Translate the following into Russian.
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A. Generally Accepted Accounting Principles: In dealing with accounting matters, an attorney often encounters the phrase “generally accepted accounting principles”.
These accounting principles are based on statements issued by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA). To a much lesser degree, the Securities and Exchange Commission (SEC)also has an impact on what are considered generally accepted accounting principles.
Principle of Consistency: Even though it may be uncertain how an accounting principle should be applied, whatever method is adopted it should be followed consistently in later years.
Principle of the Going Concern: Unless there is some reason to believe that the business will be liquidated, it is assumed that the accounting entity will continue indefinitely, i.e., the assumption is that the entity will continue to be a “going concern”.
Principle of Periodic Reporting: The financial health of a business cannot be gauged unless its life is broken into equal time periods which can be compared with one another. Thus, for example, the Internal Revenue Service requires that a business (or an individual) divide its life into periods of years for reporting of income to the federal government(e.g., an individual must file an income tax return for the year 2005, another for 2006, etc.).
Cost Principle: The accounting profession has steadfastly held to the concept that a dollar in 1950 has the same value as one in 2005. Therefore, since assets are listed on the financial statements at their original purchase cost, a tract of land purchased in 1950 for $10,000 would appear in the financial statements to equal the value of a tract of land purchased in 2005 for an equal amount, even though their real values would undoubtedly be vastly different (i.e., the land purchased in 1950 for $10,000 may have appreciated to a value far in excess of $10,000).
Principle of Conservatism: The accounting profession has maintained a longstanding tradition of stating financial information on a conservative basis.
Realization Concept: Even though it may take years to manufacture and sella company’s product, the gain is usually not recognized until the product is actually sold and the gain is “realized” by the selling entity.
Separate Entity Assumption: Accounting is concerned with a specifically defined entity. An entity is assumed to be separate and apart from its owners, creditors, and others(e.g., a corporation is an accounting entity, separate and apart from its owners, the shareholders).
Objectivity Principle: Accounting data and financial statements should be prepared objectively and be free from bias.
Full Disclosure Principle: Financial reporting should be complete and include all significant information that could affect an investor’s or creditor’s decisions.
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B. The balance sheet is often thought ofas a “snapshot” ofthe business’ financial condition at a specific point in time.
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C. The income statement, which measures the company’s revenues and expenses over some time period, is also prepared for the accounting period. Thus, the income statement is a “motion picture” showing the business’ performance for the year (or other applicable period oftime). Ofcourse, the accounting entity may also prepare statements for shorter periods, such as six-month statements, quarterly statements, etc.
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