Balance sheet is a statement of the wealth of a business, other organization or individual on a

Given date, usually the last day of th e...... (1); not to be confused with the profit-and-loss account

(double-entry bookkeeping), which records... (2) in the company’s wealth over one year. A balance

sheet is in two parts: (a) on the left-hand side or at the to p,... (3), and (b) on the right-hand

Side or at the bottom,... (4). The assets of the company — debtors, cash,... (5), and property — are

Set out against the claims or liabilities of the persons or organizations owning them — the creditors,

Lenders, and shareholders — so that the two parts of th e...... (6) are equal. This is the principle of

Double-entry bookkeeping. The fact that the assets and liabilities are equal does not mean that the

Equity shareholders owe as much as they own; they are included among the claimants.

Commentary and Notes to Text “Balance Sheet”

Balance sheet — балансовый отчет, баланс

Profit-and-loss account — счет прибылей и убытков

Double-entry bookkeeping — бухгалтерский учет по методу двойной записи

To set out — выставлять

Claimant — истец, заявитель, сторона, предъявляющая претензию, иск

14.7.4. Written/Oral Practice

Make up sentences and microdialogues with the following word combinations on the subject of the unit.

А) баланс- balance

Active (favourable, positive) balance its and credits — баланс of p доaходов иy расходов