Professional Documents
Culture Documents
INTRODUCTION
enter data record transactions keep books/ledgers analyse financial records decide how to present financial records calculate profits, losses review & evaluate accounts
BOOKKEEPERS
ACCOUNTANTS AUDITORS
FINANCIAL REPORTING
ANNUAL REPORT
Chairmans statement Directors report Auditors report Three financial statements 1.Profit & loss account 2.Balance sheet 3.Cash flow statement
BASIC TERMS
ASSETS (own) LIABILITIES (owe) CREDITORS (accounts payable, i.e. not paid at the time of purchase but expected to be paid out) DEBTORS (accounts receivable, i.e. expected to be received in the near future) INCOME (receive payments) EXPENDITURE (make payments)
BASIC TERMS
SALES REVENUE (TURNOVER) (money received from sales in a particular period) COSTS OF SALES (deducted from sales revenue) GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (deducted from gross profit) NET PROFIT (NET INCOME, BOTTOM LINE)
MK, p. 95, VOC 1-4, RB, p.32
SORT OUT: current liabilities, revenue, equity, long-term liabilities, profit after tax, expenses, fixed assets, profit before tax, current assets, retained profit
P&L
BALANCE SHEET
P&L revenue expenses profit before tax profit after tax retained profit
BALANCE SHEET fixed assets current assets current liabilities long-term liabilities equity
TRANSLATE IN CROATIAN
PROFIT & LOSS ACCOUNT
Sales revenue Cost of sales Gross profit Selling, general and administrative expenses Earnings before interest, tax, depreciation and amortization Depreciation and amortization Earnings before interest and tax Interest expenses Income tax Net profit
WHATS WRONG HERE? FIXED ASSETS buildings vehicles cash CURRENT ASSETS stock machinery debtors
SORT OUT:
accounts payable, accrued expenses, dividends, stock, accounts receivable, land and buildings, investments, cash and equivalents, deferred taxes, long-term debt ASSETS LIABILITIES
ASSETS
LIABILITIES
land and buildings accounts receivable cash and equivalents stock investments
COMPLETE
Tangible a.. have a phy.. existence, you can tou.. them. Over a period of time they lose their value or dep..te. Intangible assets include br names, pat., and tra.. mar . Amtion refers to spreading an intangible asset's cost over that asset's useful life.
COMPLETE
Tangible assets have a physical existence, you can touch them. Over a period of time they lose their value or depreciate. Intangible assets include brand names, patents, and trade marks. Amortization refers to spreading an intangible asset's cost over that asset's useful life.
APPLICATIONS OF FUNDS
P OF FIXED AND FINANCIAL ASSETS R EXPENSES I PAYMENTS T PAYMENT OF D
COLLOCATIONS - DICTATION
COSTS
COLLOCATIONS - DICTATION
COSTS Smanjiti: bring down, cut, lower, reduce Poveati: increase Obraunati: calculate, work out, figure out Platiti/podmiriti: meet, pay
COLLOCATIONS - DICTATION
PROFITS
COLLOCATIONS - DICTATION
PROFITS Zaraditi/donijeti: bring in, earn, generate, make Ugroziti: jeopardize, put at risk Reinvestirati: plough-back, reinvest Zadrati: retain
COLLOCATIONS - DICTATION
COLLOCATIONS - DICTATION
THE FIGURES Objaviti: announce, issue, release Provjeriti: check, examine, go over, go through Falsificirati: cook, manipulate, falsify, massage
COLLOCATIONS - DICTATION
FIGURE
COLLOCATIONS - DICTATION
FIGURE Tona: accurate, exact, precise Priblina: approximate, ballpark, rough, round Sumnjiva: deceptive, misleading , dubious