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

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