Analysis of Financial Statements, страница 3

Exercises:

Facts which are obtained from analyzing information expressed in numbers	Revenue
The money that a company receives over a fixed period of time	Tax
The money that you need to spend in order to do something	Profit
An amount of money that you have to pay to the government	Accountant
The result of business when the cost of making something is less than the amount that it is sold for	Statistics
Person, whose job is to inspect or keep accounts.	Expenses

2. Find Russian equivalent to following terms:

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.

1 2 3