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SUMMARY GROUP BALANCE SHEETAUDITED for the year to March 31, 1998
A. Understanding main points
1. Mark these statements T (true) or F (false) according to the information in the profit and loss account. Find the part of the text that gives the correct information.
2. Mark these statements T (true) or F (false) according to the information in the balance sheet. Find the part of the text that gives the correct information. a) The airline's fixed assets included aircraft. b) The company had acquired new aircraft since the previous year. c) The amount of current assets was greater than the amount of current liabilities from assets. d) Net current liabilities are calculated by deducting current liabilities from total assets. e) British Airways had issued more than a billion shares at the time of publishing these accounts. f) British Airways had increased its reserves since the previous year.
Vocabulary tasks
A. Key terms Match these terms with their definitions.
B. Other terms The terms below were not used in the British Airways financial data, but are often found in balance sheets. Do you know what they mean?
C. Complete the sentence Use an appropriate word or phrase from the list to complete the text below.
Most of my income (1) from sales which (2) £50,000. (3), I received consultancy fees of £2,500. This (4) a total turnover of £52,500. My expenses (5): electricity, phone, office rent and office supplies of £14,200. My advertising and selling costs were £7,100. I (6) £700 for depreciation. Thus, my (7) operating costs were £22,000. (8) from my turnover (9) an operating profit before tax of £30,500.
D. Definitions 1. Which word or phrase from the profit and loss account fits each of these definitions? a) a standard measure of how profitable the company is b) the total amount of profit which is given out to the shareholders in dividends a) earnings per share, b) profit attributable to shareholders 2. Which word or phrase from the balance sheet fits each of these definitions? a) money which the company has available to spend immediately b) goods and supplies which the company has bought but not yet used c) money which is set aside for possible future expenses
Over to you 1. Make comparisons between the British Airways figures for 1997 and 1998. Which amounts were higher, better, lower or poorer in 1998? Would the shareholders be satisfied with the 1998 figures, do you think? Why / Why not? 2. Find financial data from other companies, for example from your own company or from another company’s annual report. Describe the main points from the data either orally or in writing.
Date: 2014-12-21; view: 4076
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