Words and expressions

1. ...summary of your	— вывод о Ваших кредиторских отношениях с...
credit experience with...
2. current account	— текущий счет
3. specimen n	— образец
4. sole provider	— непосредственный источник
5. quarterly repayments	— ежеквартальные процентные выплаты
6. resort to legal procedures	— прибегнуть к судебной процедуре
7. a/m = above mentioned	— вышеупомянутый
8. principal n	— основная сумма кредита (в отличие от процентных платежей за кредит)
9. to debit v	— дебетовать, вычитать

Accounting in a Company

Work of no company is impossible without measuring and recording the financial data concerning its activity. This process is called accounting and the main document of it is called the balance sheet¹ of the company.

The balance sheet consists of two parts: assets² and liabilities³, which should be equal in sum, thus balancing each other.

Besides this balance, which is one of the main organizational principles of any company, accounting serves many other purposes, for example, the company's communications with organizations outside of it, e.g. banks or tax inspections.

More or less brief summaries of the company's performance or balance sheet are called in Britain "accounts" and in America "financial statements". This information is carefully studied by a bank crediting a company. _v

Notes

1. balance sheet	— баланс (документ)
2. assets n	— активы
current assets	— текущие активы
long-term assets	— долгосрочные активы
3. liabilities n	— расходы
current liabilities	— текущие расходы

Below are two examples of companies' balance sheets. 1) Trade Innovation Company and Subsidiaries¹ Consolidated² Balance Sheet as at³ Dec. 31, 1998.

	1998	1997
Current Assets Cash Marketable Securities4 Receivables5 Inventories6 Long-Term Assets Property, Plants and Equipment Investments Receivables Goodwill7 Deferred Expenses8 Total Assets	300,000 180,000 24,000 56,000 40,000 108,860 21,120 . 4,000 4,140 48,000 11,600 408,860	236,000 138,000 21,000 52,000 24,000 64,000 19,000 2,000 2,000 40,000 10,000 300,000
Current Liabilities Loans Payables9 Long-Term Liabilities Loans Other Liabilities and Provisions10 Total Liabilities	60,000 40,000 20,000 86,000 80,000 6,000 146,000	52,000 36,000 16,000 64,000 60,000 4,000 116,000
Net Assets Employed11	262,860	184,000
Shareholders' Interests12 Share Capital Reserves Retained Earnings13 Minority Interests14 Total Shareholders' Interests	100,000 60,000 4,286 40,000 20,000 120,000	60,000 34,000 4,000 26,000 10,000 70,000

2) "Petrograd Company"

Balance Sheet as at ...

	1999	1998
Assets Current Assets Cash Marketable Securities at Cost , Accounts Receivable Less Allowance for Bad Debts15 Stock-in-Trade16 Total Circulating Capital Capital Assets (Property, Premises, Plant and Machinery Equipment) Land Building Machinery Office Equipment Less Accumulated Depreciation17 Net Capital Asset Prepayment and Deferred Charges Intangibles (Goodwill, Patent, Trademark) Total Assets
Liabilities Current Liabilities Accounts Payable Promissory Notes18 Accrued19 Expenses, Payable Income Tax, Payable Total Current Liabilities Long-Term Liabilities First Mortgage Debenture20,5% Interest, due 1997 Total Liabilities