Bahasa Inggris III
Unit 14: Assets
Fakultas / Program Studi / Tatap Muka / Kode MK / Disusun Oleh
Ekonomi dan Bisnis / MANAJEMEN / 14 / 90026 / Yudi Anjangsana, Drs. SE. MM.
Abstract / Kompetensi
In our daily life, the need to pursue the highest career might be the best achievement. This module will guide you how to learn and understand what your current activity. / Students are expected to be able to comprehend what needed to identify their weaknesses and strength in connection with their career development.
MODULE 14
- Reading:
Asset
In business and accounting, assets are economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one's debts is considered an asset. Simplistically stated, assets are things of value that can be readily converted into cash (although cash itself is also considered an asset).[1] The balance sheet of a firm records the monetary[2] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. [3] Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[4] Current assets include inventory, while fixed assets include such items as buildings and equipment.[5] Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs,[5] and financial assets, including such items as accounts receivable, bonds and stocks.
Asset characteristics
Assets have three essential characteristics:
- The probable present benefit involves a capacity, singly or in combination with other assets, in the case of profit oriented enterprises, to contribute directly or indirectly to future net cash flows, and, in the case of not-for-profit organizations, to provide services;
- The entity can control access to the benefit;
- The transaction or event giving rise to the entity's right to, or control of, the benefit has already occurred.
It is not necessary, in the financial accounting sense of the term, for control of assets to the benefit to be legally enforceable for a resource to be an asset, provided the entity can control its use by other means.
It is important to understand that in an accounting sense an asset is not the same as ownership. Assets are equal to "equity" plus "liabilities."
The accounting equation relates assets, liabilities, and owner's equity:
Assets = Liabilities +Stockholder's Equity(Owners' Equity)
The accounting equation is the mathematical structure of the balance sheet.
Assets are listed on the balance sheet. Similarly, in economics an asset is any form in which wealth can be held.
Probably the most accepted accounting definition of asset is the one used by the International Accounting Standards Board[6]. The following is a quotation from the IFRS Framework: "An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise." [7]
Assets are formally controlled and managed within larger organizations via the use of asset tracking tools. These monitor the purchasing, upgrading, servicing, licensing, disposal etc., of both physical and non-physical assets.[clarification needed] In a company's balance sheet certain divisions are required by generally accepted accounting principles (GAAP), which vary from country to country.
Current assets
Current assets are cash and other assets expected to be converted to cash, sold, or consumed either in a year or in the operating cycle. These assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets:
- Cash and cash equivalents — it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (e.g., money orders, cheque, bank drafts).
- Short-term investments — include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities).
- Receivables — usually reported as net of allowance for uncollectable accounts.
- Inventory — trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower. This is known as the "lower of cost or market" rule.
- Prepaid expenses — these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance). See also adjusting entries.
The phrase net current assets (also called working capital) is often used and refers to the total of current assets less the total of current liabilities.
Long-term investments
Often referred to simply as "investments". Long-term investments are to be held for many years and are not intended to be disposed in the near future. This group usually consists of four types of investments:
- Investments in securities, such as bonds, common stock, or long-term notes.
- Investments in fixed assets not used in operations (e.g., land held for sale).
- Investments in special funds (e.g., sinking funds or pension funds).
Different forms of insurance may also be treated as long term investments.
Fixed assets
Also referred to as PPE (property, plant, and equipment), these are purchased for continued and long-term use in earning profit in a business. This group includes land, buildings, machinery, furniture, tools, and certain wasting resources e.g., timberland and minerals. They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land). Accumulated depreciation is shown in the face of the balance sheet or in the notes.
These are also called capital assets in management accounting.
Intangible assets
Intangible assets lack physical substance and usually are very hard to evaluate. They include patents, copyrights, franchises, goodwill, trademarks, trade names, etc. These assets are (according to US GAAP) amortized to expense over 5 to 40 years with the exception of goodwill.
Websites are treated differently in different countries and may fall under either tangible or intangible assets.
Tangible assets
Tangible assets are those that have a physical substance, such as equipment and real estate.
II. Grammar:
We use the Gerund after prepositions.
adjective + preposition
We use the Gerund after the following phrases:afraid of / They are afraid of losing the match.
angry about/at / Pat is angry about walking in the rain.
bad at
good at / John is good at working in the garden.
clever at / He is clever at skateboarding.
crazy about / The girl is crazy about playing tennis.
disappointed about/at / He is disappointed about seeing such a bad report.
excited about / We are excited about making our own film.
famous for / Sandy is famous for singing songs.
fed up with / I'm fed up with being treated as a child.
fond of / Hannah is fond of going to parties.
glad about / She is glad about getting married again.
happy about/at / The children are not happy about seeing a doctor.
interested in / Are you interested in writing poems?
keen on / Joe is keen on drawing.
proud of / She is proud of riding a snowboard.
sick of / We're sick of sitting around like this.
sorry about/for / He's sorry for eating in the lesson.
tired of / I'm tired of waiting you.
used to / She is used to smoking.
worried about / I'm worried about making mistakes.
We use the Gerund after prepositions.
noun + preposition
We use the Gerund after the following nouns:advantage of / What is the advantage of farming over hunting?
chance of / There's a chance of catching a cold these days.
choice between / There's a choice between flying to London Heathrow or Stansted.
danger of / Peggy is in danger of making a mistake.
difficulty in / He has difficulty in sending SMS.
doubt about / He is in doubt about buying the correct software for his computer system.
hope of / There's little hope of catching Schumacher's Ferrari.
idea of / I like the idea of setting up a new email account.
interest in / There's no interest in writing letters.
method of / This is a simple method of finding solutions.
opportunity of / There's some opportunity of bringing her parents together again.
possibility of / These new wheels offer the possibility of riding tubeless.
problem of / He has the problem of swimming too slow.
reason for / There's a real reason for winning the contest.
risk of / There's a risk of digging too deep.
trouble in / He was in trouble for stealing.
way of / This is a new way of building a wall.
We use the Gerund after prepositions.
verb + preposition
Exception: to
Here we use the phrase:
looking forward to + Gerund
Example:
I'm looking forward to seeing you soon.
accuse of / They were accused of breaking into a shop.
agree with / I agree with playing darts.
apologize for / They apologize for being late.
believe in / She doesn't believe in getting lost in the wood.
blame for / The reporter is blamed for writing bad stories.
complain about / She complains about bullying.
concentrate on / Do you concentrate on reading or writing?
congratulate sb. on / I wanted to congratulate you on making such a good speech.
cope with / He is not sure how to cope with getting older.
decide against / They decided against stealing the car.
depend on / Success may depend on becoming more patient.
dream about/of / Sue dreams of being a pop star.
feel like / They feel like going to bed.
get used to / You must get used to working long hours.
insist on / The girls insisted on going out with Mark.
look forward to / I'm looking forward to seeing you soon.
prevent sb. from sth. / How can I prevent Kate from working in this shop?
rely on sth. / He doesn't rely on winning in the casino.
succeed in / How then can I succeed in learning chemistry?
specialize in / The firm specialized in designing websites.
stop sb. from / I stopped Andrew from smoking.
talk about/of / They often talk about travelling to New Zealand.
think of / Frank thinks of playing chess.
warn sb. against / We warned them against using this computer.
worry about / The patient worries about having the check-up.
We use the Gerund after the following verbs:
admit / He admitted having driven too fast.
avoid / They avoid going on holiday on Saturdays.
carry on / If we carry on sleeping so badly, we may need help.
consider / Ralph is considering buying a new house.
delay / I delayed telling Max the news.
deny / She denied buying new shoes.
dislike / We dislike reading poems.
can't help / He couldn't help falling in love with her.
enjoy / I enjoy playing chess.
finish / They finished working in the garden.
give up / Susan gives up playing ice-hockey.
imagine / He imagined driving a new car.
include / You responsibility includes taking reservations on the phone.
involve / The project will involve growing plants.
justify / I cannot justify paying $100 for this ticket.
keep (on) / They keep on running.
mention / Did Alex ever mention playing baseball?
mind / I don't mind sleeping on the couch.
miss / They miss playing with their friends.
practise / She practised playing hockey.
regret / Do you regret having mentioned it?
risk / You risk catching a cold.
suggest / She suggested flying to Cairo.
We use the Gerund after the following phrases:
to be busy / He is busy reading the paper.
couldn't help / She couldn't help eating another apple.
don't mind / I don't mind telling them my opinion.
feel like / We feel like having a cup of tea.
how about / How about walking home instead of taking the car?
it's (no) good / It's no good talking to this girl.
it's no use / It's no use talking to the headmaster.
spend one's time / They spend their time reading.
there's no / There's no cheating anymore.
there's no point / There's no point in complaining further.
what about / What about going to the zoo?
worth / The book is worth reading.
We use the Gerund after the following prepositions:
after / After having a shower, I waited for Steven.
before / The tablet must not be taken before getting up in the morning.
by / I manage it by working much longer than 40-hour weeks.
in spite of / In spite of studying a lot he didn't pass the exams.
on / She intended on calling her sister.
without / He told the joke without laughing.
We use the Gerund or the Infinitive after the following verbs:
begin / He began talking.
He began to talk.
continue / They continue smoking.
They continue to smoke.
hate / Do you hate working on Saturdays?
Do you hate to work on Saturdays?
like / I like swimming.
I like to swim.
love / She loves painting.
She loves to paint.
prefer / Pat prefers walking home.
Pat prefers to walk home.
start / They start singing.
They start to sing.
We use the Gerund or the Infinitive after the following verbs. There are two possible structures after these verbs.
Gerund: verb + -ing
Infinitive: verb + person + to-infinitive
advise / They advise walking to town.
They advise us to walk to town.
allow / They do not allow smoking here.
They do not allow us to smoke here.
encourage / They encourage doing the test.
They encourageus to do the test.
permit / They do not permit smoking here.
They do not permitus to smoke here.
We use the following structures with the word recommend:
recommend / They recommend walking to town.They recommend that we walk to town.
Some verbs have different meaning. (when used with Gerund or Infinitive)
GERUND / INFINITIVEforget / He'll never forget spending so much money on his first computer. / Don't forget to spend money on the tickets.
GERUND / INFINITIVE
go on / Go on reading the text. / Go on to read the text.
GERUND / INFINITIVE
mean / You have forgotten your homework again. That means phoning your mother. / I meant to phone your mother, but my mobile didn't work.
GERUND / INFINITIVE
remember / I remember switching off the lights when I went on holiday. / Remember to switch off the lights when you go on holiday.
GERUND / INFINITIVE
stop / Stop reading the text. / Stop to read the text.
GERUND / INFINITIVE
try / Why don't you try running after the dog? / I tried to run after the dog, but I was too slow.
The Infinitive with to
after: / the first / Gagarin was the first to fly in a spaceship.the last / Peter was the last to watch the film.
the next / He is the next to get his passport.
after: / adjectives / I'm happy to be here.
It's better not to smoke.
after: / certain verbs
(agree, choose, forget, hope, learn, promise, regret, want, …) / I learn to drive a car.
after: / question words / I don't know what to say.
Can you tell me how to get to the bus stop?
after: / want/would like / I want you to help me.
verb + object + to-infinitive / I helped my dad to clean the car.
NOTE!!!
I want to helpyou. / I want youto help me.The Infinitive without to
after auxiliaries/modals
can / He can run very fast.could / As a boy he could run very fast.
may / I may fly to Africa this summer.
might / I might fly to Africa this summer.
must / I must go now.
mustn't / You mustn't smoke here.
needn't / You needn't go.
shall / We shall sing a song.
should / We should sing a song.
will / She will cook a meal for his birthday.
would / She would cook a meal for his birthday.
after to do
do / I don't know.after the following expressions:
had better / You had better clean up your room.would rather / Susan would rather study for her exam tomorrow.
would sooner / I would sooner read a book than watch this film.
why not / Why not ask your neighbour for help?
why should we / Why should we go by car?
why should we not / Why should we not go by car?
after verbs of perception + object (action has finished):
feel / She feelsthe rain fall on her face.hear / I heardPetersing a song.
notice / Mandy noticedthe boyclimb the tree.
see / They sawhimclimb up the roof.
watch / He watched the thievessteal a car.
after let + object:
let / Sandylether childgo out alone.Mother lether daughterdecide on her own.
let's / Let's go for a walk through the park.
after make + object:
make / She madePeggy and Samanthaclean the roomFill in the word in brackets as gerund or infinitive.
Example: / They go on ______(read) the book.Answer: / They go on reading the book.
1. My friend is good playing volleyball.
2. She complains bullying.
3. They are afraid losing the match.
4. She doesn't feel working on the computer.
5. We are looking forward going out at the weekend.
6. Laura dreams living on a small island.
7. Andrew apologized being late.
8. Do you agree staying in a foreign country?
9. The girls insisted going out with Kerry.
10. Edward thinks climbing trees in the afternoon.
Fill in the word in brackets as gerund or infinitive.