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Тексты для специальности “Бухгалтерский учет, анализ и аудит” Вариант 1
Balance sheet
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Тексты для специальности “Бухгалтерский учет, анализ и аудит”

Вариант 1


ETHICS IN ACCOUNTING

Decision makers must be able to trust that the information in financial statements and other accounting reports has not been manipulated, and that the accountant is protecting their interests. When trust is lacking, our commercial and personal lives are much more complicated, inefficient and unpleasant.

Several accounting organizations formulated codes of ethics that govern the behavior of their members. By examining these codes you will gain some understanding of the expectations that exist regarding the ethical behavior of accountants.

Most of us sense what is right and wrong. Yet many of us are tempered at times by the “get rich quick” opportunities that arise. You can read in the newspapers almost any day about officials and business leaders who did not do “the right thing” when greed ruled over their sense of right and wrong.

An accountant’s most valuable asset is his or her reputation. Those who take the high road of ethical behavior are praised, honored and sought out for their advice and other services. Occasionally, accountants do take the low road and suffer the consequences. They sometimes find their names in print in newspapers in an unfavorable light, are scorned by their former colleagues and usually are removed from their work. Fortunately, the accounting profession has many leaders who have taken the high road, gained the respect of friends and colleagues, and become role models for all of us to follow.

Now we offer you to determine ethical behavior.

Beth Stone is an accounting major at State University. She has a 3,8 grade point average and is a member of Beta Alpha Psi, the national accounting honor society. She has decided to pursue a career in public accounting and has had her “heart set” on being employed by CPA Firm A after graduation, because it has many clients in the high-tech industry. In a conversation with the head recruiter from Firm A Beth was told that the firm had overherited the year before and probably would be unable to make her an offer at this time. Beth decided to interview with many other CPA firms and finally accepted a position with Firm B at a salary of $30,000 plus overtime. Although she had wanted to audit companies in the high-tech industry, Firm B has few clients in the health care industry, which is Beth’s second favorite industry.

Two month later after Beth had accepted the offer from firm B and before she had stated working, she receive an urgent call from the recruiter at Firm A. he was unaware that she had already accepted another offer and said that the firm ha recently experienced some unplanned turnover in the staff. As a result, he was in a position to make her an offer of %31,000 plus overtime. He could also guarantee that she would be able to specialize in the high-tech industry and would be working on interesting jobs with some talented people.

Required:

  1. What are Beth’s options?
  2. What should Beth do?
  3. Make up a situation to illustrate the use of the use of the proverb “Honesty is the best policy”.

Вариант 2


^ BALANCE SHEET

The financial statement that reflects a company’s solvency is a balance sheet. The balance sheet shows the business entity’s financial position at a specific moment in time. If the income statement is a “movie”, the balance sheet is a “snapshot”.

But no business can stand still while its financial position is examined. A business may take hundreds of transactions of various kinds every day. Even during a holiday, office fixtures grow older and decrease in value, and interest on savings accounts accumulates. Yet, the accountant must set up a balance sheet so that managers and other interested parties can evaluate the business’s financial position as if it were static.

The balance sheet lists the company’s assets, liabilities and owner’s equity.

Assets (what a firm owns) are things of value owned by a business. They are also called resources of the business. Most often the asset section of the balance sheet is divided into three types of assets, listed in order of the ease with which these assets can be turned into cash.

Current assets which include cash and other items that will or can become cash within the following year are always listed first.

Cash: Funds on hand in checking or saving accounts. Not included are funds in special deposit or in any other form not readily available for use.

Marketable securities: Stocks, bonds and other similar investments that can quickly be turned into cash when needed. Such investments are temporary and do not represent any sort of long - term control over the company that issued the securities.

Accounts receivable: Amounts due from customers. Often accountants deduct from accounts receivable an allowance for bad debts (uncollectible accounts). This deduction notifies creditors and shareholders that some of the receivables may not be collectible.

Notes receivable: Written and signed promises to pay a definite sum, plus interest, usually on a certain date at a certain place. They are generally collected routinely through customer’s banks.

Inventories: Usually merchandise on hand. Manufacturing companies may have inventories of raw materials, goods in process, and finished goods ready for sale.

Prepaid expenses: Supplies on hand and services paid for but not used yet. An example is prepaid insurance, the unexpired portion of insurance purchased by a business. It is classified as a current asset because it can be turned into cash if canceled or because it will be used and thus reduce cash outlay in the next year.

Fixed assets – sometimes called property, plant and equipment – consist of permanent investments on buildings, equipment, furniture and fixtures, transportation equipment, land and any other tangible property used in running a business. They have a useful life of more than a year and are not expected to be converted into cash. With the exception of land fixed assets depreciate yearly. They slowly wear out or become obsolete, even useless. The accounting procedure for systematically spreading out the cost of such assets over their estimated useful life is known as depreciation (for a tangible asset such as a building) or amortization (for an intangible asset such as a patent).

Intangible assets include patents on a process or invention, the costs of starting a business, copy – rights to written or reproducible material, or trademarks. Even though they are not physical assets, they are valuable, because they can be licensed or sold outright to others.

Least tangible of all, but not less valuable as an asset is good will, consisting mainly of the firm’s reputation, especially in its relations with its customers.