Английский язык: Сборник текстов. Гурская Т.А. - 18 стр.

   The requirements include:
   – excellent English;
   – degree in accounting;
   – knowledge of the Russian accounting system;
   – familiarity with GAAP (generally accepted accounting principles – общепри-
нятые принципы бухгалтерского учета);
   – proper computer skills;
   – ability to work independently.

     Do many applicants stand a good chance?

                                    Reading practice

      Exercise 11.
     Read the text that follows to find the answers to the following questions:
     – What financial document presents the position of the enterprise?
     – What can assets include?
     – What can liabilities include?
     – What is equity?
     – What financial document measures the performance of the enterprise?



            7. FINANCIAL STATEMENTS AND THEIR ELEMENTS

                                     A. Balance sheet
     The position of the enterprise is presented in the balance sheet. That statement
shows resources and the claims to or interests in them and provides an indication of
the financial strength of the enterprise.
     The balance sheet includes the following elements:
       Assets
     Assets include property, plant and equipment, financial leases, investments in sub-
sidiaries and other enterprises; long-term receivables; purchased goodwill, patents,
trade marks and similar intangibles; marketable securities;
     current receivables (or trade debts); inventories; cash and bank balances; and pre-
paid expenses.
     Assets arise from past events, which may be cash or non-cash transactions. Assets
may be purchased, exchanged for other assets, self-generated or received as grants or
donations.
     An asset is recognized when it is reasonably certain that the future economic bene-
fit embodied in it will flow to the enterprise.
     In a number of countries, intangible assets such concessions, patents, licenses,
trade marks and similar rights and assets may be recognized in the balance sheet only
if they were acquired for a valuable consideration. A number of countries allow assets
to be carried on the balance sheet only if the reporting enterprise is the legal owner.

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