Listening
Situation 1 Talking about Financial Statements
Task 1
Listen to a conversation and tick the facts about financial statements.
□ 1.Only CPAs prepare financial statements.
□ 2.General managers couldn't prepare financial statements.
□ 3.Financial statements are presented mainly to owners and trustors of the entity.
□ 4.Only owners and trustors need financial statements.
□ 5.Government agencies are concerned with the safety of future prospects mostly.
□ 6.Investors and shareholders are mostly concerned with the safety of the capital and profitability.
□ 7.The internal users of financial statements include the management.
□ 8.For the state-owned corporations,financial statements are reported twice a year.
Task 2
Listen to the conversation again and complete the following sentences according to what you've heard.
Shirley: Hi,Mathews.What's wrong with you?You look upset.
Mathews: I'm racking my brains to prepare a presentation on financial statements in class this Thursday.
Shirley: Maybe I can be of help or something.
Mathews: It's very nice of you to be so supportive.My presentation primarily copes with who prepares financial statements,who needs,and something like that.
Shirley: It is not a big deal.Generally speaking,1,general managers and private accountants prepare financial statements.
Mathews: Presented to whom?
Shirley: Mainly to owners of the entity and2.
Mathews: You mean only owners and trustors need financial statements?
Shirley: Not exactly.In fact there are two kinds of users who need them.
Mathews: Who are they?
Shirley: Well,both external users and internal users need financial statements.External users consist of investors,shareholders and3.Government agencies,4 and CPAs are also included.
Mathews: Got it.And what are they concerned with?
Shirley: For the users especially for investors and shareholders,they are mostly concerned with the safety of the5,its profitability and future prospects.
Mathews: I'm dancing with you now,who are the internal users?
Shirley: Well,the internal users are chiefly the management and the union6.And they concern the stability and profitability mostly.
Mathews: Fantastic.When should financial statements be reported then?
Shirley: A good question.For the7 corporations,they are reported twice a year: mid-term in July and8 before May next year and after being audited.For the companies,they are annual reported before May next year and after being audited.
Mathews: Thank you for your patience.
Shirley: Don't mention it.
Situation 2 Talking about the Purpose of Financial Statements
Task 3
Listen to a passage and answer the following questions.
1．Who need financial statements according to the passage?
2．Why do suppliers need financial statements?
3．Why do employees need financial statements?
4．Why do competitors also need financial statements?
5．Are financial statements necessary for the general public?Why or why not?
Task 4
Listen to the passage again and fill in the blanks.
The objective of financial statements is to provide information about the financial position,performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.Suppliers need financial statements to assess the credit1 of a business and ascertain whether to supply goods on credit.Suppliers need to know if they will be repaid.Terms of credit are set according to the assessment of their customers'2.Customers use financial statements to assess whether a supplier has the resources to ensure the3 of goods in the future.This is especially vital where a customer is dependant on a supplier for a specialized4.Employees use financial statements for assessing the company's profitability and its5 on their future remuneration and6.Competitors compare their performance with rival companies to learn and develop strategies to improve their7.General public may be interested in the effects of a company on the economy,environment and the local community.Governments require financial statements to determine the correctness of tax declared in the tax returns.Government also8 economic progress through analysis of financial statements of businesses from different sectors of the economy.