商英Unit 13 ,14答案

Unit 13 Accounting and financial statements
1a Vocabulary:
Match up the terms on the left with the definitions on the right.
1 B
2 C
3 D
4 G
5 A
6 E
7 F
1.Bookkeeping: B) writing down the details of transactions (debits and credits)
2.Accounting: C) keeping financial records, recording income and expenditure, valuing assets and
liabilities, and so on
3.Managerial accounting: D) preparing budgets and other financial reports necessary for
management
4.Cost accounting: G) working out the unit costs of products, including materials, labor and all
other expenses
5.Tax accounting: A) calculating an individual’s or a company’s liability for tax
6.Auditing: E) inspection and evaluation of accounts by a second set of accountants
7.‘Creative accounting’: F) using all available accounting procedures and tricks to disguise the
true financial position of a company
1b Listening
You will hear Sarah Brandston, an accountant in New York, talking about bookkeeping and tax accounting. Read the following question and then listen to the interview.
1.In which fields do most of Sarah Brandston’s clients work? She mentions graphic designers,
media people, writers, film makers, architects, people who consult in the computer field, and people who work in music.
2.Why do they need an accountant? She says that her clients are generally talented in their field,
but they don’t necessarily know how to run a business, how to do bookkeeping, or how to keep accounting records that will allow them to file tax returns.
3.What does Sarah Brandston describe as ‘the basic rule for accounting? Keeping records that
reflect the financial life in the business accurately enough to enable one to file a tax return. 4.An individual can do business as a self-proprietorship. Sarah Brandston mentions two other
types of business. What are they? Corporations and partnerships.
5.Sarah Brandston says ‘bookkeeping is really a common sense way of keeping track of the income
and expenses’. What does she mean by common sense in relation to recording expe nses? She means that businesses should set up bookkeeping categories that allow them to record their
below.
Assets, liabilities, turnover, depreciation (GB) or amortization (US)
creditors (GB) or accounts payable (US), debtors (GB) or accounts receivable (US)
overheads (GB) or overhead (US), earnings or income
shareholders (GB) or stockholders (US), stock (GB) or inventory (US)
1. A company’s owners: shareholders or stockholders
2.The revenues received by a company during a given period, minus the cost of
sales, operating expenses, and taxes: earnings or income
3.All the money that a company will have to pay to someone else in the future,
including taxes, debts, and interest and mortgage payments: liabilities
4.The amount of business done by a company over a year: turnover
5.Anything owned by a business (cash investments, buildings, machines, and
so on) that can be used to produce goods or pay liabilities: assets
6.The reduction in value of a fixed asset during the years it is in use (charged
against profits): depreciation or amortization
7.Sums of money owed by customers for goods or services purchased on credit:
debtors or accounts receivable
8.Sums of money owed to suppliers for purchases made on credit: creditors or
accounts payable
9.(The value of ) raw materials, work in progress, and finished products stored
ready for sale: stock or inventory
10.The various expenses of operating a business that cannot be charged to any
one product, process or department: overheads or overhead
2b Reading
Insert the words in the box 2a in the gaps in the text.
1 assets
2 stock or inventory
3 depreciation or amortization
4 shareholders or stockholders
5 earning or income
6 turnover
7 overheads or overhead
8 liabilities
9 debtors or accounts receivable 10 creditors or accounts payable 2c Summarizing Complete the following sentences.
panies record their fixed assets at historical cost because they do not
need to know their real value: if the company is a going concern they are not for sale.
2.Historical cost accounting usually underestimates the value of assets that
appreciate (gain value), such as land and buildings (US: real estate)
3.Countries with a regularly high rate of inflation generally use a system of
current cost or replacement cost accounting, which records assets at the price that would have to be paid to replace them.
pany profits are usually split three ways: into tax (corporation tax in
Britain, income tax in the US), dividends, and retained earnings.
5.Double-entry bookkeeping requires that every transaction is recorded in one
account as a sum received and another as a sum paid.
6. A company’s net assets consist of its assets minus liabilities.
7. A company’s stock market capitalization is usually more than the value of its
net assets, because this figure does not include intangible elements such as goodwill.
8.Flows of cash both in and out of the company are recorded in the source and
application of funds statement.
3 Financial statements
1. Costs and expenses
2. Income tax
3. Net profit
4. Intangible assets
5. Inventories
6. Retained earnings
7. Long-terms liabilities
8. Accrued expenses
cash from operating
activities
10.Cash and cash equivalents at
beginning of period
New words in this unit 13
Accountancy, Accountant, Accounting, Accounting equation, Accrued expenses, Annual report, Assets, Auditing, Balance sheet, Bookkeeping, Cash flow, Cost accounting, Creative accounting, Credit, Creditors (GB) accounts payable (US), Debit, Debt, Debtors (GB) accounts receivable (US), Depreciation (GB) amortization (US), Dividend, Double-entry bookkeeping, Earnings, Expenses, Financial statement, Financial year, Finished products, Fixed asset, Funds flow statement, Going concern, Goodwill, Historical cost accounting, Income, Intangible assets, Interest, Liabilities, Managerial accounting, Market capitalization, Market value, Net book value, Nominal value, Overheads (GB) overhead (US), Partnership, Profit and loss account (GB) income statement, Reserves, Retained earnings, Revenue, Self proprietorship, Share capital, Share premium (GB) paid-in surplus (US), Shareholders (GB) stockholders (US), Source and application of funds statement, Statement of changes in financial position, Stock (GB) inventory (US), Tax accounting, Work in progress
Unit 14 Banking
1a Vocabulary
1.Overdraft: an arrangement by which a customer can withdraw more from a
bank account than has been deposited in it, up to an agreed limit; interest on the debt is calculated daily.
2.Credit card: a card which guarantees payment for goods and services
purchased by the cardholder, who pays back the bank or finance company at a later date.
3.Cash dispenser or ATM: a computerized machine that allows bank customers
to withdraw money, check their balance, and so on
4.Loan: a fixed sum of money on which interest is paid, lent for a fixed period,
and usually for a specific purpose
5.Standing order or direct debit: an instruction to a bank to pay fixed sums of
money to certain people or organizations at stated times.
6.Mortgage: a loan, usually to buy property, which serves as a security for the
loan
7.Cash card: a plastic card issued to bank customers for use in cash dispensers
8.Home bank ing: doing banking transactions by telephone or from one’s own
personal computer
9.Current or checking account: one that generally pays little or no interest, but
allows the holder to withdraw his or her cash without any restrictions
10.Deposit or time or notice account: one that pays interest, but usually
cannot be used for paying cheques (GB) or checks (US), and on which notice is often required to withdraw money
2b Comprehension
Which of the following three paragraphs most accurately and concisely summarizes the text, and what is wrong with the others?
First Summary
Commercial banks hold customers’ deposits and make loans. Investment banks raise funds for industry. Deregulation in Britain and the US has led to the
creation of financial conglomerates similar to the universal banks that have always existed in German-speaking countries. A country’s minimum interest rate is usually fixed; banks charge progressively higher rates to less secure borrowers. Many banks also do Eurocurrency business – lending foreign currencies, notably dollars, at lower rates than in the currencies’ home countries.
2c Vocabulary:
1.Deposit: to place money in a bank; or money placed in a bank
2.Foreign currencies: the money used in countries other than one’s own
3.Yield: how much money a loan pays, expressed as a percentage
4.Liquidity: available cash, and how easily other assets can be turned into cash
5.Maturity: the date when a loan becomes repayable
6.Underwrite: to guarantee to buy all the new shares that a company issues, if
they cannot be sold to the public
7.Takeover: when a company buys or acquires another
8.Merger: when a company combines with another one
9.Stockbroking: buying and selling stocks or shares for clients
10.Portfolio management: taking care of all a client’s investments
11.Deregulation: the ending or relaxing of legal restrictions
12.Conglomerate: a group of companies, operating in different fields, that have
joined together
13.Blue chip: a company considered to be without risk
14.Solvency: ability to pay liabilities when they become due
15.Collateral: anything that acts as a security or a guarantee for a loan
2d Vocabulary verb-noun partnership
1.charge interest
2.pay interest
3.do business
4.exchange currencies
5.issue bonds
6.make loans
7.make profits
8.offer loans
9.offer advice
10.raise interest
11.receive deposits
12.underwrite security issues
New words in this unit 14
Balance, bank account, bank transfer, base rate or prime rate, blue chip, bonds, borrow, cash dispenser or ATM, cashcard, central bank, cheque (GB) or check (US), collateral, commercial or retail bank, commission, conglomerate, credit card, credit standing or credit rating or creditworthiness, current account (GB) or checking account (US), deposit, deposit account (GB) or time or notice account (US), direct debit or standing order, discount rate, Eurocurrency, fee, financial markets, foreign currency, funds, interest rate, international trade, investment,
investment bank, issue, lend, liquidity, loan, maturity, merchant bank, merger, mortgage, overdraft, portfolio, profit, property, risk, securities, share, solvency, spread or margin, stockbroking, takeovers, undertwrite, universal bank, withdraw, yield。