A balance sheet consists of several components, for example assets, liabilities or capital. This report analyses the component which is always listed on the top of a balance sheet, shortly called assets.
Starting and also ending with, the report explains the 3 types of assets companies could have and how they differ from each other.
Firstly, current assets include money in cash and on bank, as well as inventory figures and accounts receivables. Comparing to fixed and intangible assets, which are the other two types of assets, these assets are easily convertible into cash within a year. In consequence the group of fixed assets is not as liquid as the abovementioned one. According to Griffin/Ebert fixed assets have a long-term use or value, such as land, building and equipment. Similarly, marketers call them capital item, because they are expensive, long-lasting and infrequently purchased.
The last listed asset group in a balance sheet is the group of intangible assets. They have mostly the same attributes as fixed asset. Even so they differ completely in one aspect: They are non-physical values of a company such as patents or trademarks. Defining the monetary value of intangible assets, accountants take the value of expected benefits for these assets.
WM
hhmm ich bin froh das die deutschen weg sind :-)
aber es haben beide mannschaften gestern gut gespielt und gekämpft aber 2 tor war dann der hammer für die italiener.
ja heut ist das 2 wm-halbfinale. guck ma mal wer es wird. portugal sollte man nicht unterschätzen.
Re: exercise 1 - nondeposit institutionsOriginal
There are four types of financial institutions, namely commercial banks, savings and loans associations, mutual savings banks and nondeposit institutions. According to Griffin/Ebert, “the main function of financial institutions is to ease the flow of money from sectors with surpluses to sectors with deficits.” This report discusses only the four most important nondeposit institutions.
Firstly, a pension fund is a nondeposit pool of funds which try to raise a retirement pay for their members. There exist two different types of funds, namely the public Social Security and the private ones. The difference between these two is that a public pension fund is set up by the government and a private pension fund is founded by private companies. An advantage of private ones is that a depositor could pay in as much money as he or she wants. Afterwards, when the depositor retired, he or she will get more retirement pay. Furthermore, there is a big disadvantage of the public one, because nobody could guarantee you how much money you will get in the future.
The second type of these institutions are insurance companies. They normally invest in funds to make an investment if they will have to settle payments. The most common insurances are car insurances, health-care insurances and life insurances. However, the disadvantage of insurances is that you don’t get your money back whether you haven’t an insured event.
Another one are the finance companies. Their main function is to grant credits to companies and consumers. The commercial finance companies give businesses the possibility to invest easily for the long-term which is a big advantage. Unfortunately, in most cases these loans are very expensive.
Finally, securities investment dealers buy and sell stocks and bonds for their clients. These companies transfer much money between buyers and sellers. During these transfers they earn a lot of money, but it is a very risky biz.
Korrektur
There are four types of financial institutions, namely commercial banks, savings and loans associations, mutual savings banks and nondeposit institutions. According to Griffin/Ebert, “the main function of financial institutions is to ease the flow of money from sectors with surpluses to sectors with deficits.” This report discusses only the four most important nondeposit institutions.
Perfekt- genau so wird das gemacht!
Firstly, a pension fund is a nondeposit pool of funds which tries to raise retirement pay for its members. There exist two different types of funds, namely the public Social Security and the private funds. The difference between these two is that a public pension fund is set up by the government and a private pension fund is founded by private companies. An advantage of private funds is that a depositor could pay in as much money as he or she wants. Afterwards, when the depositor retires, he or she will get more retirement pay. Furthermore, there is a big disadvantage related to public social security, because nobody can guarantee how much money you will get in the future.
The second type of these non-deposit institutions are insurance companies. They normally invest in funds to generate income in case they have to settle payments. The most common insurances are car insurances, health-care insurances and life insurances. However, the disadvantage of insurances is that you don’t get your money back unless you suffer an insured loss-event.
Another type of non-deposit institution are the finance companies. Their main function is to grant credits to companies and consumers. The commercial finance companies give businesses the possibility to invest easily for the long-term, which is a big advantage. Unfortunately, in most cases these loans are very expensive.
Finally, securities investment dealers buy and sell stocks and bonds for their clients. These companies transfer much money between buyers and sellers. During these transfers, they earn a lot of money, but it is a very risky biz.
Inhaltlich ausgezeichnet und grammatikalisch/Report Phrase-mäßig wird es ständig besser.
1) "a nondeposit pool of funds which tries to raise retirement pay for its members.": "a pool" ist immer singular
2) "Afterwards, when the depositor retired": entweder "retires," oder "has retired,"
3) In diesem Aufsatz hast Du sehr oft "one" verwendet. Im Regelfall ist es besser (und auf jeden Fall eleganter), das betroffene Subjekt/Objekt zu bezeichnen
Re: exercise 3 - formal organizational structureOriginal
This report outlines the first two important steps to develop a good organizational structure, namely job specialization and departmentalization. These steps are always the same, whether businesses are small, medium or large. However, an organizational structure depends on purpose, mission, strategy and technology of the company.
On the one hand, the manager has to state a job specialization. According to Griffin/Ebert, “it decides which position will carry out which functions.” Additionally, if a company is very big, managers will have to set more different functions for employees. So the administration effort of companies will grow. Admittedly, there are some advantages of job specialization (e.g. shorter enrolment, easier replacement), but employees could become bored by their easy jobs.
After the specialization is stated, the focus is on the departmentalization. The different jobs have to be logically grouped together into departments. There exist some typical forms, namely customer departmentalization, product departmentalization, process departmentalization, geographic departmentalization and functional departmentalization. In most cases these departments are like a profit center, which are responsible for their own costs and their own profits.
Korrektur
This report outlines the first two important steps that are necessary to develop a good organizational structure, namely job specialization and departmentalization. These steps are always the same, whether businesses are small, medium or large. However, an organizational structure depends on purpose, mission, strategy and technology of the company.
On the one hand, the manager has to carry out job specialization. According to Griffin/Ebert, he or she "decides which position will carry out which functions.” Additionally, if a company is very big, managers will have to set more different functions for employees. So the administration effort of companies will grow. Admittedly, there are some advantages of job specialization (e.g. shorter enrolment, easier replacement), but employees could become bored by their easy jobs.
After the specialization has been decided upon, the focus is on departmentalization. The different jobs have to be logically grouped together into departments. There exist some typical forms, namely customer departmentalization, product departmentalization, process departmentalization, geographic departmentalization and functional departmentalization. In most cases, these departments are like profit centers, which are responsible for their own costs and their own profits.
Wieder gut gelungen.
1) "the manager has to carry out job specialization. According to Griffin/Ebert, “it decides which position will carry out": Wenn Du "it" als Zitat inkludierst, must Du "management" nehmen. Wenn Du "manager" beibehältst, musst Du "it" streichen und vor dem Zitat "he" einbauen.
2) "these departments are like a profit center": Entweder "these departments are like profit centers" oder "each department is like a profit center"
Re: assetsOriginal
The balance sheet, which can be defined as a company’s financial document which shows the organization’s assets, liabilities and equity, is probably the most important part of the financial statement. This report will focus on one balance sheet entry only, namely assets.
Griffin/Ebert defines assets as “economic resources from which a company can benefit from”. Basically, the term asset can be separated into two major types. The criterion for this classification is the time it takes to liquidate these assets.
Firstly, there are current assets, which are short-term assets that can be liquidated within one year. This type of asset can be broken down into an even more detailed structure. Typically, accounts receivable (money owed by other firms) are the major part of the current assets. Moreover, the merchandise inventory is a part of this type of assets. Prepaid expenses, the third and last part of the current assets, simply are payments already made for an upcoming period.
Secondly, there are capital assets. Capital assets are meant to remain in a company for a longer period of time. Typical capital assets are buildings, machines or real estate. These assets typically loose some value over their period of usage. To pay attention to this fact, they depreciate over time. Depreciation is a typical accounting entry which influences profits directly, as it is an expense item. As a consequence most businesses like the fact that they are allowed to depreciate their capital assets, as this reduces their accounting profits and as a consequence their tax payments.
Finally, a third but most of the time less important type of assets should not be forgotten: Intangible assets like licenses or patents. It is a matter of fact that these assets can be very important for a company (a patent can be the basis of a companies success), but the majority of the companies neither possess a patent, nor a license from another business, which would enable them to produce the product of another firm.
Korrektur
The balance sheet, which can be defined as a company’s financial document which shows the organization’s assets, liabilities and equity, is probably the most important part of the financial statement. This report will focus on one balance sheet category only, namely assets.
Griffin/Ebert defines assets as “economic resources from which a company can benefit from”. Basically, the term asset can be separated into two major types. The criterion for this classification is the time it takes to liquidate these assets.
Firstly, there are current assets, which are short-term assets that can be liquidated within one year. This type of asset can be broken down into an even more detailed structure. Typically, accounts receivable (money owed by other firms) are the major part of the current assets. Moreover, the merchandise inventory is a part of this type of assets. Prepaid expenses, the third and last part of the current assets, simply are payments already made for an upcoming period.
Secondly, there are fixed assets. Fixed assets are meant to remain in a company for a longer period of time. Typical fixed assets are buildings, machines or real estate. These assets typically lose some value over their period of usage. To acknowledge this fact, they are depreciated over time. Depreciation is a typical accounting entry which influences profits directly, as it is an expense item. As a consequence, most businesses like the fact that they are allowed to depreciate their capital assets, as this reduces their accounting profits and as a consequence, their tax payments.
Finally, a third but most of the time less important type of assets should not be forgotten, namely intangible assets like licenses or patents. It is a matter of fact that these assets can be very important for a company (e.g. a patent can be the basis of a company's success), but the majority of the companies neither possess a patent, nor a license from another business, which would enable them to produce the product of another firm.
Größtenteils sehr gut.
1) "balance sheet entry": Achtung- das bedeutet "Buchungssatz"
2) ich weiss, dass "intangible assets" im Griffin/Ebert als separated Kategorie zum restlichen Anlagevermögen stehen und d.h. akzeptiere ich das auch auf der Prüfung. Bedenkt allerdings, dass das IAV in Österreich laut §224 HGB sehr wohl Teil des Anlagevermögens sind.
3) "Probably pretty bad - as I´m watching the soccer game while writting the report ;-)": That's ok. I'm listening to Radio Arabella as I correct it!
balance sheet - assets
This report deals with understanding a balance sheet. In particular, it explains the assets side.
For the abovementioned balance sheet, an accounting department collects, analyzes and communicates financial figures and information. This is very important for management decisions in the future. According to Griffin/Ebert a financial statement must consist of an income statement, a cash flow statement and a balance sheet.
Firstly, an income statement shows the difference between all revenues and all expenses of a company in one period. Secondly, there is a cash flow statement which describes a firm’s yearly cash receipts and cash payments.
The next financial statement is the balance sheet which summarizes a company’s financial status. In order to ensure the consideration of the most relevant aspects, the asset side of a balance sheet must be described. For this reason, it must be broken down into current, fixed and intangible assets. For current asset there must be a possibility to convert it within the following year. In consideration of the abovementioned fact, cash is a part of liquidity. Moreover, accounts receivable is when a customer has still not purchased its invoice. Special attention should be given to prepaid expense. This is an expense, such a rent, which is paid before the upcoming period is due. The second point is fixed asset. It’s for a long term use or value in a company. This leads to the following result that property, plant and equipment counts to this part of a balance sheet. Furthermore, non-physical assets such as patents and trademarks are shown on intangible assets. In order to define, it can be said that it has economic value in the form of expected benefit.
In conclusion, assets are tangible and intangible possessions of a company and it is shown in a balance sheet.
Re: report Original
The balance sheets supply detailed information about the accounting equation factors: assets, liabilities, and owner’s equity. In detail, this means that assets may be distinguished according to current assets, fixed assets and intangible assets. Current assets may be converted into cash within the following year but fixed assets have a long-term use or value, such as land, buildings, and equipment. On the other hand intangible assets are non-physical asset such as a patent or trademark that has economic value in form of expected benefits.
Like assets, liabilities often fallen into different categories. Current liabilities are debts that must be paid within one year. In contrast, long-term liabilities are debts that are not due for at least a year.
The final section of the balance sheet shows owner’s equity split up into common stock, stated capital and retained earnings.
Korrektur
Balance sheets supply detailed information about the accounting equation factors: assets, liabilities, and owner’s equity. In detail, assets may be distinguished according to current assets, fixed assets and intangible assets. Current assets will probably be converted into cash within the following year, but fixed assets have a long-term use or value, such as land, buildings, and equipment. On the other hand, intangible assets are non-physical assets, such as a patent or trademark that has economic value in form of expected benefits.
Like assets, liabilities often fallen into different categories. Current liabilities are debts that must be paid within one year. In contrast, long-term liabilities are debts that are not due for at least a year.
The final section of the balance sheet shows owner’s equity. It is split up into common stock, stated capital and retained earnings.
Kurz, bündig und richtig!
1) "In detail, this means that": Ich habe das "this means that" ausgestrichen, weil der vorige Satz ja nichts über die Zusammensetzung der Aktiva sagt.
2) "this means that assets may be distinguished according to": Würde ich bei der Prüfung mit Bauchweh durchgehen lassen, strenggenommen kein Grammatikfehler, aber man würde eigentlich "can be distinguished" sagen.
Re: Answer Exercise 6 - Sonja PonsoldOriginal
Nowadays, there are several technology inventions which make business life faster and more flexible than 20 years ago. This report deals with one of them in detail, namely electronic information technology. Firstly, the report gives the definition of EIT and secondly, there are 4 different modern comforts within EIT listed.
According to Griffin/Ebert EIT is electronic communication transfer over different forms of data communication networks. As abovementioned, EIT speeds up all business communication within a company so among its employees, as well as all necessary external communication within its customers, suppliers, partners and so forth.
In current business life the four mostly used forms or tools of EIT are e-mail, voice mail, share data files and data conferencing.
In conclusion, (by) asking managers and business analysts about companies success secrets, most of them will answer with the terms productivity and flexibility. Consequently, companies need to establish and afterwards maintain a good information and data transfer and storage system.
Korrektur
Nowadays, there are several technological inventions which make business life faster and more flexible than 20 years ago. This report deals with one of them in detail, namely electronic information technology. Firstly, the report gives the definition of EIT and secondly, it lists 4 different modern comforts that are a result of EIT.
According to Griffin/Ebert, EIT is electronic communication transfer over different forms of data communication networks. As mentioned above, EIT speeds up all business communication within a company, both internal communication between employees as well as all necessary external communication between a company and its customers, suppliers, partners and so forth.
In current business life the four most commonly used forms or tools of EIT are e-mail, voice mail, share data files and data conferencing.
In conclusion, when managers and business analysts are asked about acompany's success secrets, most of them will answer with the terms productivity and flexibility. Consequently, companies need to establish and afterwards maintain a good information and data transfer and storage system.
Sehr schön.
1) "there are 4 different modern comforts within EIT listed. ": "There are... listed" funktioniert nicht. Es ginge z.B. "Four different comforts... are listed". Viel sicherer ist man aber, wenn man das aktiv schreibt. "It lists..."
2) " As abovementioned,": Vorsicht- das Wort "abovementioned" funktioniert nur als Adjektiv (z.B. "the abovementioned statement..."). Wenn man "Wie oben erwähnt" sagen will, muss es "As mentioned above," sein
Re: Answer Exercise 7 - Sonja PonsoldOriginal
A balance sheet consists of several components, for example assets, liabilities or capital. This report analyses the component which is always listed on the top of a balance sheet, shortly called assets.
Starting and also ending with, the report explains the 3 types of assets companies could have and how they differ from each other.
Firstly, current assets include money in cash and on bank, as well as inventory figures and accounts receivables. Comparing to fixed and intangible assets, which are the other two types of assets, these assets are easily convertible into cash within a year. In consequence the group of fixed assets is not as liquid as the abovementioned one. According to Griffin/Ebert fixed assets have a long-term use or value, such as land, building and equipment. Similarly, marketers call them capital item, because they are expensive, long-lasting and infrequently purchased.
The last listed asset group in a balance sheet is the group of intangible assets. They have mostly the same attributes as fixed asset. Even so they differ completely in one aspect: They are non-physical values of a company such as patents or trademarks. Defining the monetary value of intangible assets, accountants take the value of expected benefits for these assets.
Korrektur
A balance sheet consists of several components, for example assets, liabilities or capital. This report analyses the component which is always listed on the top of a balance sheet, shortly called assets.
The report explains the 3 types of assets companies can have and how they differ from each other.
Firstly, current assets include money in cash and on bank, as well as inventory figures and accounts receivables. Compared to fixed and intangible assets, which are the other two types of assets, these assets are easily convertible into cash within a year. In consequence, the group of fixed assets is not as liquid as the abovementioned one. According to Griffin/Ebert, fixed assets have a long-term use or value, such as land, building and equipment. Similarly, marketers call them capital items, because they are expensive, long-lasting and infrequently purchased.
The last type of asset group in a balance sheet is the group of intangible assets. They have mostly the same attributes as fixed asset. Even so, they differ completely in one aspect: They are non-physical values of a company, such as patents or trademarks. In order to assess the monetary value of intangible assets, accountants take the value of expected benefits for these assets.
Toll gelungen. Gemeinsam mit der NeoSB-Antwort ist die Frage inhaltlich perfekt abgedeckt.
1) "Starting and also ending with,": Wäre hier ohnehin nicht nötig, aber für künftige Zweck auch grammatikalisch falsch. Man würde eher in die Richtung "The report begins and concludes with..." gehen
Re: balance sheet - assetsOriginal
This report deals with understanding a balance sheet. In particular, it explains the assets side.
For the abovementioned balance sheet, an accounting department collects, analyzes and communicates financial figures and information. This is very important for management decisions in the future. According to Griffin/Ebert a financial statement must consist of an income statement, a cash flow statement and a balance sheet.
Firstly, an income statement shows the difference between all revenues and all expenses of a company in one period. Secondly, there is a cash flow statement which describes a firm’s yearly cash receipts and cash payments.
The next financial statement is the balance sheet which summarizes a company’s financial status. In order to ensure the consideration of the most relevant aspects, the asset side of a balance sheet must be described. For this reason, it must be broken down into current, fixed and intangible assets. For current asset there must be a possibility to convert it within the following year. In consideration of the abovementioned fact, cash is a part of liquidity. Moreover, accounts receivable is when a customer has still not purchased its invoice. Special attention should be given to prepaid expense. This is an expense, such a rent, which is paid before the upcoming period is due. The second point is fixed asset. It’s for a long term use or value in a company. This leads to the following result that property, plant and equipment counts to this part of a balance sheet. Furthermore, non-physical assets such as patents and trademarks are shown on intangible assets. In order to define, it can be said that it has economic value in the form of expected benefit.
In conclusion, assets are tangible and intangible possessions of a company and it is shown in a balance sheet.
Korrektur
This report deals with the assets side of the balance sheet.
For the abovementioned balance sheet, an accounting department collects, analyzes and communicates financial figures and information. This is very important for management decisions in the future. According to Griffin/Ebert, a financial statement must consist of an income statement, a cash flow statement and a balance sheet.
Firstly, an income statement shows the difference between all revenues and all expenses of a company in one period. Secondly, there is a cash flow statement, which describes a firm’s yearly cash receipts and cash payments.
The next financial statement is the balance sheet, which summarizes a company’s financial status. In order to ensure the consideration of the most relevant aspects, the assets side of a balance sheet must be described. For this reason, it must be broken down into current, fixed and intangible assets.
Assets that are categorized as current assets usually change form within the following year. In consideration of the abovementioned fact, cash is a part of liquidity. Moreover, an accounts receivable arises when a customer has still not settled his or her invoice. Special attention should be given to prepaid expense. This position represents an advance payment for an expense, such a rent, which will take place during the upcoming period .
The second asset category includes fixed assets. Fixed asset serve a long term purpose in a company. Therefore, property, plant and equipment belong to this part of a balance sheet. Furthermore, non-physical assets such as patents and trademarks are shown under intangible assets. In order to define this term, it can be said that it has economic value in the form of expected benefits.
In conclusion, assets are tangible and intangible possessions of a company and they are shown in a balance sheet.
Inhaltlich gut gelöst und sprachlich machst Du seit Legal English wirklich lobenswerte Fortschritte. Weiter so!
1) "This report deals with understanding a": "deals with understanding" ist keine glückliche Formulierung. Streng genommen bedeutet der Satz, dass der Report sich damit beschäftigt, auf welche Weise ein Mensch Bilanzen verstehen lernt (d.h. eher Wirtschaftspädagogik). Einfacher und richtiger ist einfach "This report deals with the assets side of the balance sheet."
2) "This leads to the following result that property, plant and equipment counts to this part of a balance sheet. ": Das ist witzig! Den ganzen Thread hinweg kreuze ich Euch immer "therefore" aus, weil es eine Übersetzung für "deshalb" und nicht, wie man meistens glaubt, für "dafür" ist. Hier würde aber ausnahmsweise "Therefore" perfekt passen.
Original
The following report deals with the issue of “Total Quality Management”. According to Griffin/Ebert, TQM is “the sum of all activities involved in getting high-quality products into the marketplace.” TQM supports management boards at improving the performance of a company.
Years before, producers have focused especially on the quantity factor, but nowadays, quality has become a more important factor. That is why companies observe TQM.
The process of implementing TQM requires four major steps.
Firstly, to achieve high quality, managers have to plan the production process before products are designed. The management hast o set aims for the performance quality and the quality reliability. Afterwards it is necessary to set up a quality control department. The third step includes the direction of the employees, because quality can be influenced by every single person. So mangers should motivate them to achieve quality goals. Finally, the importance of controlling the products should not be forgotten. A company could make corrections and uncover mistakes by installing specific standards and measurements through a control system (e.g. checklist).
There are some tools to support TQM at internal processes. However, the report discusses only the statistical process control. At this control, employees use evaluation methods to analyze variations in a company’s production. Two of the most common evaluation methods are process variation studies and control charts. The first one that was mentioned above “analyses the variations between input and output in the production process”. They can result from materials, employees, work methods and equipment change. The other control tool is a control chart. It uses diagrams to state when operating conditions depart from a plan.
These two abovementioned tools combined with TQM are the best way to improve the performance of a company.
Korrektur
The following report deals with the issue of “Total Quality Management”. According to Griffin/Ebert, TQM is “the sum of all activities involved in getting high-quality products into the marketplace.” TQM supports management boards at improving the performance of a company.
In previous decades, producers focused primarily on the quantity factor, but nowadays, quality has become a more important factor. That is why companies implement TQM.
The process of implementing TQM requires four major steps.
Firstly, to achieve high quality, managers have to plan the production process before products are designed. The management hast to set aims for the performance quality and the quality reliability. Afterwards, it is necessary to set up a quality control department. The third step includes directing the employees, because quality can be influenced by every single person. So managers should motivate them to achieve quality goals. Finally, the importance of controlling the products should not be forgotten. A company could make corrections and uncover mistakes by installing specific standards and measurements through a control system (e.g. checklist).
There are some tools through which to support TQM in context of internal processes. However, the report discusses only the statistical process control. When applying this tool, employees use evaluation methods to analyze variations in a company’s production. Two of the most common evaluation methods are process variation studies and control charts. The first one that was mentioned above “analyses the variations between input and output in the production process”. They can result from materials, employees, work methods and equipment change. The other control tool is a control chart. It uses diagrams to state when operating conditions depart from a plan.
These two abovementioned tools combined with TQM are the best way to improve the performance of a company.
Toll!
1) "Firstly, to achieve high quality, managers have to plan the production process before products are designed.": Das ist kein Fehler. Im Gegenteil- ich möchte Dir gratulieren, dass Du die "to achieve high quality" Phrase am Ende mit einem Komma abgegrenzt hast. Jetzt hast Du den Dreh heraus.
Re: Practicing Report Phrases June-July 2006 So, meine Helden und Heldinnen! Trotz Hitze, Arbeit und WM-Verlockungen habt Ihr Euch toll eingebracht und ich gratuliere Euch zumindest einmal zur guten Vorbereitung- morgen vermutlich schon zu mehr.
An und für sich schalte ich den Computer jetzt aus. Falls d.h. jemand noch Texte eingibt, bitte mir ein SMS schicken und ich sehe nach. Meine Telefonnummer ist in der Signatur jedes meiner Mails, aber bitte nicht Online posten, sonst bekomme ich noch mehr Viagra- und Körperteilverlängerungswerbungen als schon jetzt!
DANKE
hi gerhard,
vielen dank nochmals für deine tolle unterstützung, es hat uns allen (glaub da kann ich für alle sprechen) sehr geholfen!!
hoffentlich gelingen uns morgen die reports auch so gut!?
bis morgen,
lg christiane
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