WORKBOOK

Task 1. Complete the text. Use the words from your Student’s book that are used to describe financial trends. Use a different word each time. The first one is done for you as an example.

Last year started well. In the first quarter sales 1) increased significantly. The second quarter was even better: sales increased 2) ________. They continued to 3) ____________ steadily in the third quarter and reached a 4) ___________ at 90,000. By the end of September, sales had 5) ___________ up 6) ________ almost 50 per cent. In the last quarter there was a slight 7) ___________, but it was still a good year. This year has been very different. Sales 8) ________ in the first half of the year – up one month and down the next – but in the last three months they have remained 9) ____________.

 

Task 2. Look at the arrows and complete the sentences. Use the words from your Student’s book that are used to describe financial trends. The first sentence is completed for you as an example.

 

1. There was a 1) slight fall in 2009.

2. In 2008, sales 2) __________ in our printing company in France.

3. Sales 3) ___________ in 2011.

4. There was a 4) ___________ in 2010.

5. In 2009, sales 5) ___________.

Task 3. Find twelve “money” words or phrases. You can go cross and down.

Task 3. Fill in the gaps with appropriate words from the list below.

sheet, balance, stock, accounting, branch, transactions, recipients, profitability

 

Financial accounting is a specialized 1) ____________ of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the 2) ____________ are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance 3) ___________.

Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation's 4) __________ is publicly traded, however, its financial statements tend to be widely circulated, and information will likely reach secondary 5) _________ such as competitors, customers, employees, labour organizations, and investment analysts.

It's important to point out that the purpose of financial 6) __________ is not to report the value of a company. Rather, its purpose is to provide enough information for others to assess the value of a company for themselves.

At the heart of financial accounting is the system known as double entry bookkeeping (or "double entry accounting"). Each financial transaction that a company makes is recorded by using this system.

The term "double entry" means that every transaction affects at least two accounts. The advantage of double entry accounting is this: at any given time, the 7) _________ of a company's asset accounts will equal the balance of its liability and stockholders' (or owner's) equity accounts.

By following the accrual basis of accounting, a company's 8) ___________, assets, liabilities and other financial information is more in line with economic reality.

(The text is borrowed and modified from http://www.accountingcoach.com/online-accounting-course/financial-accounting.html: as of 25 September 2011)