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Main Street Store, Inc
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Statement of Cash Flows
For the Year Ended August 31,20XX
Cash flows operating activities:
Net income....................................... …………….18,000
Add (deduct) items not affecting cash:
Depreciation expense......................... ………........... 4,000
Increase in accounts receivable................................. 80,000
Increase in merchandise inventory........................ (170,000)
Increase in current liabilities................................... 67,000
Net cash used by operating activities.................. 161,000
Cash flows investing activities:
Cash paid for equipment........................................ 40,000
Cash flows from financing activities:
Cash received from issue of long-term debt.............. 50,000
Cash received from sale of common stock............. 190,000
Payment of cash dividend on common stock............. 5,000
Net cash provided by financing activities.............. 235,000
Net increase in cash for the year............................... 34,000
Good record keeping by a business is not only wise but is required by law. Legal and financial questions may be raised by various agencies, banks, and employees. The questions may be accurately answered when written records of business proceedings are kept. By recording daily transactions, the owner can learn from mistakes and avoid errors in the future. Even if profits are not distributed to shareholders, any organization needs a P&L to account for its activities to see whether it is being efficiently and honestly run.
IV. Join the halves. Can you tell more about each of the financial statement?
| A. | B. |
| Balance sheet | measures the performance of the enterprise |
| Income statement or (P&L) | measures the actual flow of funds |
| The statement of owner’s equity | lists all the assets, liabilities, and owner’s equity at a point in time. |
| Statement of cash flow | presents a summary of the changes that occurred in the owner’s equity of the entity during a specific time period |
V. Answer the questions to the text:
1. What are the main business statements?
2. What do they show?
3. What does a cash flow measure?
4. Why is good record keeping important for the owner?
UNIT 6
I. Memorize the following words:
The sale and the purchase transactions – операции купли - продажи
investment – инвестирование, вложение денег, капитала
financial status – финансовый статус
loss – убытки
profit – прибыль
II. Translate the following words and word combinations:
To reflect, concern, profitability, the reverse case, to address, on a yearly basis
III. Read and translate the text:
FINANCIAL ACCOUNTING
The classification of financial accounting transactions reflects the concern with two major interests in financial accounting. The first is addressed to the analysis of the profitability of the business. This is done normally on a yearly basis by comparing the sale and the purchase transactions and establishing the difference, with either a loss or a profit for the year. A profit will be shown when sale transactions are greater than the purchase transactions during the year; a loss will be shown in the reverse case. In financial accounting, the operating cycle is conventionally treated as a period of one year. This suggests that the profit or loss is a short-term analysis of business activities.
The second major interest in financial accounting is directed to the analysis of those transactions having a long-term impact on the firm.
These transactions include, on the one hand, investment transactions by which the firm acquires assets of potential use for more than one accounting period, and, on the other hand, financial transactions by which the firm obtains funds for use for more than one year.
Financial accounting brings together investment and financial transactions in a statement of the financial status, or structure, of the enterprise which is commonly known as the balance sheet.
IV. Find the English equivalents for:
обычно, включать, отчетный период, бухгалтерский баланс, влияние
(воздействие), получать, предприятие, приобретать (покупать)
(impact, obtain, balance sheet, conventionally, enterprise, include, acquire, accounting
period)
V. Answer the questions to the text:
1. What does the classification of financial accounting transactions reflect?
2. How is the analysis of the profitability of business normally done?
3. What is the focus of the second major interest in financial accounting?
UNIT 7
I. Read and translate the text using the dictionary:
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