Контрольная: Переведенная на английский лекция по теме Money and banking (деньги и банковское дело), the role of banks (роль банков), modern banking (современная банковская система)

a transfer of funds between the two banks is required. Crediting or debiting

one bank's account at another bank is the simplest way to achieve this.

However on the same day someone else is probably writing a cheque on a

Lloyds' deposit account to pay for some stereo equipment from a shop banking

with Barclays. The stereo shop pays the cheque into its Barclays' account,

increasing its deposit. Barclays then pays the cheque into its account at

Lloyds where this person's account is simultaneously debited. Now the

transfer flows from Lloyds to Barclays.

Although in both cases the cheque writer's account is debited and the cheque

recipient's account is credited, it does not make sense for the two banks

to make two separate inter-bank transactions between themselves. The clearing

system calculates the net flows between the member clearing banks and these are

the settlements that they make between themselves. Thus the system of clearing

cheques represents another way society reduces the costs of making

transactions.

The Balance Sheet of the London Clearing Banks.

Балансовый отчет лон­донских клиринговых банков

Таbl. 7 shows the balance sheet of the London clearing banks. Although

more complex, it is not fundamentally different from the balance sheet of the

goldsmith-banker shown in Таbl 6. We'll begin by discussing the asset

side of the balance sheet.

The Balance Sheet of the London Clearing Banks.

Assets	£b	Liabilities	£b
Sterling: Cash Bills and market loans Advances Securities Lending in other currencies Miscellaneous assets TOTAL ASSETS	2,9 34,7 83,0 9,4 54,6 15,5 200,1	Sterling: Sight deposits Time deposits CDs Deposits in other currencies Miscellaneous liabilities TOTAL LIABILITIES	54,1 59,9 8,1 46,2 31,8 200,1

Cash assets are notes and coin in the banks' vaults. However,

modem banks' cash assets also include their cash reserves deposited with

the Bank of England. The Bank of England (usually known as the Bank) is

the central bank or banker to the commercial banks.

Apart from cash, the other entries on the asset side of the balance sheet show

money that has been lent out or used to purchase interest-earning assets.

The second item, bills and market loans, shows short-term

lending in liquid assets.

Liquidity refers to the speed and the certainty with which an

asset can be converted back into money, whenever the asset-holders desire.

Money itself is thus the most liquid asset of all.

The third item, advances, shows lending to households and firms.

A firm that has borrowed to see it through a sticky period may not be

able to repay whenever the bank demands. Thus, although advances represent the

major share of clearing bank lending, they are not very liquid forms of bank

lending. The fourth item, securities, shows bank purchases of

interest-bearing hug-term financial assets. These can be government

bonds or industrial shares. Although these assets are traded daily

on the stock exchange, so in principle these securities can be cashed in any

time the bank wishes, their price fluctuates from day to day. Banks cannot be

certain how much they will get when they sell out. Hence financial investment

in securities is also illiquid.

The final two items on the asset side of the balance sheet show lending

in foreign currencies and miscellaneous bank assets.

Total assets of the London clearing banks were £200,1 billion. We now

shall examine how the equivalent liabilities were made up.

Deposits are chiefly of two kinds: sight deposits and time deposits.

Whereas sight deposits can be withdrawn on sight whenever

the depositor wishes, a minimum period of notification must be given before

time deposits can be withdrawn. Sight deposits are the bank accounts

against, which we write cheques, thereby running down our deposits

without giving the bank any prior warning. Whereas most banks do not pay

interest on sight deposits or cheque (checking) accounts, they can

afford to pay interest on time deposits. Since they have notification of any

withdrawals, they have plenty of time to sell off some of their high-

interest investments or call in some of their high-interest loans

in order to have the money to pay out deposits.

Certificates of deposit (CDs) are an extreme form of time deposit

where the bank borrows from the public for a specified period of time and knows

exactly when the loan must be repaid. The final liability items in Таbl.

7 show deposits in foreign currencies, miscellaneous liabilities, such

as cheques, in the process of clearing.

VOCABULARY NOTES

a financial intermediary - финансовый посредник

to bring together - соединять, сводить вместе

insurance companies - страховые компании

pension lands - пенсионные фонды

the money stock - денежная масса, деньги в обращении

to issue deposits - открывать вклады

the National Girobank - англ. Национальный жиробанк

trustee saving banks - доверительные сберегательные банки

London clearing banks - лондонские клиринговые банки (банки - чле­ны

расчетной палаты)

a central clearing house - центральная расчетная палата

inter-bank accounts - межбанковские счета

Barclays - Барклайз банк (Великобритания)

Lloyds - Ллойдз банк (Великобритания)

to credit - кредитовать

to debit - дебетовать

cheque recipient - получатель чека

cash assets - денежные активы

the Bank of England - Банк Англии, Английский банк

interest-earning (syn. interest-bearing) assets - активы,

приносящие про­центный доход

bills and market loans - векселя и рыночные займы

short-term lending - краткосрочное кредитование

liquid (ant. illiquid) assets - ликвидные активы

liquidity - ликвидность

advances - ссуда в вида аванса

a sticky period - трудный период

securities - ценные бумаги

interest-bearing long-term financial assets - долгосрочные финансовые

активы, приносящие процентный доход

government bonds - государственные облигации

industrial shares - промышленные акции

the stock exchange - фондовая биржа

niscellaneous bank assets - прочее имущество банка

sight deposit - депозит до востребования; бессрочный вклад

time deposit - срочный вклад

to withdraw - отзывать (вклад)

to run down a deposit - уменьшать вклад

cheque (checking) accounts - текущий (чековый) счет

to sell off - распродавать

cad in high-interest loans - требовать возврата займов (требовать уплаты

процентов)

certificates of deposit - депозитные сертификаты

miscellaneous liabilities ' прочие (другие) пассивы

1. GENERAL DEFINITION OF ACCOUNTING

Today, it is impossible to manage a business operation without accurate and

timely accounting information. Managers and em­ployees, lenders, suppliers,

stockholders, and government agen­cies all rely on the information contained

in two financial state­ments. These two reports — the balance sheet and the

income statement — are summaries of a firm's activities during a specific

time period. They represent the results of perhaps tens of thou­sands of

transactions that have occurred during the accounting period.

Accounting is the process of systematically collecting, an­alyzing, and

reporting financial information. The basic prod­uct that an accounting firm

sells is information needed for the cli­ents.

Many people confuse accounting with bookkeeping. Book­keeping is

a necessary part of accounting. Bookkeepers are re­sponsible for recording (or

keeping) the financial data that the ac­counting system processes.

The primary users of accounting information are managers. The firm's

accounting system provides the information dealing with revenues, costs,

accounts receivables, amounts borrowed and owed, profits, return on

investment, and the like. This infor­mation can be compiled for the entire

firm; for each product; for . each sales territory, store, or individual

salesperson; for each divi­sion or department; and generally in any way that

will help those who manage the organization. Accounting information helps

managers plan and set goals, organize, motivate, and control. Lenders and

suppliers need this accounting information to evaluate credit risks.

Stockholders and potential investors need the information to evaluate

soundness of investments, and government agencies need it to confirm tax

liabilities, confirm payroll deductions, and approve new issues of stocks and

bonds. The firm's accounting system must be able to provide all this

information, in the required form.

2. THE BASIS FOR THE ACCOUNTING PROCESS

The basis for the accounting process is the accounting equation. It shows

the relationship among the firm's assets, liabil­ities, and owner's equity.

Assets are the items of value that a firm owns —'cash,

inven­tories, land, equipment, buildings, patents, and the like.

Liabilities are the firm's debts and obligations — what it owes to others.

Owner's equity is the difference between a firm's assets and its

liabilities — what would be left over for the firm's owners if its assets were

used to pay off its liabilities.

The relationship among these three terms is the following:

Owners' equity = assets - liabilities

(The owners' equity is equal to the assets minus the liabilities)

For a sole proprietorship or partnership, the owners' equity is shown as the

difference between assets and liabilities. In a part­nership, each partner's

share of the ownership is reported sepa­rately by each owner's name. For a

corporation, the owners' eq­uity is usually referred to as stockholders '

equity or sharehold­ers ' equity. It is shown as the total value of

its stock, plus retained earnings that have accumulated to date.

By moving the above three terms algebraically, we obtain the standard form of

the accounting equation:

Assets = liabilities + owners' equity

(The assets are equal to the liabilities plus the owners' equity)

3. A BALANCE SHEET

A balance sheet (or statement of financial position), is a summary of a

firm's assets, liabilities, and owners' equity ac­counts at a particular time,

showing the various money amounts that enter into the accounting equation. The

balance sheet must demonstrate that the accounting equation does indeed

balance. That is, it must show that the firm's assets are equal to its

liabilities plus its owners' equity. The balance sheet is prepared at least

once a year. Most firms also have balance sheets prepared semi-annually,

quarterly, or monthly.

4. AN INCOME STATEMENT

An income statement is a summary of a firm's revenues and expenses during

a specified accounting period. The in­come statement is sometimes

called the statement of income and expenses. It may be prepared

monthly, quarterly, semiannually, or annually. An income statement covering the

previous year must be included in a corporation's annual report to its

stockholders.

5. THE IMPORTANCE OF THE ABOVE TWO STATEMENTS

The information contained in these two financial statements becomes more

important when it is compared with corresponding information for previous

years, for competitors, and for the indus­try in which the firm operates. A

number of financial ratios can also be computed from this information. These

ratios provide a picture of the firm's profitability, its short-term

financial position, its activity in the area of accounts receivables and

inventory, and its long-term debt financing. Like the information on the

firm's fi­nancial statements, the ratios can and should be compared with

those of past accounting periods, those of competitors, and those

representing the average of the industry as a whole.

Vocabulary

1. General Definition of Accounting

general accounting account impossible manage without accurate lender stockholder agency rely (on) statement report balance sheet income statement summary specific represent perhaps transaction occur accounting period report needed client confuse bookkeeping responsible record data process user provide deal (with) revenue accounts (debt) receivables amount borrow owe profit investment return on investment and the like compile sales territory store	общий счет (бухгалтерский) учет ведение счетов невозможный зд. руководить, управлять без точный кредитор, заимодавец акционер зд. ведомство, орган полагаться (на) зд. отчет отчет балансовый отчет, баланс отчет о доходах обобщенный отчет, итоги конкретный представлять возможно сделка, деловая операция зд. происходить, иметь место отчетный период сообщать нужный клиент смешивать (в уме), путать счетоводство, ведение бухгалтерских книг, бухгалтерия ответственный записывать, вести учет данные обрабатывать пользователь обеспечивать зд. иметь отношение (к) доход дебиторская задолжен­ность (долг, который следует получить ком­пании, счета дебито­ров, счета к получению сумма занимать, брать взаймы быть должным выгода, прибыль инвестиция, инвестирование прибыль на инвестиро­ванный капитал и тому подобное собирать территория продажи магазин
individual salesperson	отдельный продавец
division	зд. сектор
department	отдел
generally	вообще
in any way	зд. в любой форме
set goals	ставить цели
control	контролировать, управлять
evaluate	оценивать
potential investor	потенциальный инвестор
soundness	надежность
confirm	подтвердить
tax	налог
liability	зд. пассив; задолженность
payroll	платежная ведомость (по зарплате)
deduction	удержание, вычеты
approve	зд. утверждать, одобрять
issue	выпуск
stock	амер. акции, англ. ценные бумаги
bond	облигация
be able	быть способным
provide	предоставлять
in the required form	в требуемом виде

2. The Basis for the Accounting Process

basis	основа
accounting equation	бухгалтерская сбалансированность (дебет и кредит)
relationship	соотношение
assets	активы, авуары, зд. актив баланса
own	владеть
item of value	материальные ценности
owner	владелец, собственник
debt obligation	долг обязанность, обязательство
owner's equity	собственный (уставной) акционерный капитал
pay off	расплачиваться (с)
term	зд. понятие, значение
sole proprietorship partnership	единоличный право собственности партнерство, товарищество
share	доля
report	сообщать
is referred (to)	зд. называться
stockholder's equity	доля акционера
retained earning	нераспределенная прибыль
accumulate	накапливаться
to date	зд. к определенному времени
move	зд. переставлять
above	вышеуказанный
algebraically	алгебраически
obtain	получать

3. A Balance Sheet

statement	зд. отчет
summary	сводка, краткое изложение
particular	конкретный
various	различный
enter demonstrate	входить показывать
indeed	действительно
balance	уравновешиваться
that is	то есть
prepare	готовить
at least	по крайней мере
once	один раз 1
semiannually	раз в полгода
quarterly	ежеквартально

4. An Income Statement

income statement	отчет, счет прибылей (и убытков)
summary	сводка
cover	охватывать, учитывать
previous	предыдущий
annual report	годовой отчет

5. The Importance of the above two Statements

importance	важность
compare	сравнивать
competitor a number (of) ratio	конкурент ряд соотношение, коэффициент
provide profitability account receivable	зд. давать доходность сумма, причитающаяся к получению, дебитор­ская задолженность
long-term	долгосрочный
debt financing	долговое финансирова­ние (т.е. путем получения займов)
like	как
those	зд. заменяет слово «отчеты»
accounting period	отчетный период
average	средняя величина
as a whole	в целом

Страницы: 1, 2