An Introduction to System of National Accounts - Basic Concepts
|
|
- Ashley Stevenson
- 8 years ago
- Views:
Transcription
1 Lesson-IV-2: Printable Lesson: IV Part -2 Economic Flows and Stocks An Introduction to System of National Accounts - Basic Concepts Fourth e-learning Course on the 2008 System of National Accounts October December 2013
2 Content Definition of Output Types of Output and their Valuation Measuring Output Intermediate Consumption SIAP 2
3 Definition of Output SIAP 3
4 Definition of Output Forms of Output Output Goods: Tangible Transferable (ownership) Can be stored Services: Intangible Non transferable Produced as delivered SIAP 4
5 Definition of Output Output - Definition Output is defined as the goods & services produced by an establishment (production unit), excluding the value of any goods and services a. used in an activity for which the establishment does not assume the risk of using the products in production, b. consumed by the same establishment, except for goods and services used for capital formation (fixed capital or changes in inventories) or own final consumption. SIAP 5
6 Definition of Output Processing Service This is an example of exclusion of the kind (a) mentioned in the previous slide. Goods for processing are the goods owned by one enterprise (say A) that are sent for processing to another enterprise (say B). Cloth Service charges Enterprise A Garments Enterprise B SIAP 6
7 Definition of Output Output - Processing Service The receiving enterprise B (for example an independent tailor working for a garment-seller) does not take on the responsibility or the risk of disposal of the finished product. The enterprise A (garment-seller in the example) owns both the raw materials (cloth) sent for processing as well as the finished product (garments). Gross value of output: GVO of A: value of garments GVO of B: processing services it receives from A. SIAP 7
8 Definition of Output Disposal of Output Output of an enterprise is disposed of in the following three ways: Sales - Sale of goods and services for cash, credit, or barter Change in inventory (CII) - addition/reduction to inventory of finished goods, goods in process, or goods for resale (CII = closing inventory - opening inventory) Own final use - goods and services used for own final consumption and own capital formation SIAP 8
9 A Question Which of the following (more than one) are included in output a. Value of products sold in the market b. Value of the flour that a small miller turns out from the wheat provided by a customer. c. Value of machinery purchased by a firm for use as capital goods. d. Costs incurred for erecting a workshop constructed by a factory for its own use. e. Value of cars made in an automobile factory that remained unsold during the accounting period. f. Cost of fertilizers unused during the accounting period incurred by a farmer. SIAP 9
10 Types of Output and their Valuation Three-way distinction Market output Non-market output Output for Own Final Use Valuation of output SIAP 10
11 Type of Output Three-way Distinction of Output The 2008 SNA makes a three way distinction of output Market output: Those sold in the market at economically significant prices. Non-market output: Those provided free or at prices that are not economically significant to other institutional units These are mainly services produced by the Government and NPISHs. Output for own final use: Those used for own final consumption and own capital formation. SIAP 11
12 Type of Output Market Output Those intended for sale at economically significant prices. The gross value of (market) output includes the value of produced goods & services: sold at economically significant prices; bartered in exchange for other goods, services or assets; used for payments in kind, including compensation in kind; SIAP 12
13 Type of Output Market Output (contd.) The gross value of (market) output includes the value of produced goods & services: used for intra-enterprise deliveries from one establishment to another that are used as intermediate inputs; entering in inventories of finished goods and work-inprogress intended for one or other of the above uses; and the margins charged on the supply of goods and services: trade & transport margins, margins on the acquisition and disposal of financial assets, etc. SIAP 13
14 Type of Output Non-Market Output Non-market output consists of goods and individual or collective services produced by non-profit institutions serving households (NPISHs) or government that are supplied free, or at prices that are not economically significant, to other institutional units or the community as a whole. SIAP 14
15 Type of Output Output for Own Final Use Output for own final use consists of products retained by the producer for his own use as final consumption or capital formation. This consists of: goods produced by an unincorporated enterprise and consumed by the same household; services provided to households by paid domestic staff; imputed services of owner-occupied dwellings; fixed assets produced by an establishment that are retained; (own-account gross fixed capital formation); changes in inventories of finished goods and work-in-progress intended for one or other of the above uses. SIAP 15
16 Value of Output Non-Market Output Non-market output is recommended to be measured at production costs, when it is provided without charge to households or at a nominal cost Output at production costs is the sum of the following items: a) Intermediate consumption; b) Compensation of employees; c) Consumption of fixed capital; d) Other taxes (less subsidies) on production. SIAP 16
17 Value of Output Output for own use Output for own final use should be valued at the basic prices at which the goods and services could be sold if offered for sale on the market. When reliable market prices cannot be obtained, the value is deemed to be equal to the sum of their costs of production: (2008 SNA) a) Intermediate consumption; b) Compensation of employees; c) A net return to fixed capital; d) Consumption of fixed capital; e) Other taxes on production. SIAP 17
18 Measuring Output A sum up Output Market Output Non-Market Output For Own Final Use Measured as Measured as the sum of Measured as the sum of volume X market price or outflow of output or by input cost SIAP IC, CE, CFC and other (t-s) on production IC, CE, CFC and other (t-s) on production + Net return to fixed capital 18
19 Measuring Output SIAP 19
20 Measuring Output Table 1. Gross Domestic Product of Bangladesh A General Practice One of the first few tables of a country s NAS publication typically looks like this It consists of GVA estimates of for each industrial sector which sum up to the GDP of the country. SIAP 20
21 Measuring Output A General Practice The GDP by production-approach is compiled as the sum of GVAs estimated industry by industry. The industry-wise GVAs often referred to as distribution of GDP by industry / economic activity are presented at either basic prices or at market prices. Finally, the GDP for the economy is always produced at market prices. SIAP 21
22 Measuring Output Valuation according to disposal Note that for obtaining the GDP (at market prices) the industry-wise GVAs, if primarily estimated at basic price, have to be converted to market price. The prices to be applied for valuation of output at market prices depends on the mode of disposal Sales are valued at producer price (+ product taxes paid directly by the consumers if any) Change in inventory: for finished product - always at basic price for purchased raw materials always at purchaser s price Own final use - always at basic price SIAP 22
23 Measuring Output Valuation according to disposal For example, if a farmer produces rice and sells 100 kgs in the market at 110 per kg; of which, 10 per kg is product tax retains 50 kg for consumption of its household; and stores 15 kg for use as seeds the next year. The farmer had 10 kg of rice from the previous year that he used as seeds for current year production. What is the value of the farmers output at market prices? SIAP 23
24 Measuring Output Output of selected industries We will now see how the output of some of the special industries like trading financial intermediation insurance services and growth of cultivated assets are defined. SIAP 24
25 Measuring Output Output of Trading The output of trading activities is trade margin defined as: GVO = Sale - cost of goods sold Cost of goods sold = Purchases of goods for resale + opening stock of goods for resale - closing stock of goods for resale Thus, GVO = Sale + closing stock - opening stock - purchases of goods for resale. SIAP 25
26 Measuring Output Output of Trading an example For example consider a retail store that recorded the following transactions in 2006: Sale = 50,000 Purchases of goods for sale = 30,000 Opening stock = 4,000, Closing stock = 5,000 Utilities = 200 Expenditure on supplies = 500 Other services paid = 50 GVO = 50,000 + ( ) - 30,000 = 21,000 GVA = 21,000 - ( ) = 21, = 20,250 SIAP 26
27 Measuring Output Output - Financial Intermediation Banks provide services for both explicit fees and implicit charges. Explicit fees: fees for issuing a draft or doing money transfer etc., are always recorded as payable by the service-receiving unit to the service-provider, i.e. the banks. Implicit service charges: mainly for the services of channelling saving of savers to the borrowers. This is called financial intermediation services indirectly measured (FISIM). SIAP 27
28 Measuring Output Output of Commercial Banks Commercial banks are the main financial intermediaries. The gross value of output of commercial banks is GVO = service charges and other receipt from services + FISIM FISIM ( financial intermediation services indirectly measured) = Value of services integrated in the computation of interest on deposit and loans SIAP 28
29 Measuring Output Measuring FISIM 2008 SNA Total FISIM = FISIM on loans (f L ) + FISIM on deposits (f D ) Denoting reference rate: rr interest receivable: r L interest payable: r D FISIM on loans = stock of loans multiplied by (r L rr) FISIM on Deposits = stock of deposits multiplied (rr r D ). Thus Total FISIM = f L + fd = ( rl rr) YL + ( rr rd) Y D May
30 Measuring Output Banks (Contd.) FISIM: On Loans = (actual - pure) interest rate On Deposits = (pure -actual) interest rate 6 % = pure interest rate - FISIM BANKS 15% = interest rate plus FISIM HOUSEHOLD CORPORATION 10% (pure interest rate) SIAP 30
31 Measuring Output FISIM Example: Households deposited 500 mill. and bank lent out 300 mill. to corporations (production units). If the reference rate (that is pure interest rate is 10 %, what is the FISIM of bank? FISIM rate on deposit = 10% - 6% = 4 per cent FISIM on deposit FISIM rate on loan FISIM on loan = 500*(0.04) = 20 mill. = 15% - 10 = 5 percent = 300*(0.05) = 15 mill. There are other ways of deriving the estimate of FISIM depending upon the availability or choice of reference rate and the data SIAP 31
32 Measuring Output Use of FISIM FISIM the output of the financial corporations are used either for production as intermediate consumption or final consumption by the depositors - households, NPISHs and also the government. In our example: Total FISIM = 35 mill. of which, 20 mill. is the final consumption of households and 15 mill. is the intermediate consumption of producers. SIAP 32
33 Measuring Output Output - Non-life Insurance In non-life insurance only the risk is covered. Thus, when the event occurs for which insurance has been made, the policy holder makes his/ her claim. Thus for Non life or term insurance GVO = Actual premiums earned plus premium supplements minus adjusted claims incurred No adjustment of premium supplements made. SIAP 33
34 Measuring Output Output of Insurance Service Figure 4: Insurance transactions involved Policy Holders Premium supplements Insurance Corporations Investment of reserves Investment Income Financial Market SIAP 34
35 Measuring Output Insurance Services - important terms Some important terms: Investment income: all income from the investment of reserves (usually financial assets). These are income attributed to policyholders. Premium supplement: The investment income attributed to policyholders as their primary income Repaid to the insurance corporation as premium supplements. SIAP 35
36 Measuring Output Output of growth of Cultivated Assets The gross value of output of cultivated assets is obtained as GVO = Sales + change in inventory + own final use Refer to the example on page 56 of the Reading Materials. The GVO of cultivated forest is obtained as sum of sales, change in inventory and own final use. SIAP 36
37 Intermediate Consumption SIAP 37
38 Intermediate Consumption Intermediate input/consumption Goods and services purchased by producers and used as part of production consumed during production paid for by producer Consists of the value of all goods (non-durable) and services consumed in the process of production. Includes rentals paid on use of fixed assets goods and services supplied by other establishments of same enterprise goods and services used as inputs for the ancillary activity expenditure that an owner-occupier incurs on the maintenance and repair of the dwelling SIAP 38
39 Intermediate Consumption Intermediate Consumption (Contd.) Excludes Value of consumption of fixed capital used Goods and services (intermediate products) produced and used within the establishment Bad debt provisions/write-offs, taxes, fines, donations, dividends, amortization of goodwill, exchange rate losses, land rent, loss on sale of assets, interest (other than allocated FISIM) Expenditures on valuables (work of arts, precious metals, etc.) as stores of value. PDOS 2011 SIAP 39
40 A Question Which of the following is included in intermediate consumption of a corporate unit? a) Compensation of employees b) Profit c) Cost of fuel d) Interest paid to bank e) Rent paid to landlord SIAP 40
41 Thanks SIAP 41
Comparison of micro and macro frameworks
OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth OECD 2013 Comparison of micro and macro frameworks The main framework developed for analysis of income at the
More informationTHE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS
THE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS OVERVIEW OF THE SYSTEM The revision of the Jamaican System of National Accounts is based on the United Nations System of National Accounts
More informationUpdated System of National Accounts (SNA): Chapter 9: The use of income accounts
Statistical Commission Thirty-ninth session 26 29 February 2008 Item 3(d) of the provisional agenda Items for discussion and decision: National accounts Background document Available in English only Updated
More informationIncome approach to GDP, and other issues relating to the compilation of household income and consumption expenditures
DEPARTMENT OF ECONOMIC AND SOCIAL AFFAIRS STATISTICS DIVISION UNITED NATIONS NATIONAL BUREAU OF STATISTICS OF CHINA International Workshop on Household Income, Consumption and Full Accounting of the Households
More informationGross National Income reservations
Gross National Income reservations Eurostat has completed the verification process of the sources and methods used to calculate Gross National Income (GNI) by the United Kingdom (UK). The process revealed
More informationGUIDELINES FOR RESPONDING TO THE GFSM 2014 ANNUAL GFS QUESTIONNAIRE
GFSY 2014 data request letter Table 1. of Revenue 1 Revenue 11 Taxes GUIDELINES FOR RESPONDING TO THE GFSM 2014 ANNUAL GFS QUESTIONNAIRE Overview of Changes in the GFSM 2014 classification system 111 Taxes
More informationSecond Intermediate-Level e-learning Course on the System of National Accounts (2008 SNA)
Statistical Institute for Asia and the Pacific Economic and Social Commission of Asia and the Pacific United Nations An Introduction to System of National Accounts Integrated Transaction Accounts Lesson
More informationMeasuring the Economy
Measuring the Economy A Primer on GDP and the National Income and Product Accounts Concepts Framework Measures Interactive Access October 2014 Measuring the Economy A Primer on GDP and the National Income
More informationGOVERNMENT OF INDIA MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION
This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm today i.e. 29th January, 2016. GOVERNMENT OF INDIA MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION
More informationA Comparison between Annual Business Survey and National Accounts Measures of Value Added
A Comparison between Annual Business Survey and National Accounts Measures of Value Added 24 April 2014 Daniel Ayoubkhani Office for National Statistics 2014 Official Statistics ONS official statistics
More informationINTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting
www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial
More informationSection A: Questions On Fill In The Blanks
Section A : 26 FILL IN THE BLANK Section B : 10 TRUE OR FALSE QUESTIONS Section C : 11 Multiple Choice Questions Section A: Questions Fill In The Blanks the right column please insert the items from which
More informationGuidelines For Compiling Sectoral Accounts
Guidelines For Compiling Sectoral Accounts Venkat Josyula Developing and Improving Sectoral Financial Accounts Algiers, January 20-21, 2016 The views expressed herein are those of the author and should
More informationUnit 4: Measuring GDP and Prices
Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Module 10 - pages 106-110 Module 11 1.2 Goals Goals Specific Goals: Understand how to measure a country s output. Learn
More informationHARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013
HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS
More informationModule 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS
Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods 1.0 FINANCIAL FORECASTING METHODS 1.01 Introduction
More informationChapter 9. Plant Assets. Determining the Cost of Plant Assets
Chapter 9 Plant Assets Plant Assets are also called fixed assets; property, plant and equipment; plant and equipment; long-term assets; operational assets; and long-lived assets. They are characterized
More informationSummary of the Esa2010 revision of National Accounts
9 September 2014 Summary of the Esa2010 revision of National Accounts Year 2011 In conjunction with the introduction of the new European system of national and regional accounts (Esa2010) Manual, Italy
More informationCompiling the Gross Domestic Product: The Myanmar Experience
Compiling the Gross Domestic Product: The Myanmar Experience by Ministry of National Planning and Economic Development The views expressed in this document are of the author(s) and do not necessarily reflect
More informationIn 2012, GNP in constant prices increased by 1.8% compared with 2011.
8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased
More informationFinancial Statements
Financial Statements The financial information forms the basis of financial planning, analysis & decision making for an organization or an individual. Financial information is needed to predict, compare
More informationAnnual national accounts sources and methods
Annual national accounts sources and methods Crown copyright This work is licensed under the Creative Commons Attribution 3.0 New Zealand licence. You are free to copy, distribute, and adapt the work,
More informationCHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH
CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH Learning Goals for this Chapter: To know what we mean by GDP and to use the circular flow model to explain why GDP equals aggregate expenditure and aggregate
More informationFarm Financial Statements Net Worth Statement Statement of Cash Flows Net Income Statement Statement of Owner Equity
Farm Financial Statements Net Worth Statement Statement of Cash Flows Net Income Statement Statement of Owner Equity Recording Transactions in the Date Cash Journal Description Value Amount (bu., lb.,
More informationMEASURING GDP AND ECONOMIC GROWTH CHAPTER
MEASURING GDP AND ECONOMIC GROWTH CHAPTER Objectives After studying this chapter, you will able to Define GDP and use the circular flow model to explain why GDP equals aggregate expenditure and aggregate
More informationRETAINED EARNINGS ON MUTUAL FUNDS, INSURANCE CORPORATIONS AND PENSION FUNDS
Fourth meeting of the Advisory Expert Group on National Accounts 30 January 8 February 2006, Frankfurt SNA/M1.06/29.1 Issue 42 Retained earnings of mutual funds, insurance companies and pension funds RETAINED
More informationIn this chapter, we build on the basic knowledge of how businesses
03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize
More information9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle
9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle 9.1 Current Assets and 9.1.1 Cash A firm should maintain as little cash as possible, because cash is a nonproductive asset. It earns no
More informationFrequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs) Questions relating to the five data items: I. Total Remuneration Q: In deriving total remuneration, should we include staff training costs? A: No, staff training costs
More informationQ UANTITATIVE E CONOMICS & S TATISTICS AUGUST 25, 2005. Virginia Taxes Paid by Manufacturers
Q UANTITATIVE E CONOMICS & S TATISTICS AUGUST 25, 2005 Virginia Taxes Paid by Manufacturers $16 $14 $12 $10 $8 $6 $12.5 $12.2 $10.7 $10.8 $4 $2 $0 19992000200120022003 Introduction This study provides
More informationGOVERNMENT FINANCE ST A TISTICS MANUAL
MANUAL GOVERNMENT FINANCE STATISTICS MANUAL 2014 I N T E R N A T I O N A L M O N E T A R Y F U N D MANUAL GOVERNMENT FINANCE STATISTICS MANUAL 2014 2014 I N T E R N A T I O N A L M O N E T A R Y F U N
More informationIpx!up!hfu!uif Dsfeju!zpv!Eftfswf
Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,
More informationFrequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs) General questions: Q: Why is there a requirement for the VAP form to be certified by auditor or CEO (or any equivalent)? Can t we just send our audited accounts for BCA
More informationThe National Accounts and the Public Sector by Casey B. Mulligan Fall 2010
The National Accounts and the Public Sector by Casey B. Mulligan Fall 2010 Factors of production help interpret the national accounts. The factors are broadly classified as labor or (real) capital. The
More informationA. Framework and compilation
Framework for data integration in support of SNA compilation and modeling: Exercise for use of SNA in early estimates and projections in Central America By Jan W. van Tongeren, IVO. April 2006. A. Framework
More informationReporting Guide. 2005 Annual Retail Store Survey. Help Line: 1 888 881-3666
Unified Enterprise Survey Annual 2005 Annual Retail Store Survey Si vous préférez recevoir ce document en français, veuillez téléphoner au numéro sans frais suivant : 1 888 881-3666. Reporting Guide This
More informationWIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016
WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016
More informationChapter 5 Macroeconomic Measurement: The Current Approach Macroeconomics In Context (Goodwin, et al.)
Chapter 5 Macroeconomic Measurement: The Current Approach Macroeconomics In Context (Goodwin, et al.) Chapter Overview In this chapter, you will be introduced to a fairly standard examination of the National
More informationSecondary Income and the Capital Account (L12)
Secondary Income and the Capital Account (L12) Course on External Sector Statistics Nay Pyi Taw, Myanmar January 19-23, 2015 Reproductions of this material, or any parts of it, should refer to the as the
More informationChapter 9 E-Commerce: Digital Markets, Digital Goods
1 Chapter 9 E-Commerce: Digital Markets, Digital Goods LEARNING TRACK #: 2: BUILD BUSINESS PLAN There are lots of different ways to lay out a business plan. The sample
More informationWeek 4 Tutorial Question Solutions (Ch2 & 3)
Chapter 2: Q1: Macroeconomics P.52 Numerical Problems #3 part (a) Q2: Macroeconomics P.52 Numerical Problems #5 Chapter 3: Q3: Macroeconomics P.101 Numerical Problems #5 Q4: Macroeconomics P102 Analytical
More informationCHAPTER 4. Final Accounts
CHAPTER 4 Final Accounts Meaning Preparation of final account is the last stage of the accounting cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit
More informationAccounts payable Money which you owe to an individual or business for goods or services that have been received but not yet paid for.
A Account A record of a business transaction. A contract arrangement, written or unwritten, to purchase and take delivery with payment to be made later as arranged. Accounts payable Money which you owe
More informationUNIT I NATIONAL INCOME AND MACROECONOMICS
UNIT I NATIONAL INCOME AND MACROECONOMICS 1 National Income National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this
More informationAnadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))
Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques
More informationCharities Accounting Standard Accounting Template Explanatory Notes
Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial
More informationAccounting Self Study Guide for Staff of Micro Finance Institutions
Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 2 The Balance Sheet OBJECTIVES The purpose of this lesson is to introduce the Balance Sheet and explain its components: Assets,
More informationInput-Output Tables for Latvia: Compilation Practices and First Results
Input-Output Tables for Latvia: Compilation Practices and First Results Maija Kurcalte and Valerijs Vdovins Central Statistical Bureau of Latvia Thirteenth International Conference on Input-Output Techniques
More informationMoving Towards the 2008 SNA: Key Issues
Moving Towards the 2008 SNA: Key Issues Seminar on National Accounts in Latin America and the Caribbean Santiago Chile, 4-6 August 2014 United Nations Statistics Division Outline of presentation Introduction
More informationHow To Balance Sheet
Page 1 of 6 Balance Sheet Accounts The Chart of Accounts is normally arranged or grouped by the Major Types of Accounts. The Balance Sheet Accounts (Assets, Liabilities, & Equity) are presented first,
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level
Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2014 Marking Scheme Accounting Higher Level Note to teachers and students on the use of published marking schemes Marking
More informationEstimation of financial intermediation services indirectly measured (FISIM): Thailand s case
Estimation of financial intermediation services indirectly measured (FISIM): Thailand s case Puntharik Supaarmorakul 1 1. Introduction Financial intermediation services are defined in the System of National
More informationCASH FLOW STATEMENT & BALANCE SHEET GUIDE
CASH FLOW STATEMENT & BALANCE SHEET GUIDE The Agriculture Development Council requires the submission of a cash flow statement and balance sheet that provide annual financial projections for the business
More informationThe Treatment of Insurance in the SNA
The Treatment of Insurance in the SNA Peter Hill Statistical Division, United Nations Economic Commission for Europe April 1998 Introduction The treatment of insurance is one of the more complicated parts
More informationSOLUTIONS TO EXERCISES
EXERCISE 10-1 (15 20 minutes) SOLUTIONS TO EXERCISES Item Land Land Improvements Building Other Accounts (a) ($275,000) Notes Payable (b) $275,000 (c) $ 8,000 (d) 7,000 (e) 6,000 (f) (1,000) (g) 22,000
More informationThis guide is designed to provide additional information for completing the questionnaire.
Unified Enterprise Survey Annual Reporting Guide: 2003 Annual Retail Store Survey Si vous préférez recevoir ce document en français, veuillez téléphoner au numéro sans frais suivant : 1 888 881-3666. This
More informationOBJECT OF ACCOUNTING ASSETS AND LIABILITIES
CHAPTER 2 Key terms OBJECT OF ACCOUNTING ASSETS AND LIABILITIES Asset, liability, equity, not-own-capital, temporary accounts, intangible and tangible assets, net profit/loss of current period, fixed assets,
More informationHANDBOOK ON PRICE AND VOLUME MEASURES IN NATIONAL ACCOUNTS
HANDBOOK ON PRICE AND VOLUME MEASURES IN NATIONAL ACCOUNTS Version prepared for the seminar on Price and Volume Measures, 14-16 March 2001, Statistics Netherlands, Voorburg Handbook on Price and Volume
More information16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS
APPROVED by Resolution No. 10 of 10 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED
More informationChanges to National Accounts Blue Book 2014: Improvements to Household Expenditure Estimates
Changes to National Accounts Blue Book 2014: Improvements to Household Expenditure Estimates Author: Hugh Skipper, Office for National Statistics Contributions from: David Matthewson, Caroline Walker,
More informationClosing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009
Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section
More informationFarm Financial Management
Farm Financial Management Your Farm Income Statement How much did your farm business earn last year? There are many ways to answer this question. A farm income statement (sometimes called a profit and
More informationAS PART OF the 2013 comprehensive revision
8 February 213 Measuring the Services of Commercial Banks in the National Income and Products Accounts Changes in Concepts and Methods in the 213 Comprehensive Revision By Kyle K. Hood AS PART OF the 213
More informationJones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements
Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2009 End date: 31st May 2010 Contents of the
More informationGlossary. U.S. International Economic Accounts Glossary of Terms. Term
Glossary U.S. International Economic Accounts Glossary of s Accrual accounting Activities of multinational enterprises (AMNE) Affiliate Affiliated trade Asset/liability principle Associate Balance of payments
More informationCH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS
C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of
More informationCopyright Virtual University of Pakistan 1
Learning Objective Lesson-1 The objective of this lecture is to introduce the subject Financial Accounting to the students and give them an idea as to how did accounting develop. What is Financial Accounting?
More informationCASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes
MODULE - 6A Cash Flow Statement 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size
More informationANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET
ASSETS I- Current Assets Audited Current Period Audited Previous Period A- Cash and Cash Equivalents 14 1.606.048.714 1.153.712.216 1- Cash 14 37.347 49.256 2- Cheques Received 3- Banks 14 1.356.733.446
More informationECONOMIC GROWTH* Chapter. Key Concepts
Chapter 5 MEASURING GDP AND ECONOMIC GROWTH* Key Concepts Gross Domestic Product Gross domestic product, GDP, is the market value of all the final goods and services produced within in a country in a given
More informationJones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements
Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2008 End date: 31st May 2009 Contents of the
More informationFinancial Statements for Manufacturing Businesses
Management Accounting 31 Financial Statements for Manufacturing Businesses Importance of Financial Statements Accounting plays a critical role in decision-making. Accounting provides the financial framework
More informationScope of Capital Measurement and Classifications
From: Measuring Capital - OECD Manual 2009 Second edition Access the complete publication at: http://dx.doi.org/10.1787/9789264068476-en Scope of Capital Measurement and Classifications Please cite this
More informationChart of Accounts for Banks
Chart of Accounts for Banks ASSETS Cash and Cash Equivalents 1 0 0 1 Cash in vault 1 0 0 2 Cash in ATM 1 0 0 3 Cash in transit 1 0 0 4 Damaged notes 1 0 0 5 Travellers cheques 1 0 0 6 Items for collection:
More informationANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets
ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets A- Cash and Cash Equivalents 14 2.364.314.943 2.304.904.212 1- Cash 14 38.784 18.864 2- Cheques Received 3- Banks 14 1.961.058.269 1.937.834.876
More informationBusiness and Finance
Methodology of the Monthly Index of Services Business and Finance The published Index of Services component for Business and Finance estimates short-term changes in gross value added in the service sector
More informationChubb Group of Insurance Companies
Chubb Group of Insurance Companies Business Income, Extra Expense and Research and Development Income Worksheet For Ongoing-Business with/without R&D Activities This worksheet will help you determine the
More informationConsolidated Financial Results for Six Months Ended September 30, 2007
Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,
More informationHow much financing will your farm business
Twelve Steps to Ag Decision Maker Cash Flow Budgeting File C3-15 How much financing will your farm business require this year? When will money be needed and from where will it come? A little advance planning
More informationPOLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)
POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations
More informationChapter 6 Statement of Cash Flows
Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions
More informationAccounts Payable are the total amounts your business owes its suppliers for goods and services purchased.
Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Receivable are the total amounts customers owe your business for goods or services sold
More informationRicoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000)
Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) *Date of approval for the financial results for the half year ended September 30, 2000, at the Board of Directors'
More informationChanges to National Accounts: The Impact of the Changes to the Treatment of Pensions in the National Accounts
Changes to National Accounts: The Impact of the Changes to the Treatment of Pensions in the National Accounts Authors: Robbie Jones and David Matthews Date: 17 September 2014 1 Introduction The UK National
More informationPRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS
December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into
More informationSTATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS
C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,
More informationConsolidated Balance Sheet
Consolidated Balance Sheet (As of March 31, 2010) Item Amount Item Amount [Assets] million yen [Liabilities] million yen Current assets 12,277Current liabilities 7,388 Notes payable and accounts 2,449
More informationANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET ASSETS
ASSETS ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ I- Current Assets Audited Current Audited Previous Period Period Notes 31/12/2015 31/12/2014 A- Cash and Cash Equivalents 14 2.304.904.212 1.606.048.714 1- Cash
More informationBasic Benchmarking Data Definitions
Basic Benchmarking Data Definitions INCOME STATEMENT Actual Values Description Revenue 2012-13 2011-12 Operating Revenue Commonwealth Subsidies State Grants Resident/Client Charges Bond Retentions (if
More informationS Corporation Tax Organizer
S Corporation Tax Organizer CLIENT INFORMATION S Corporation Name: Email: Date of Incorporation: EIN#: Best Phone#: Corporate Address: Tax Period City: State: ZIP Code: What date was the corporation first
More informationBig Concepts. Measuring U.S. GDP. The Expenditure Approach. Economics 202 Principles Of Macroeconomics
Lecture 6 Economics 202 Principles Of Macroeconomics Measuring GDP Professor Yamin Ahmad Real GDP and the Price Level Economic Growth and Welfare Big Concepts Ways to Measure GDP Expenditure Approach Income
More informationGROUP 1. BASIC FINANCING. 10. CAPITAL 100. Capital stock 103. Uncalled subscribed capital receivable 108. Treasury stock
GROUP 1. BASIC FINANCING 10. CAPITAL 100. Capital stock 103. Uncalled subscribed capital receivable 108. Treasury stock 11. RESERVES AND OTHER EQUITY INSTRUMENTS 110. Additional paid-in capital 111. Other
More informationPreparing Agricultural Financial Statements
Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural environment. Accurate records
More informationChapter 20. The Measurement of National Income. In this chapter you will learn to. National Output and Value Added
Chapter 20 The Measurement of National Income In this chapter you will learn to 1. Use the concept of value added to solve the problem of double counting when measuring national income. 2. Describe the
More informationUnderstanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements
Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements In the United States, businesses generally present financial information in the form of financial statements
More informationCA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS)
CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) 1. Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable? (a)
More informationResidual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.
87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company
More informationEconomic and Social Council. Measurement of Non-Life Insurance Services in the National Accounts of Israel
United Nations Economic and Social Council ECE/CES/GE.20/2014/3 Distr.: General 12 February 2014 English Original: Russian Economic Commission for Europe Conference of European Statisticians Group of Experts
More informationPublic Sector Debt - Instructions
Public Sector Debt - Instructions Under the auspices of the Task Force on Finance Statistics 1 the World Bank has developed a new database to disseminate quarterly data on government, and more broadly,
More information