Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 77 стр.

liabilities) in return for goods and services that are sold. The equities of the owners
are not increased by the total revenues, but are increased only by the amount left
over after deduction the expenses and losses incurred while going the revenues.
The residual is called income. The terms revenue and income cannot be used in-
terchangeably. One could define income in terms of the improvement in economic
condition from one point in time to a second point in time. If the firm has $
1,000,000 of stockholders equity at the beginning of the period and $ 1,200,000 at
the end (excluding capital transactions such as dividends or additional investments
by stockholders) we would conclude that the period was $ 200,000. This income
figure would indicate how much “better off” the stockholders were as a result of the
period’s operations, if the two measures of stockholders equity were stated in terms
of current economic value. This would be a much broader definition of income
than the accountant employs, however. It would require that all assets and liabili-
ties be revalued each period. The definition used by the accountant is more objec-
tive and is apt to result in more consistent results through time and among firms.
      STATEMENT OF INCOME = THE INCOME STATEMENT
      The income statement shows the results of operations for a period of time.
Whereas the position statement is “As of” a particular moment, the income state-
ment is “For the Period Ending ___”. The period of time may be a year or any
time rather than a moment of time. It is essential that the income statement dis-
close the exact period covered, because the length of the period is a basic element
of the interpretation of income. For example, a given income for one month
would have a far different significance from the same income for a year. The in-
come statement compares the revenues of the period with the expenses that were
incurred to gain those revenues. The difference between the revenues and ex-
penses plus losses is generally defined as the income of the period: Revenues-
(expenses + losses) = income.




                                  UNIT 21
                              PAYMENT SYSTEMS

      CASH
      Cash is popular for many types of payments in the United States because it is
readily accepted, convenient, and anonymous. Because most of these transactions
have a low value, cash transactions account for only 0,4 percent of the total value
of all payments.
      CHEQUES
      Other than cash, the paper cheque is the most frequently used means of pay-
ment in the United States.
      Because cheques are paper instrument, they must be transported physically
between payers and payees and payer’s (collecting) and the payee’s (paying)
                                          77