Лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)




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НазваниеЛекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)
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Переведенная на английский лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)

MONEY AND BANKING (ДЕНЬГИ И БАНКОВСКОЕ ДЕЛО) Money and its Funсtions. Деньги, их функции. Although the crucial feature of money is its acceptance as the means ofpayment оr medium of exchange, money has other functions. It serves as astandard of-value, a unit of account, a store of value and ft a standard ofdeferred payment. We discuss each of the functions of money in turn. The Medium of Exchange. Средство обращения. Money, the medium of exchange, is used in one-half of almost аЦexchange. Workers exchange labour services for money. People buy and sellgoods in exchange for money. We accept money not to consume it directly butbecause it can subsequently be used to pay things we do wish to consume.Money is the medium through, which people exchange goods and services. To see that society benefits from a medium of exchange, imagine abarter economy. аbarter economy has no medium of exchange. Goods are traded directlyor swapped for other goods. In a barter economy, the seller and the buyer each must want somethingthe other has to offer. Each person is simultaneously a seller and a buyer.In order to see a film, you must hand over in exchange a good or servicethat the cinema manager wants. There has to be a double coincidence ofwants. You have to find a cinema where the manager wants what you have tooffer in exchange. Trading is very expensive in a barter economy. People must spend a totof time and effort finding others with whom they can make mutuallysatisfactory swaps. Since time and effort are scarce resources, a bartereconomy is wasteful. The use of monеу - any commodity generally accepted inpayment for goods, services, and debts - makes the trading process simplerand more efficient. Other Functions of Моnеу. Другие функции денег Money can also serve as a standard of value. Society considers itconvenient to use a monetary unit to determine relative costs of differentgoods and services. In this function money appears as the unit of account,is the unit in which prices are quoted and accounts are kept. In Russia prices are quoted in roubles; in Britain, in pounds sterling;in the USA, in US dollars; in France, in French francs. It is usuallyconvenient to use the units in which the medium of exchange is measured asthe unit of account as well. However there are exceptions. During the rapidGerman inflation of 1922 - 1923 when prices in marks were changing veryquickly, German shopkeepers found it more convenient to use dollars as theunit of account. Prices were quoted in dollars even though payment was madein marks, the German medium of exchange. The situation in Russia nowadays reminds of that of in Germany. Money is a store of value because it can be used to make purchases inthe future. To be accepted in exchange, money has to be a store of value. Nobodywould accept money as payment for goods supplied today if the money wasgoing to be worthless when they tried to buy goods with it tomorrow. Butmoney is neither the only nor necessarily the best store of value. Houses,stamp collections, and interest-bearing bank accounts all serve as storesof value. Since money pays no interest and its real purchasing power iseroded by inflation, there are almost certainly better ways to store value. Finally, money serves as a standard of deferred payment or a unit ofaccount over time. When you borrow, the amount to be repaid next year ismeasured in pounds sterling or in some other hard currency. Althoughconvenient, this is not an essential function of money. UK citizens can getbank loans specifying in dollars the amount that must be repaid next year.Thus the key feature of money is its use as a medium of exchange. For this,it must act as a store of value as well. And it is usually, though notinvariably, convenient to make money the unit of account and standard ofdeferred payment as well. Different Kinds of Money. Различные виды денег In prisoner-of-war camps, cigarettes served as money. In the 19th century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes), which also serve as a medium of exchange. To use a commodity money, society must either cut back on other uses of that commodity or devote scarce resources to producing additional quantities of the commodity. But there are less expensive ways for society to produce money. аtoken money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money. а$10 note, is worth far more as money than as a 3 x 6 inch piece of high-quality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn't everyone make $10 notes? The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal: Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment. In modern economies, token money is supplemented by IOU money. An IOU money is a medium of exchange based on the debt of a private firm or individual. аbank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment. VOCABULARY NOTES the means of payment - средство платежа medium of exchange - средство обращения a standard of value - мера стоимости a unit of account - единица учета a store of value - средство сбережения (сохранения стоимости) a standard of deferred payment - средство погашения долга subsequently - впоследствии a barter economy - бартерная экономика to swap (also swop; syn. to exchange, to barter) - обменивать, менять to hand over in exchange - передать, вручить в обмен a double coincidence of wants - двойное совпадение потребностей a monetary unit - денежная единица to remind of - напоминать to be worthless - обесцениваться an interest-bearing bank account - счет в банке с выплатой процентов to pay interest - приносить процентный доход to erode - зд. фактически уменьшать hard currency - твердая (конвертируемая) валюта soft currency - неконвертируемая валюта invariably - неизменно, постоянно prisoner-of-war camp - лагерь военнопленных commodity money - деньги - товар token money - символические деньги (дензнаки) inch - дюйм (равен 2,5 см) to melt down - расплавить tiny costs - мизерные затраты legal tender - законное платежное средство to supplement - дополнять IOU money - I owe you - я вам должен; деньги - долговое обязательство a bad deposit - вклад в банке THE ROLE OF BANKS (РОЛЬ БАНКОВ) The following story is going to explain the role of banks. In the pastmost societies used different objects as money. Some of these were valuablebecause they were rare and beautiful, others- because they could be eatenor used. Early forms of money like these were used to buy goods. They werealso used to pay for marriages, fines and debts. But although everydayobjects were extremely practical kinds of cash in many ways, they had somedisadvantages, too. For example, it was difficult to measure their valueaccurately, divide some of them into a -wide range of amounts, keep some ofthem for a long time, use them to make financial plans for the future. Forreasons such as these, some societies began to use another kind of money,that is, precious metals. People used gold, gold bullion, as money. Those were dangerous times,and people wanted a safe place to keep their gold. So they deposited itwith goldsmiths, people who worked with gold for jewellery and so on andalso had a guarded vault to keep it safe in. And when people wanted some oftheir gold to pay for things with, they went and fetched it from thegoldsmith. Two developments turned these goldsmiths into bankers. The first wasthat people found it a lot easier to give the seller a letter than it wasto fetch some gold and then physically hand it over to him. This lettertransferred some of the gold they bad at the goldsmith's to the seller.This letter we would nowadays call a cheque. And, of course, once theseletters or cheques, became acceptable as a way of paying for goods, peoplefelt that the gold they had deposited with the goldsmith, was just as goodas gold in their own pockets. And as letters or cheques, were easier tocarry around than gold, and a lot less dangerous, people started to saythat their money holdings were what they had with them plus their deposits.So a system of deposits was started. The second development was thatgoldsmiths realized they had a great deal of unused gold lying in theirvaults doing nothing. This development was actually of greater importancethan the first. Now let's turn to the first bank loan ever and see what happened. Afirm asked a goldsmith for a loan. The goldsmith realized that some of thegold in his vault could be lent to the firm, and of course he asked thefirm to pay it back later with a little interest. Of course, at that momentthe goldsmith was short of gold, it wasn't actually his gold, but hereckoned it was unlikely that everyone who had deposited gold with himwould want it back at the same time, at any rate - not before the firm hadrepaid him his gold with a little interest. He thought it safe enough. To understand what actually happened in this simple transaction let's consider the following table. Таbl. 6. Goldsmiths as bankers| |Assets |Liabilities ||1. Old-fashioned |Gold $100 |Deposits $100 ||goldsmith |Gold $90 + loan 10 |Deposits $100 ||2. Gold lender |Gold $l00 + loan $10 |Deposits $110 ||3. Deposit lender Step 1 |Gold $90+loan $10 |Deposits $100 || | | ||4. Deposit lender Step 2 | | | The first row shows what the goldsmith did before he made this loan- He had a hundred dollars of gold, which he owed to the people who had deposited it with him, so his assets and liabilities were the same. But when he lent, say, $10 of gold to the firm, he actually had only $90 of gold in his vault plus the value of his loan. His assets still equalled his liabilities, but he was going to get some interest It so happened that the firm, that took out the loan, didn't really want to carry that $10 of gold around, so It asked me goldsmith if, instead of actually taking the gold, it could be given a deposit. The third row of Tabl. 6 shows what happened then. Although the goldsmith's assets and liabilities were the same, but were then worth $110, not $100. When the firm wrote a cheque for $10, and that person came in to collect his $10 worth of gold, the goldsmith's assets failed, but so did his liabilities (the fourth row of the table). The important point to notice here is that it made no difference to the goldsmith whether his initial loan was in actual gold or in a form of a deposit. Now let's turn to the question of reserves. Reserves are the amount of gold that is immediately available in the vault to meet depositors' demands. People originally deposited $100 of gold with the goldsmith. The goldsmith lent $10, leaving himself with $90. As a banker he was relying on the fact that not everyone would want their gold back at the same time. If they had done, be couldn't have paid out. His reserves of $90 were not enough. The goldsmith in the table has a 100% reserve ratio. The reserve ratio is the ratio of reserves to deposits. Once he has made his loan, he has a 90% deposit ratio. This is a small risk with a small profit. How much dare he lend out in order to make a profit through his interest charges? What are the risks involved? Suppose the goldsmith took too much of a risk. He lent 80% of the gold he had. This panicked people. They doubted he could pay them all back, he was bound to lose some of the gold he had lent, so they rushed to get their gold back before it was too late. That was what we would now call a run on the bank, a financial panic. And the financial panic leads to exactly what people fear: the bank cannot pay them, goes bankrupt, and they go bankrupt as well. VOCABULARY NOTES rare - редкий lines - штрафы to measure their value accurately - точно измерить их стоимость (ценность) to divide into a wide range of amounts - разделить на много частей (маленьких или больших) precious metals - драгоценные металлы gold bullion - золотой слиток to deposit with - хранить, вкладывать a goldsmith - золотых дел мастер worked with gold for jewellery - делал золотые украшения a guarded vault - охраняемый подвал, хранилищ: to fetch - приносить, доставать to transfer - переводить, передавать once these letters or cheques, became acceptable as a way of paying for goods - как только (когда) эти письма, или чеки, стали приниматься при оплатетоваров their money holdings- деньги, которые им принадлежали, которыми онивладели a bank loan - банковская ссуда, заем a little interest - небольшой процент the goldsmith was short of gold - у мастера не было достаточно золота to reckon - полагать, считать at any rate - во всяком случае a transaction - сделка to owe - быть должным assets and liabilities - активы и пассивы the vа1uе of his loan - стоимость ссуды, которую он дал to equal - равняться, быть равным the firm didn't really want to саrry that gold around, so it asked thegoldsmith If, instead of actually taking the gold, it could be given adeposit - фирма не хотела держать золото при себе (носить золото с собой) ивместо того, чтобы на самом деле его забрать, попросила мастера принять этозолото на хранение в виде вклада (they) were worth $110 - их стоимость составляла, они оценивались(имели ценность) в 110 долларов to write (syn. to draw, to issue, to make out) a cheque - выписать чек his assets failed - зд. его активы снизились to fail - (о банках) обанкротиться initial loan - первоначальная ссуда reserves - резервы the amount of gold that is immediately available in the vault - запасы(количество) золота, которое всегда находится (и может быть немедленнополучено) в хранилище банка depositors' demands - требования вкладчиков leaving himself with $90 -оставив себе только 90 долларов to rely on - рассчитывать, надеяться на что-либо the reserve ratio • резервная норма dare - осмеливаться to make a profit through his interest charges - получить прибыль засчет платежа процентов What are the risks involved? - Чем он рискует? to panic (panicked) -пугать, приводить в панику to doubt - сомневаться he was bound to lose some of the gold - он непременно должен былпотерять часть золота a run on the bank - натиск вкладчиков на банк the financial panic - финансовая паника to fear - опасаться, страшиться to go bankrupt - обанкротиться MODERN BANKING (СОВРЕМЕННАЯ БАНКОВСКАЯ СИСТЕМА) The goldsmith bankers were an early example of a financialintermediary. аfinancial intermediary is an institution that specializes in bringinglenders and borrowers together. аcommercial bank borrows money from the public, crediting them with adeposit. The deposit is a liability of the bank. It is money owed todepositors. In turn the bank lends money to firms, households orgovernments wishing to borrow. Banks are not the only financial intermediaries. Insurance companies,pension funds, and building societies also take in money in order to relendit. The crucial feature of banks is that some of their liabilities are usedas a means of payment, and are therefore part of the money stock. Commercial banks are financial intermediaries with a government licenceto make loans and issue deposits, including deposits against, which chequescan be written. Let's start by looking at the present-day UK banking system. Althoughthe details vary from country to country, the general principle is much thesame everywhere. In the UK, the commercial banking system comprises about 600 registeredbanks, the National Girobank operating through post offices, and a dozentrustee saving banks. Much the most important single group is the Londonclearing banks. The clearing banks are so named because they have a centralclearing house for handling payments by cheque. аclearing system is a set of arrangements in which debts between banksare settled by adding up all the transactions in a given period and payingonly the net amounts needed to balance inter-bank accounts. Suppose you bank with Barclays but visit a supermarket that banks withLloyds. To pay for your shopping you write a cheque against your deposit atBarclays. The supermarket pays this cheque into its account at Lloyds. Inturn, Lloyds presents the cheque to Barclays, which will credit Lloyds'account at Barclays and debit your account at Barclays by an equivalentamount. Because you purchased goods from a supermarket using a differentbank, a transfer of funds between the two banks is required. Crediting ordebiting one bank's account at another bank is the simplest way to achievethis. However on the same day someone else is probably writing a cheque on aLloyds' deposit account to pay for some stereo equipment from a shopbanking with Barclays. The stereo shop pays the cheque into its Barclays'account, increasing its deposit. Barclays then pays the cheque into itsaccount at Lloyds where this person's account is simultaneously debited.Now the transfer flows from Lloyds to Barclays. Although in both cases the cheque writer's account is debited and thecheque recipient's account is credited, it does not make sense for the twobanks to make two separate inter-bank transactions between themselves. Theclearing system calculates the net flows between the member clearing banksand these are the settlements that they make between themselves. Thus thesystem of clearing cheques represents another way society reduces the costsof making transactions. The Balance Sheet of the London Clearing Banks. Балансовый отчет лондонских клиринговых банков Таbl. 7 shows the balance sheet of the London clearing banks. Althoughmore complex, it is not fundamentally different from the balance sheet ofthe goldsmith-banker shown in Таbl 6. We'll begin by discussing the assetside of the balance sheet.The Balance Sheet of the London Clearing Banks.|Assets |Јb |Liabilities |Јb ||Sterling: Cash Bills and |2,9 |Sterling: Sight deposits |54,1 ||market loans |34,7 |Time deposits | ||Advances |83,0 |CDs |59,9 ||Securities |9,4 | | ||Lending in other |54,6 |Deposits in other |8,1 ||currencies Miscellaneous |15,5 |currencies Miscellaneous | ||assets |200,1 |liabilities |46,2 ||TOTAL ASSETS | |TOTAL LIABILITIES |31,8 || | | |200,1| Cash assets are notes and coin in the banks' vaults. However, modembanks' cash assets also include their cash reserves deposited with the Bankof England. The Bank of England (usually known as the Bank) is the centralbank or banker to the commercial banks. Apart from cash, the other entries on the asset side of the balancesheet show money that has been lent out or used to purchase interest-earning assets. The second item, bills and market loans, shows short-termlending in liquid assets. Liquidity refers to the speed and the certainty with which an asset canbe converted back into money, whenever the asset-holders desire. Moneyitself is thus the most liquid asset of all. The third item, advances, shows lending to households and firms. аfirmthat has borrowed to see it through a sticky period may not be able torepay whenever the bank demands. Thus, although advances represent themajor share of clearing bank lending, they are not very liquid forms ofbank lending. The fourth item, securities, shows bank purchases of interest-bearing hug-term financial assets. These can be government bonds orindustrial shares. Although these assets are traded daily on the stockexchange, so in principle these securities can be cashed in any time thebank wishes, their price fluctuates from day to day. Banks cannot becertain how much they will get when they sell out. Hence financialinvestment in securities is also illiquid. The final two items on the asset side of the balance sheet show lendingin foreign currencies and miscellaneous bank assets. Total assets of theLondon clearing banks were Ј200,1 billion. We now shall examine how theequivalent liabilities were made up. Deposits are chiefly of two kinds: sight deposits and time deposits.Whereas sight deposits can be withdrawn on sight whenever the depositorwishes, a minimum period of notification must be given before time depositscan be withdrawn. Sight deposits are the bank accounts against, which wewrite cheques, thereby running down our deposits without giving the bankany prior warning. Whereas most banks do not pay interest on sight depositsor cheque (checking) accounts, they can afford to pay interest on timedeposits. Since they have notification of any withdrawals, they have plentyof time to sell off some of their high- interest investments or call insome of their high-interest loans in order to have the money to pay outdeposits. Certificates of deposit (CDs) are an extreme form of time deposit wherethe bank borrows from the public for a specified period of time and knowsexactly when the loan must be repaid. The final liability items in Таbl. 7show deposits in foreign currencies, miscellaneous liabilities, such ascheques, in the process of clearing. VOCABULARY NOTES a financial intermediary - финансовый посредник to bring together - соединять, сводить вместе insurance companies - страховые компании pension lands - пенсионные фонды the money stock - денежная масса, деньги в обращении to issue deposits - открывать вклады the National Girobank - англ. Национальный жиробанк trustee saving banks - доверительные сберегательные банки London clearing banks - лондонские клиринговые банки (банки - членырасчетной палаты) a central clearing house - центральная расчетная палата inter-bank accounts - межбанковские счета Barclays - Барклайз банк (Великобритания) Lloyds - Ллойдз банк (Великобритания) to credit - кредитовать to debit - дебетовать cheque recipient - получатель чека cash assets - денежные активы the Bank of England - Банк Англии, Английский банк interest-earning (syn. interest-bearing) assets - активы, приносящиепроцентный доход bills and market loans - векселя и рыночные займы short-term lending - краткосрочное кредитование liquid (ant. illiquid) assets - ликвидные активы liquidity - ликвидность advances - ссуда в вида аванса a sticky period - трудный период securities - ценные бумаги interest-bearing long-term financial assets - долгосрочные финансовыеактивы, приносящие процентный доход government bonds - государственные облигации industrial shares - промышленные акции the stock exchange - фондовая биржа niscellaneous bank assets - прочее имущество банка sight deposit - депозит до востребования; бессрочный вклад time deposit - срочный вклад to withdraw - отзывать (вклад) to run down a deposit - уменьшать вклад cheque (checking) accounts - текущий (чековый) счет to sell off - распродавать cad in high-interest loans - требовать возврата займов (требоватьуплаты процентов) certificates of deposit - депозитные сертификаты miscellaneous liabilities ' прочие (другие) пассивы 1. GENERAL DEFINITION OF ACCOUNTING Today, it is impossible to manage a business operation without accurate and timely accounting information. Managers and employees, lenders, suppliers, stockholders, and government agencies all rely on the information contained in two financial statements. These two reports — the balance sheet and the income statement — are summaries of a firm's activities during a specific time period. They represent the results of perhaps tens of thousands of transactions that have occurred during the accounting period. Accounting is the process of systematically collecting, analyzing, and reporting financial information. The basic product that an accounting firm sells is information needed for the clients. Many people confuse accounting with bookkeeping. Bookkeeping is a necessary part of accounting. Bookkeepers are responsible for recording (or keeping) the financial data that the accounting system processes. The primary users of accounting information are managers. The firm's accounting system provides the information dealing with revenues, costs, accounts receivables, amounts borrowed and owed, profits, return on investment, and the like. This information can be compiled for the entire firm; for each product; for . each sales territory, store, or individual salesperson; for each division or department; and generally in any way that will help those who manage the organization. Accounting information helps managers plan and set goals, organize, motivate, and control. Lenders and suppliers need this accounting information to evaluate credit risks. Stockholders and potential investors need the information to evaluate soundness of investments, and government agencies need it to confirm tax liabilities, confirm payroll deductions, and approve new issues of stocks and bonds. The firm's accounting system must be able to provide all this information, in the required form. 2. THE BASIS FOR THE ACCOUNTING PROCESS The basis for the accounting process is the accounting equation. Itshows the relationship among the firm's assets, liabilities, and owner'sequity. Assets are the items of value that a firm owns —'cash, inventories,land, equipment, buildings, patents, and the like. Liabilities are the firm's debts and obligations — what it owes toothers. Owner's equity is the difference between a firm's assets and itsliabilities — what would be left over for the firm's owners if its assetswere used to pay off its liabilities. The relationship among these three terms is the following: Owners' equity = assets - liabilities (The owners' equity is equal to the assets minus the liabilities) For a sole proprietorship or partnership, the owners' equity is shownas the difference between assets and liabilities. In a partnership, eachpartner's share of the ownership is reported separately by each owner'sname. For a corporation, the owners' equity is usually referred to asstockholders ' equity or shareholders ' equity. It is shown as the totalvalue of its stock, plus retained earnings that have accumulated to date. By moving the above three terms algebraically, we obtain the standardform of the accounting equation: Assets = liabilities + owners' equity (The assets are equal to the liabilities plus the owners' equity) 3. аBALANCE SHEET аbalance sheet (or statement of financial position), is a summary of afirm's assets, liabilities, and owners' equity accounts at a particulartime, showing the various money amounts that enter into the accountingequation. The balance sheet must demonstrate that the accounting equationdoes indeed balance. That is, it must show that the firm's assets are equalto its liabilities plus its owners' equity. The balance sheet is preparedat least once a year. Most firms also have balance sheets prepared semi-annually, quarterly, or monthly. 4. AN INCOME STATEMENT An income statement is a summary of a firm's revenues and expensesduring a specified accounting period. The income statement is sometimescalled the statement of income and expenses. It may be prepared monthly,quarterly, semiannually, or annually. An income statement covering theprevious year must be included in a corporation's annual report to itsstockholders. 5. THE IMPORTANCE OF THE ABOVE TWO STATEMENTS The information contained in these two financial statements becomesmore important when it is compared with corresponding information forprevious years, for competitors, and for the industry in which the firmoperates. аnumber of financial ratios can also be computed from thisinformation. These ratios provide a picture of the firm's profitability,its short-term financial position, its activity in the area of accountsreceivables and inventory, and its long-term debt financing. Like theinformation on the firm's financial statements, the ratios can and shouldbe compared with those of past accounting periods, those of competitors,and those representing the average of the industry as a whole. Vocabulary 1. General Definition of Accounting|general |общий ||accounting |счет ||account |(бухгалтерский) учет ведение счетов ||impossible |невозможный ||manage |зд. руководить, управлять ||without |без ||accurate |точный ||lender |кредитор, заимодавец ||stockholder |акционер ||agency |зд. ведомство, орган ||rely (on) |полагаться (на) ||statement |зд. отчет ||report |отчет ||balance sheet |балансовый отчет, баланс ||income statement |отчет о доходах ||summary |обобщенный отчет, итоги ||specific |конкретный ||represent |представлять ||perhaps |возможно ||transaction |сделка, деловая операция ||occur |зд. происходить, иметь место ||accounting period |отчетный период ||report |сообщать ||needed |нужный ||client |клиент ||confuse |смешивать (в уме), путать ||bookkeeping |счетоводство, ведение бухгалтерских книг,|| |бухгалтерия ||responsible |ответственный ||record |записывать, вести учет ||data |данные ||process |обрабатывать ||user |пользователь ||provide |обеспечивать ||deal (with) |зд. иметь отношение (к) ||revenue |доход || | || | || | ||accounts (debt) receivables |дебиторская задолженность (долг, который || |следует получить компании, счета || |дебиторов, счета к получению || |сумма ||amount |занимать, брать взаймы ||borrow |быть должным ||owe |выгода, прибыль ||profit |инвестиция, инвестирование ||investment |прибыль на инвестированный капитал ||return on investment |и тому подобное собирать ||and the like compile |территория продажи ||sales territory |магазин ||store | ||individual salesperson |отдельный продавец ||division |зд. сектор ||department |отдел ||generally |вообще ||in any way |зд. в любой форме ||set goals |ставить цели ||control |контролировать, управлять ||evaluate |оценивать ||potential investor |потенциальный инвестор ||soundness |надежность ||confirm |подтвердить ||tax |налог ||liability |зд. пассив; задолженность ||payroll |платежная ведомость (по зарплате) ||deduction |удержание, вычеты ||approve |зд. утверждать, одобрять ||issue |выпуск ||stock |амер. акции, англ. ценные бумаги ||bond |облигация ||be able |быть способным ||provide |предоставлять ||in the required form |в требуемом виде | 2. The Basis for the Accounting Process|basis |основа ||accounting equation |бухгалтерская сбалансированность || |(дебет и кредит) ||relationship |соотношение ||assets |активы, авуары, зд. актив баланса ||own |владеть ||item of value |материальные ценности ||owner |владелец, собственник ||debt |долг ||obligation |обязанность, обязательство ||owner's equity |собственный (уставной) акционерный || |капитал ||pay off |расплачиваться (с) ||term |зд. понятие, значение ||sole |единоличный ||proprietorship |право собственности ||partnership |партнерство, товарищество ||share |доля ||report |сообщать ||is referred (to) |зд. называться ||stockholder's equity |доля акционера ||retained earning |нераспределенная прибыль ||accumulate |накапливаться ||to date |зд. к определенному времени ||move |зд. переставлять ||above |вышеуказанный ||algebraically |алгебраически ||obtain |получать | 3. аBalance Sheet|statement |зд. отчет ||summary |сводка, краткое изложение ||particular |конкретный ||various |различный ||enter |входить ||demonstrate |показывать ||indeed |действительно ||balance |уравновешиваться ||that is |то есть ||prepare |готовить ||at least |по крайней мере ||once |один раз 1 ||semiannually |раз в полгода ||quarterly |ежеквартально | 4. An Income Statement|income statement |отчет, счет прибылей (и убытков) ||summary |сводка ||cover |охватывать, учитывать ||previous |предыдущий ||annual report |годовой отчет | 5. The Importance of the above two Statements|importance |важность ||compare |сравнивать ||competitor |конкурент ||a number (of) |ряд ||ratio |соотношение, коэффициент ||provide |зд. давать ||profitability |доходность ||account receivable |сумма, причитающаяся к получению, || |дебиторская задолженность ||long-term |долгосрочный ||debt financing |долговое финансирование || |(т.е. путем получения займов) ||like |как ||those |зд. заменяет слово «отчеты» ||accounting period |отчетный период ||average |средняя величина ||as a whole |в целом |

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