Chapter3balancesheet会计英语第3章资产负债表.pptVIP

* Terms and concepts Chapter 3 1. Another name for the balance sheet is … Statement of Operations Statement of Financial Position Statement of Financial Condition 2. The balance sheet heading will specify a … Period of time Point in time 3. The length of time between financial reports is a fiscal period or fiscal year. 1. The balance sheet presents a flowing picture of the company’s financial position at a specific time. 2. Tangible assets have no physical existence, but they do have value that may bring the business huge profits. 3. A company that borrows money from an external party is called a creditor. 4. Long-term liabilities are obligations that a business does not expect to liquidate within the normal operating cycle or one year. 5. Retained earnings refers to the business’s cumulative net incomes. True or false? Fill in the blanks with the proper words. 1. Cash includes bank deposits, currency, coin, checks, bank _______, and money _______, etc. 2. Accounts receivable are owed by a customer for sales of services or merchandise _______ and are _______ by customers to pay in the future. 3. When a sum of money is borrowed by the firm, a _______ is incurred. 4. Owners’ equity is a _______ claim because the claims of the ________ legally come first. 5. Decreases of the owners’ equity are caused in two ways: _______ of cash and _______ from unprofitable operation. 6. A balance sheet sets forth two major parts in its format: ________ and ________ of the statement. Self study Study this Sound and Light balance sheet and answer the following questions about the company’s financial condition. 1. Is the enterprise soundly financed? 2. Can the enterprise pay its bills on time? 3. Should the owners declare themselves a dividend? If so, how large should it be? Oral Task * Sound and Light Pty Ltd Balance sheet as at June 30 1997 (in thousands of dollars) Assets $ $ Current asset