goods and services purchased on credit.

Accounts receivable – дебіторська заборгованість – amounts which a company expects to collect from its customers for goods and services sold to them on credit.

Allowance for doubtful accounts – резерв на покриття сумнівних кредитів – a valuation account or contra account relating to accounts receivable and showing the portion of the receivables estimated to be uncollectible.

Balance sheet – балансовий звіт – a financial statement which shows the financial position of a business entity by summarizing the assets, liabilities, and owner’s equity at a specific date.

Current assets – поточні активи, короткострокові активи – cash and other assets that can be converted into cash within one year or the operating cycle (whichever is longer) without interfering with the normal operation of the business.

Current liabilities – короткострокові, поточні забов’язання – any debts that must be paid within one year or the operating cycle (whichever is longer), with payment being made from current assets.

Depreciation – амортизація – the systematic allocation of the cost of an asset to expense during the period of its useful life.

Financial statements – фінансові звіти – reports which summarise the financial position and operating results of a business (balance sheet and income statement).

Fixed assets – основні засоби, основні активи – assets that will be held or used for a period longer than one year.

Goodwill – гудвіл (репутація фірми) – the present value of expected future earnings of a business in excess of the earnings normally realized in the industry. Recorded when a business entity is purchased at a price in excess of a fair value of its tangible assets and identifiable intangible assets less liabilities.

Intangible assets – нематеріальні активи –those assets which are used in the operation of a business but which have no physical substance and are noncurrent.

Inventory (merchandise) – товарно-матеріальні запаси – goods acquired and held for sale to customers.

Liquidity – ліквідність – the ease (the speed) with which an asset can be converted to cash.

Long term liabilities – довгострокові кредиторські забов’язання – debts that have to be paid in more than a year.

Marketable securities – ліквідні цінні папери – a highly liquid type of investment which can be sold at any time without interfering with normal operation of a business. Usually classified as a current asset.

Notes payable – векселі видані; бухгалтерський рахунок, на якому відображені суми, які компанія повинна сплатити за векселями – a liability evidenced by issuance of a formal written promise to pay a certain amount of money, usually with interest, at a future date.

Notes receivable – векселі одержані; бухгалтерський рахунок, на якому відображені суми, які компанія повинна отримати за векселями – a receivable (asset) evidenced by a formal written promise to pay a certain amount of money, usually with interest, at a future date.

Prepaid expenses – авансовані кошти (витрати майбутніх періодів) – advance payments for such expenses as rent and insurance. The portion which has not been used up at the end of the accounting period is included in the balance sheet as an asset.

Promissory note – простий вексель – a formal written promise to pay an amount borrowed plus interest at a future date.

Retained earnings (undistributed profits) – нерозподілений прибуток – the portion of shareholders’ equity derived from profitable operations. Retained earnings is a historical concept, representing the accumulated earnings minus dividends declared from the date of incorporation to the present.

EXERCISES

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