#0232 – Business Bookkeeping, - Ang, mater, ESL Podcast McQuillan Jeff mp3+PDF

#0232 – Business Bookkeeping

#0232 – Business Bookkeeping, - Ang, mater, ESL Podcast McQuillan Jeff mp3+PDF

[ Pobierz całość w formacie PDF ]
English as a Second Language Podcast
www.eslpod.com
ESL Podcast 232 – Business Bookkeeping
GLOSSARY
on the side
–
extra; in addition to one’s regular job
* Janice works as a science teacher at the high school, but she offers private
classes for younger students on the side to make extra money.
accounting
–
the study or job of keeping correct records of money spent and
received by a business or organization
* Kareem is detail-oriented and he’s very good at math. Has he considered a
career in accounting?
bookkeeping
–
keeping correct records of money that a business or
organization spends or receives
* Shelly and her husband run a small business together. She is responsible for
marketing and sales, and he is responsible for bookkeeping.
cash flow
–
having enough cash for a business to pay its bills
* The company had a problem with cash flow last month, and the owners had to
request a bank loan to pay their employees.
ledger
–
the book or computer file in which a business or organization records
money that it spends and receives
* Years ago, ledgers were written by hand, but today, they are usually
computerized.
debit
–
money that is spent by a business or organization; money that should be
subtracted or taken away; payments
* These records don’t look right. Did you remember to record the debit after we
made that big product purchase?
credit
–
money that a business or organization receives; money that should be
added
* She was happy to see that there were more credits than debits in her account
last month.
break-even point
–
the point where a business’s revenues (money received) are
equal to its total expenses (money spent)
* When the business finally reached its break-even point, the owners had a party
to celebrate their success.
1
These materials are copyrighted by the Center for Educational Development (2007). Posting of
these materials on another website or distributing them in any way is prohibited.
English as a Second Language Podcast
www.eslpod.com
ESL Podcast 232 – Business Bookkeeping
asset
–
something that has value or is worth money and is owned by a business,
organization, or person
* Miyung doesn’t have very much money in the bank, but he does have other
assets: a big house, an expensive car, and a new boat.
liability
–
money that a business, organization, or person owes to someone else
* The bills that a company needs to pay should be listed as liabilities on its
financial statements.
administrative expense
–
cost of operating a business, such as telephone bills,
secretary salaries, and paper for the printers and copiers
* Every time we hire a secretary, our administrative expenses go up. Are you
sure you need another assistant?
budget
–
a plan for how a business, organization, or person will spend money
* When the price of gasoline increased, the bus company had to make changes
to its budget.
accounts payable
–
money that a company owes; bills that a company has not
yet paid
* Bills are sent to the accounts payable department, where employees enter the
information into a computer and print a check for payment.
balance sheet
–
a document that shows how much money and other assets
(things that are worth money) a company has and how much money it has paid
over a period of time
* Before investing in a company, it is always a good idea to study the balance
sheet to learn more about its financial position.
expense
–
money that is spent or will need to be spent in the future; cost
* College students’ expenses include tuition, books, housing, and food.
receipt
–
a piece of paper that is received when one pays for something; proof
showing that a person has paid money for something
* The landlord says that I still need to pay him $100 for last month’s rent, but this
receipt shows that I already paid the rent in full.
to audit
–
to look carefully at a business’s financial records to determine if they
are correct
* When the company was audited last year, the auditors discovered that the
accountant had been stealing money.
2
These materials are copyrighted by the Center for Educational Development (2007). Posting of
these materials on another website or distributing them in any way is prohibited.
English as a Second Language Podcast
www.eslpod.com
ESL Podcast 232 – Business Bookkeeping
IRS –
Internal Revenue Service; the agency that collects taxes in the U.S.
* If you are honest about your finances and pay your taxes regularly, you don’t
have any reason to be afraid of the IRS.
______________
COMPREHENSION QUESTIONS
1. Why is Magdalena talking to Rolando about accounting?
a) Magdalena is starting a new business and wants some advice.
b) Magdalena is being audited by the IRS and needs his help.
c) Magdalena wants to hire Rolando as her accountant.
2. Magdalena’s current accounting system is:
a) Horrible, because she isn’t keeping track of the right information.
b) Okay, but it could be improved if she kept better track of her receipts.
c) Perfect, so she doesn’t need to change anything.
______________
WHAT ELSE DOES IT MEAN?
on the side
The phrase “on the side,” in this podcast, means something that is in addition to
one’s regular job: “Gisele works in a bakery during the day, and sells cakes to
her friends on the side.” The phrase “on the side” can also refer to a food that is
ordered and served separately: “Waiter, I’d like a salad, but please put the
dressing on the side.” To “side with someone” is to support someone in an
argument: “The judge sided with the mother and said that the child should live
with her.” Finally, to have something “on one’s side” means to have an
advantage: “The politician has a lot of money on his side, so he may get elected
senator even though he isn’t very popular.”
to audit
In this podcast, the verb “to audit” means to review a business’s financial records
to see whether they are correct: “We audited the company for two weeks and we
didn’t find any problems.” The verb “to audit” can also mean to attend a
university course without taking the exams or receiving a grade: “He wanted to
learn about Southeast Asian history, but he knew that he wouldn’t have very
much time to study, so he chose to audit the course.” As a noun, an “audit” is the
examination of a company’s financial statements, and it is usually presented in
an “audit report.” For example, “During the audit, the employees had to work
more than 12 hours per day.”
3
These materials are copyrighted by the Center for Educational Development (2007). Posting of
these materials on another website or distributing them in any way is prohibited.
English as a Second Language Podcast
www.eslpod.com
ESL Podcast 232 – Business Bookkeeping
CULTURE NOTE
In the United States, each person is responsible for paying his or her own taxes.
When people begin working for a company, they complete a “W-4 form,” a
federal (national) government document that asks for personal information. The
W-4 determines how much money the company should “withhold” or not pay to
the employee so that that money can be paid to the government for taxes.
These “withholdings” are “deducted” (subtracted) from the employee’s “wages”
(the money that an employee earns). The company collects these “withholdings”
throughout the year and sends the money to the state and federal governments.
In early January each year, employers mail a W-2 form to their employees.
These forms show how much money was withheld during the year. People use
these W-2 forms to “file” or fill out and submit their tax forms by April 15 each
year. If the total amount of taxes is more than the amount of the “employee
withholdings,” that person needs to write a check to the U.S. government to pay
for what they still owe. If the total amount of taxes is less than the amount that
was withheld, then the U.S. government owes that person a “tax refund” and
sends a check to the individual in late spring.
If tax forms are filled out incorrectly or if they are submitted late, there are large
“fines” or money that must be paid to the government as punishment. The IRS
audits individual tax filings to look for these kinds of errors, so it is important for
individuals to keep their receipts and other tax-related documents in case the IRS
has questions or finds a problem.
Many people are able to file their own taxes, but sometimes the forms are very
complicated if, for example, an individual owns his or her own business or has
many “foreign investments” (money in businesses in other countries). In these
cases, individuals sometimes hire accountants to file their taxes for them.
______________
Comprehension Questions Correct Answers: 1 – a; 2 – b
4
These materials are copyrighted by the Center for Educational Development (2007). Posting of
these materials on another website or distributing them in any way is prohibited.
English as a Second Language Podcast
www.eslpod.com
ESL Podcast 232 – Business Bookkeeping
COMPLETE TRANSCRIPT
Welcome to English as a Second Language Podcast number 232: Business
Bookkeeping.
This is English as a Second Language Podcast episode 232. I'm your host, Dr.
Jeff McQuillan, coming to you from the Center for Educational Development in
beautiful Los Angeles, California.
Remember to visit our website at eslpod.com and download the Learning Guide
for this episode.
In today's episode, we're going to talk about doing bookkeeping at a business.
Let's get started.
[Start of story]
I have a day job, but I recently started a small business on the side. I didn’t know
anything about accounting and my friend, Roland, said that he would give me
some advice.
Roland: So, the reason that you need to do your bookkeeping is so you can
manage your cash flow. Even if you have a lot of orders, you may still have
problems paying your bills.
Magdalena: I see what you mean. Is this the kind of ledger I should be keeping?
Roland: Yes, definitely. You want to list your debits on this side and your credits
on this side. This will help you figure out important things like your break-even
point, your assets and liabilities, your administrative expenses, and whether
you’re staying within your budget.
Magdalena: I wish I had an accounts payable department to help me with all
this. I don’t even know how to create a balance sheet.
Roland: It’s not that hard if you use the right accounting program. The first thing
to do is to keep track of your expenses. How do you do that now?
Magdalena: Oh, I have a system. I keep all my receipts in this bag.
5
These materials are copyrighted by the Center for Educational Development (2007). Posting of
these materials on another website or distributing them in any way is prohibited.
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