INVOICE / BILL / ACCOUNT / ACCOUNTS / CHECK (AE) / RECEIPT 1.A statement of money owed for goods or services supplied. 2.a slip or ticket showing the amount owed, esp. a bill for food or beverages consumed (AE) 3.A document sent by a seller to a customer with details of goods or services that have been provided, their price, and the payment date. 4.A written statement showing that you have received money, goods or services. 5.An arrangement between a bank and a customer that allows the customer to pay in and take out money. 6.The complete set of records showing money coming into or going out of a business, its profits and its financial situation.

INVOICE / BILL / ACCOUNT / ACCOUNTS / CHECK (AE) / RECEIPT 1.A statement of money owed for goods or services supplied.BILL (invoice) 2.A slip or ticket showing the amount owed, esp. a bill for food or beverages consumed (AE).CHECK 3.A document sent by a seller to a customer with details of goods or services that have been provided, their price, and the payment date. INVOICE 4.A written statement showing that you have received money, goods or services. RECEIPT 5.An arrangement between a bank & a customer that allows the customer to pay in & take out money. ACCOUNT 6.The complete set of records showing money coming into or going out of a business, its profits and its financial situation.ACCOUNTS Croatian term:

FILL IN THE GAPS. 1.Could we have the __________, please? 2.The _______ for the repairs came to $ My salary is paid into my bank ________. 4.Have you paid the phone _______? 5.The _________for last year showed a profit of $2 million. 6.The manufacturer sent the __________for two typewriters. 7.Make sure you are given a _______ for everything you buy. check/bill bill account bill accounts invoice receipt

Accounting & financial statements What is accounting? What skills do accountants need? → MK, p 95, Vocabulary 2 1 cost accounting 2 tax accounting 3 auditing 4 managerial account. 5 creative accounting → comment on the cartoon or window dressing 6 bookkeeping

What skills do accountants need? 1 cost accounting 2 tax accounting 3 auditing 4 managerial account. 5 creative accounting or window dressing 6 bookkeeping analytical ability & mathematical competence thorough knowledge of tax laws and accounting strong analytical skills and honesty analytical ability & math strong analytical skills and dishonesty accuracy and concentration, mathematical ability

Calculate liabilities Calculate taxes Keep records Pay liabilities Pay taxes Receive income Record expenditure Record income Record transactions Value assets Value liabilities → MK, p 96, Vocabulary 4: Common word combinations

ACCOUNTING + FINANCING

MK, p 95, Vocabulary 1 1 B2 B3 B4 A5C 6 C 7A8B9A10A → RB, p 32 Read, fill in the notes Match up words → MK, p 96, Task 3 → RB, p 33

THE PROFIT AND LOSS ACCOUNT It shows i_______ and e_________. It gives figures for total sales in a year or t________ or r________. It shows c______,ex_________ and ov_______. Part of the profit goes to the government in ta________, part to the sh_________ as d_________and part is retained by the c____________. → Find Croatian equivalents → RB, p. 34 ncomexpenditure urnover ostspenseserheads xationareholders ividend ompany evenue

Balance Sheet 1.The balance sheet shows a company’s f_________ s________ on the last day of the f________ y_______. 2.It lists the company’s a_________, l__________ and s___________ f_______ (equity). 3.Assets can be c_________ and f__________. 4.Why do a company’s assets include debtors? 5.Intangible assets include g_________, p________, c_________ & t____________. 6.Liabilities can be s__________ (current) and l___________. 7.Owners’ capital (e______) is money received from the issue of s________ and r_______. →Find Croatian equivalents RB 34 p. 35 inancial ituationinancial ear ssetsiabilities hareholders’unds urrentixed oodwillatents opyrights rademarks hort-term ong-term quity hares eserves

Balance sheet, cont. 1. Complete the basic accounting equation: A______ = L________ + S________________ or _______ - ________ = ___________________ ssets iabilitieshareholders’ equity Assetsliabilities shareholders’ equity

Provide opposites: Short-term liabilities Fixed assets Debtors Tangible Assets Current cost acc. Payables Own Income Net Long-term liabilities Current assets Creditors Intangible Liabilities Historical cost acc. Receivables Owe Expenditure Gross → RB, p 36

Cash flow statement Two directions of cash flow: Three types of company activities: o_______, f_______ & i________ activities Four examples of sources of funds Five examples of applications of funds → RB, p 35 – find Croatian equivalents peratinginancingnvestment

Accounting and Financial Statements operating, financing and investment activities flow of cash in and out of the business source of funds: application of funds: a)trading profitsb) purchase of assets c)sales of assetsd) borrowing e)issuing of sharesf) payment of dividends g)trading lossesh) depreciation provisions i) repayment of loans

Accounting and Financial Statements CASH FLOW STATEMENT operating, financing and investment activities flow of cash in and out of the business source of funds (in): a, c, d, e, h application of funds (out): b, f, g, i a)trading profitsb) purchase of assets c)sales of assetsd) borrowing e)issuing of sharesf) payment of dividends g)trading lossesh) depreciation provisions i) repayment of loans

profit: - tax – dividends – retained / net profit costs expenses total sales or turnover overheads List them in the usual order:

PROFIT AND LOSS ACCOUNT profit: - tax – dividends – retained / net profit costs expenses total sales or turnover overheads List them in the usual order: turnover, costs, expenses, overheads profit

the last day of the financial year company’s assets liabilities stockholders’ funds Classify as assets or liabilities: debtorscreditorsgoodwillpatents accounts receivableloans and bonds trade marksaccrued expensestaxes interestaccounts payablestock mortgagebuildingsvehicles overdraft

BALANCE SHEET the last day of the financial year company’s assets liabilities stockholders’ funds Classify as assets or liabilities: debtorscreditorsgoodwillpatents accounts receivableloans and bonds trade marksaccrued expensestaxes interestaccounts payable stock mortgagebuildingsvehicles overdraft

HW: RB p 36 – Vocabulary exercises