V. Accounting and Auditing
Read and translate the text Findthe answers in the text: 1. What does a man feel when he sets up a business? 2. What does a man expect in return? 3. What is accounting? 4.What does bookkeeping deal with? 5. What is accounting divided into?
Whenever a man sets up a business it is because he feels he can produce some useful commodity or service which will be needed by his fellow citizens. In return he expects to be able to earn a profit on his business. To conduct his affairs efficiently and profitably the businessman must have some knowledge of accounting. Accounting is the language of finance which all business decision – makers must understand. It is the process of capturing, processing, and communicating financial information. In other words, it is an information system that accumulates, records, classifies, summarises, and reports commercial transactions. The aim of this process is to show the financial condition of a business entity. This information, in the form of financial statements, is then communicated to those who make decisions concerning the operations of an enterprise. Bookkeeping is a small part of the system and deals with record-keeping. Accounting information is used by managers, investors, and different groups in society, for example, tax authorities, labour unions, local governments, financial analysts etc. From this perspective, accounting is divided into managerial and financial accounting. The major branches of accounting are public, private, and governmental accounting. Public accounting refers to the work done by independent Certified Public Accountants (CPA), the corresponding professional British title being Chartered Accountants. They audit the books of companies to ensure that their financial statements and records are properly stated. Private accounting refers primarily to the private sector of the economy and involves the analysis and recording of financial information by accountants who are employees of the business entity. Governmental accounting is the accounting function performed for central (federal and state) and local governmental institutions. After text exercises
VI. Complete the following sentences according to the text: 1. In return he expects to be able to earn … 2. It is the process of capturing … 3. The aim of this process is to show the financial … 4. Accounting is the language of finance which all business decision – makers … 5. The major branches of accounting are …
VII. Translate the following sentences with modals. (see appendix – reference section) 1. To conduct his affairs efficiently and profitably the businessman must have some knowledge of accounting. 2. Accounting is the language of finance which all business decision-makers must understand. 3. The accountant is to determine the ways in which the business may grow in the future. 4. On the face of American dollars one can see the portraits of famous persons. 5. Accountants have to prepare regularly the two types of records.
VIII. Match the verbs in A with the nouns in B A B to set up a commodity to produce affairs to earn information to conduct the books to audit a function to communicate profit to perform a business
IX. Make your own sentences using the following prompts: Accounting information To conduct the affairs Accounting is the language Public accounting Private accounting Governmental accounting
X. Answer to the following questions: 1. Why must businessmen have some knowledge of accounting? 2. What is accounting? 3. What does an accounting information system show? 4. Who needs financial information? 5. What are the major branches of accounting?
XI. Speak about: Why I Want to Be an Accountant and Auditor.
Unit X Borrowing and Lending Pre text exercises I. Vocabulary list: 1. borrowingзаимствование 2. lendingпредоставлениезаймов/кредитов 3. customerклиент/покупатель 4. totradeторговать whentrading… торгуя…,ведя торговлю… 5. currencyденьги, вложение 6. viewвзгляд, мнение, суждение, точка зрения 7. toplaceпоместить, разместить 8. short-termкраткосрочный long-termдолгосрочный 9. interestrateпроцентная ставка 10. toachieveдостигать, добиваться 11. profit прибыль 12. responsibilityответственность 13. complementaryactivities дополняющие друг друга виды деятельности 14. loanзаем, заимствование, ссуда, кредит 15. tofundфинансирование, выделять средства fundingфондирование, выделение средств 16. decision решение to take a decision принятьрешение 17. toensure обеспечивать, гарантировать 18. torepayвозвращать/отдавать долг 19. dueподлежащий выплате 20. careful внимательный, тщательный 21. maturityсрок платежа 22. obligationобязательство tomeetobligations выполнить обязательства 23. cashflowпотокналичности 24. reasonпричина forthisreasonпоэтойпричине
II. Give the Russian equivalents to the following words and word combinations:
borrowing, short-term, when trading, lending, interest rate, funding, complementary activities, to place, money market, loan decisions, to take decision, to ensure, due, cashflow, profit, customer deposits, for this reason.
III. Give the English equivalents to the following words and word combinations:
торгуя/ведя торговлю; взгляд/мнение/суждение; поместить/разместить; процентная ставка; дополняющие друг друга виды деятельности; фондирование/выделение средств; по этой причине; возвращать/отдавать долг; подлежащий выплате; выполнить обязательства; поток наличности. IV. Match Russian words with their English equivalents:
банковский инструмент profit денежный рынок cashflow процентнаяставкаlong-terminvestments краткосрочныйзаемliquid прибыльlending инвестициякапиталаliquidity заимствоватьshort-termloan заимствованиеmoneymarket дать в займы toborrow предоставление займов/ кредитовinterestrate долгосрочные инвестиции riskmanagement ликвидность borrowing ликвидныйto lend управлениерискамиbank instrument денежныйпотокto repay a loan выплатитьзаемinvestment of capital
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