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Вариант 1
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BOOKKEEPING
Double-entry bookkeeping
Bookkeepers record the company’s daily transactions: sales, purchases, debts, expenses, and so on. Each type of transaction is recorded in a special account – the cash account, the liabilities account, and so on. Double-entry bookkeeping is a system that records two aspects of every transaction. Every transaction is both a debit – a deduction – in one account and a corresponding credit – an addition – in another. For example, if a company buys some raw materials – the substances and components used to make products – that it will pay for a month later, it debits its purchases account and credits the supplier’s account. If the company sells an item on credit, it credits the sales account, and debits the customer’s account. As this means the level of the company’s stock – goods ready for sale – is reduced, it debits the stock account. There is a corresponding increase in its debtors – customers who owe money for goods or services purchased – and the debtors account is credited. Each account records debits on the left and credits on the right. If the bookkeepers do their work correctly, the total debits always equal the total credits.
Day books and ledgers
For accounts with a large number of transactions, like purchases and sales, companies often record the transactions in day books or journals, and then put a daily or weekly summary in the main double-entry records.
In Britain, they call the main books of account nominal ledgers. Creditors – suppliers to whom the company owes money for purchases made on credit – are recorded in a bought ledger. They still use these names, even though these days all the information is on a computer.
Balancing the books
At the end of the accounting period, for example a year, bookkeepers prepare a trial balance which transfers the debit and the credit balances of different accounts onto one page. As always, the total debits should equal the total credits. The accountants can then use these balances to prepare the organization’s financial statements.
Вариант 2
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ACCOUNTING
Accounting
Auditing
Auditing means examining a company’s systems of control and the accuracy of its records, looking for errors or possible fraud: where the company may have deliberately given false information.
The external audit examines the truth and fairness of financial statements. It tries to prevent what is called ‘creative accounting’, which means recording transactions and values in a way that produces a false result – usually an artificially high profit.
There is always more than one way of presenting accounts. The accounts of British companies have to give a true and fair view of their financial situation. This means that the financial statements must give a correct and reasonable picture of the company’s current condition.
Laws, rules and standards
In most continental European countries, and in Japan, there are laws relating to accounting, established by the government. In the US, companies whose stocks are traded on public stock exchanges have to follow rules set by the Securities and Exchange Commission (SEC), a government agency. In Britain, the rules, which are called standards, have been established by independent organizations such as the Accounting Standards Board (ASB), and by the accountancy profession itself.
Companies are expected to use these standards in their annual accounts in order to give a true and fair view.