English (An Accounting Overview)

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I. Read and translate the text. Write out and learn new words.
An Accounting Overview
Accounting is frequently called the "language of business" because of its ability to communicate financial information about the organization. Various interested parties, such as managers, potential investors, creditors, and the government, depend on a company's accounting system to help them make informed financial decisions. An effective accounting system, therefore, must include accurate collecting, recording, classifying, summarizing, interpreting, and reporting of information on the financial status of an organization.
In order to achieve a standardized system, the accounting process follows accounting principles and rules. Regardless of the type of business or the amount of money involved, common procedures for handling and presenting financial information are used. Incoming money (revenues) and outgoing money (expenditures) ....
The work of accountants is rather sophisticated. People who specialize in the field of accounting are known as bookkeepers and accountants. Bookkeepers deal in taxes and different business transactions of the company. The accountant's responsibility is to analyze and interpret the financial data and make it understandable for users. In the United States, accountants are usually classified as private, government and public. Private accountants work solely for private companies or corporations that hire them to maintain financial records. Governmental accountants work for governmental agencies. Both private and governmental accountants are paid on a salary basis, whereas public accountants receive fees for their services. Public accountants work independently and provide accounting services such as auditing and tax computation to companies and individuals.
Many accountants have special certificates after they pass examinations in Institute of Accountants. Certified accountants in England are called chartered accountants. In the USA the certified accountants are called certified public accountants (CPA).
Through effective application of commonly accepted accounting systems, accountants provide accurate and timely financial information that is necessary for organizational decision-making. No expansion or reorganization is planned without them. New products and advertising campaigns are also prepared with the help of the accountant.

II. Answer the questions.
1. Why is accounting called the "language of business"?
2. What are revenues and expenditures?
3. How is a standardized accounting system achieved?
4. What is the difference between a bookkeeper and an accountant?
5. How are accountants classified in the USA?
6. What kind of services do certified accountants provide?
7. How are they called in Britain and the USA?

III. Remember these words and make them offers.
Nouns Nouns
accounting accounting
accountancy accounting, bookkeeping
audit audit
auditing audit as a subject
tax computation tax calculation
accountant accountant analyst
accountant bookkeeper-accountant
asset asset
liability liability, obligation
party party party
Posting posting, posting the bills
balance 1) Balance 2) the balance
financial status financial situation
financial statement financial statement
transaction transaction
revenue income
expenditure expenditure
payroll payroll
salary salary (employees)
fee fee
auditor chartered accountant in England
certified public accountant (CPA), the auditor in the US
Verbs Verbs
collect collect
record record
classify classify
summarize generalize
reduce total
interpret interpret
report to report, report
handle to handle, cope with smth
post spread
withdraw hold (of salary)
be present
adjectives & Adverbs Adjectives and adverbs

Additional information

V. Match the terms and their translation.
accountant accountant accountant
bookkeeper classified
revenues costs
expenditures Accounting Analyst
record spread
summarize revenues
classify register
post generalize

VI. Match the terms in the left column of the interpretation of the right column.
Procedure money paid to professional people
Monitor present data to someone (s)
Revenues outgoing money
Agency a formal way of doing something
Reflect watch closely
Expenditures incoming money
Report give a particular impression of something
Procedure the organization that provides services

VII. Match each word in the left column with its synonym on the right column.
method fee
charge for services financial status
keep corresponding
strict. complicated
collect maintain
appropriate gather
sophisticated rigorous
financial condition procedure

IX. Choose the right of the selected words and add them to an offer.
1. information / informative
A. Getting acquainted with Accounting, by John L. Carey, is very ... book.
B. Many interested parties require specific financial ....
2. fulfillment / fulfill
A. Before the accountant could become a CPA s / he had to ... a number of requirements.
B. People there find ... in working for a common goal.
3. record / records
A. Bookkeepers ... business transactions and periodically do a trial to see if both sides of an account match.
B. Accountants analyze financial and decide how to present them.
4. standards / has standardized / standard
A. There are some ... procedures for recording financial data.
B. The computer department ... its procedures for storing and retrieving data.
C. The North Sea oil contributed in ... of living in Britain.
5. monitored / monitoring
A. The Board of Directors exercises ... of the project.
B. The student's progress is being ....

X. Choose the right word, and substitute it in the proposal.
1. The real estate in other countries is included into the company's .... money
2. International cooperation between banks makes it possible ... imports and exports. data
3. Both management and stockholders can use ... provided by accounting records. ownership
4. An accounting helps ... the business's performance. transaction
5. An importer can buy ... from another country using only the currency of that country. finance
6. Our last ... influenced greatly the financial standing of the company. profit
7. A modern economy is based on the use of ... evaluate
8. We will ... from the association with this company. goods


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