Analysis of Financial Statements, страница 3


  1. Match the following terms with their definitions:

Facts which are obtained from analyzing information expressed in numbers


The money that a company receives over a fixed period of time


The money that you need to spend in order to do something


An amount of money that you have to pay to the government


The result of business when the cost of making something is less than the amount that it is sold for


Person, whose job is to inspect or keep accounts.


2. Find Russian equivalent to following terms:

Travel expenses

Налог на прибыль

Income tax


Current account



Командировочные расходы

Cost accounting

Расчетный счет




Материальные активы

Tangible assets

Расчет себестоимости

3. Answer the questions:

What is inventory?

What are the types of long-term assets?

What is the purpose of a cost accounting system?

What are the types of accounting information?

What does the income statement show?

4. Allan started a business on 1 July. During the first week the following transactions took place:

July 1

Allan opened a bank account for the business and deposited $12000 from his personal savings.

July 2

A delivery van was purchased for $4000 and paid for by payment order

July 3

Stock of goods for resale costing $3000 were purchased and paid for by cheque.

July 4

Allan withdrew $1000 for travel expenses

July 5

Stock costing $2000 was sold to a customer for $3000. The customer paid by cash.

Make the series of balance sheets for the business at the end of each day.