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1533.УМК по английскому языку. Часть 1 Introducing Accounting

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Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»
МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РФ
ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ БЮДЖЕТНОЕ
ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ
ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ
«ВОРОНЕЖСКИЙ ГОСУДАРСТВЕННЫЙ
УНИВЕРСИТЕТ»
УМК ПО АНГЛИЙСКОМУ ЯЗЫКУ
ДЛЯ СТУДЕНТОВ, ОБУЧАЮЩИХСЯ
ПО НАПРАВЛЕНИЮ 080100 «ЭКОНОМИКА»,
БЛОК ДИСЦИПЛИН «БУХГАЛТЕРСКИЙ УЧЕТ,
АНАЛИЗ И АУДИТ»
Часть 1
INTRODUCING ACCOUNTING
Составитель
А.В. Малюгина
Издательско-полиграфический центр
Воронежского государственного университета
2012
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Утверждено научно-методическим советом факультета романо-германской
филологии 17 января 2012 г., протокол № 1
Рецензент канд. филол. наук, доц. кафедры английского языка естественнонаучных факультетов ВГУ Н.М. Шишкина
Учебное пособие “Introducing Accounting” подготовлено на кафедре английского языка гуманитарных факультетов факультета романо-германской
филологии Воронежского государственного университета.
Рекомендуется для студентов 1-го курса экономического факультета, а
также для специалистов в области бухгалтерского учета и аудита.
Для направления 080100 – Экономика
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Пояснительная записка
Социально-экономические изменения во всех сферах жизни и деятельности человека обусловили актуальность проблемы разработки профильных профессиональных учебных пособий, связанных с будущей специальностью обучающихся.
Учебно-методическое пособие “Introducing Accounting” представляет
собой первую часть учебно-методического комплекса, предназначенного
для специалистов в области бухгалтерского учета и аудита. В комплекс
также входят учебно-методические пособия “Accounting Issues” – часть 2 и
“Practice Vocabulary & Reading Tests (Accounting)” – часть 3.
Цель данного пособия состоит в ознакомлении обучающихся с
терминологическим минимумом по специальности, формировании умения
читать и понимать аутентичные тексты на английском языке, а также
использовать их как средство получения необходимой информации в
дальнейшей профессиональной деятельности.
Пособие включает серию заданий, нацеленных на преодоление
грамматических и терминологических трудностей, развитие различных
навыков чтения, профессиональных коммуникативных навыков на основе
прочитанных профессионально направленных текстов, содержит упражнения на развитие навыков делового письма и др.
Материал, вошедший в пособие, рассчитан на 30–40 часов аудиторной и внеаудиторной работы.
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INTRODUCING ACCOUNTING
Lead-in
Work in a group. Ask your partners:
–
What is accounting?
–
When did it start?
–
How has accounting changed in modern times?
–
How important is it for people to know English in accounting?
–
What are the career prospects for young people in accounting?
–
Why have you chosen this career/this course of study?
A
Accounts
Read two short texts
and
study
the
key
terms in accounting
Hi, I'm Fiona and I'm an accountant. I work in
Edinburgh for one of the big accountancy firms.
We look at the financial records or accounts of a
lot of companies. We work with the accountants of
those companies, and the people who work under
them: the bookkeepers. 1 like my profession:
accountancy.
Sometimes we act as auditors: specialist
outside accountants who audit a company’s
accounts, that is, we check them at the end of a
particular period to see if they give a true and fair
view (an accurate and complete picture). An audit
can take several days, even for a fairly small
The profession is called
accountancy (BrE) or
accounting (AmE). The
activity is called
accounting (BrE and
AmE).
company.
When a company’s results are presented in a
way that makes them look better than they really
are, even if it follows the rules, it may be accused
of creative accounting or window dressing. Of
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B
Results
‘A firm reports its performance in a particular period in its results. Results
for a particular year are shown in the company's annual report. This contains,
among other things, a profit and loss account.
In theory, if a company makes more money than it spends, it makes a
profit. If not, it makes a loss. But it's possible for a company to show a profit for
a particular period because of the way it presents its activities under the
accounting standards or accounting rules of one country, and a loss under the
rules of another. My firm operates in many countries and we are very aware of
this!
A pre-tax profit or a pre-tax loss is one before tax is calculated. An
exceptional profit or loss is for something that is not normally repeated, for
example the sale of a subsidiary company or the costs of restructuring. (See Unit
34) A company’s gross profit is before charges like these are taken away; its net
profit is afterwards. The final figure for profit or loss is what people call
informally the bottom line. This is what they really worry about!
If a company is making a loss, commentators may say that it is in the red.
They may also use expressions with red ink, saying, for example, that a company
is bleeding red ink or hemorrhaging red ink.’
BrE: profit and loss account
AmE: income statement
Look at A and В above to find the answers to the crossword.
Across:
Down:
1 and 2 down. What the British call the
2. See 1 across.
income statement. (6, 3, 4, 7)
3. See 12 down.
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5. What accounts have to follow. (8)
4. Before tax is taken away. (3-3)
6. Not occurring regularly. (11)
8. You find this in an annual
7. When companies announce results they
report. (6)
_______ them. (6)
9. Not a profit. (4)
11. The final figure for profit or loss. (6, 4)
10. Accounting that presents things
13. Another name for 'standard'. (4)
in a positive light. (8)
19 and 16, 18, 14 down. What accounts
12, 3 down. What Americans call
should give. (4, 3, 4, 4)
the profit and loss account. (6, 9)
20. When things are made to look better
14, 16, 18 See 19 across.
than they really are. (6, 8)
17. Noun and verb related to
21. Known as accounting in the US. (11)
‘auditor’. (5)
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DEFINITION OF ACCOUNTING
Read the text and complete it with the words in the box.
assets
bookkeeping
practices principles
credit
debit
relationships
errors
reform
entries
transactions
measures
Accounting is the measurement of financial (1) __________ which are
transfers of legal property rights made under contractual (2) __________. Nonfinancial transactions are specifically excluded due to conservatism and
materiality principles. At the core of modern financial accounting is the double
entry (3) __________ system. This system involves making at least two (4)
__________ for every transaction: a (5) __________ in one account, and a
corresponding (6) __________ in another account. Basically, the sum of all
debits should always equal the sum of all credits; this provides a simple way to
check for (7) __________. This system was first used in medieval Europe;
however, claims have been made that the system dates back to Ancient Rome or
Greece. According to critics of standard accounting (8) __________, accounting
has changed little since. In each generation, accounting (9) __________ of some
kind has been made in order to try to keep bookkeeping relevant to capital (10)
__________ or production capacity, but such changes have not altered the basic
(11) __________ of accounting. In recent times, the divergence of accounting
from economic principles has resulted in controversial (12) __________ to make
financial reports more indicative of economic reality.
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Match the remarks on the left with the responses on the right:
1. You're an accountant? Does that
а) Ha! Now you're going to ask
mean you spend your time writing
me to tell you how you can pay
down credits and debits, and
less tax.
adding up columns of figures all
day? Can't be very exciting.
2. So what do accountants do?
b) No, managerial accountants
do, but I work in cost accounting.
We have to work out the real cost
of each item the company makes,
which means finding a way to
allocate all the overheads to
different products.
3. You mean the shareholders?
c) No, not only. Managers always
need the help of accountants.
They need financial statements,
and
budgets,
projections,
and
and
cash-flow
so
on,
to
measure the success of what
they've
done,
decisions
and
about
to
make
allocating
resources for future projects.
4. So you prepare reports for
d) Of course. But like I said,
managers?
we're
necessary.
And
useful.
Haven't you heard of "window
dressing"?
5. And the cost of the accounts
e) Sure, but it's also another name
department!
for
8
what
some
people
call
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"creative accounting" - making a
company's
financial
situation
look as good as possible in the
balance sheet, and so on. It's not
very legal, but it happens. The
accountants in my firm also have
lots
of
wonderful
ways
of
reducing our tax bill.
6. You mean what they do in the
f) That's bookkeeping. Not quite
front of shops?
the same thing.
7. Ah, now that's interesting...
g) Well, accountants do record
cash flows, and the value of
assets and liabilities, and they
calculate profits and losses, and
so on. But it's not just writing
down numbers. We're really in
the business of supplying people
with information.
8. Not at all. As a matter of fact,
I'm a tax inspector...
1
2
3
4
5
6
7
Fill in the missing words in the sentences below. Choose from the following.
You should use each word more than once.
account
accounts
accountant
9
accounting
accountancy
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1.
Can you check that the figures have been entered correctly in the bank
_______________?
2.
He's at university studying _______________.
3.
The management of the company have not yet decided on their
_______________ policies.
4.
A
bookkeeper
writes
details
of
financial
transactions
in
the
_______________.
5.
Most people in the profession read _______________ magazines and
journals in order to stay informed.
6.
She's been working as an _______________ with this firm for several
years now.
7.
The directors of the company approve the _______________ at the end of
the _______________ year.
8.
The chief _______________ has completed the draft _______________
for this year.
9.
Each branch maintains its own full _______________
system.
10.
They have opened an _______________ for
consignment
the
to
Bombay.
11.
_______________ is really not an exact science.
12.
A business manager needs some _______________ knowledge in order to
understand what he reads in the company_______________.
What is the meaning of the phrases in bold in the sentences (1 – 10) below?
Choose the correct definition from the list (a – j) on the right.
1.
How do you account for the sudden fall in the
a) people say
stock value?
2.
Agents buy and sell goods on their own
account.
10
b) report
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3.
They gave the solicitor a detailed account of
c) under no
the customer's business deals in the last year.
4.
circumstances
The draft accounts had to be adjusted on
d) consider
account of the discovery that a major debtor
had gone bankrupt.
5.
Raw materials account for 30% of the
e) explain
manufacturing cost.
6.
They are regular customers in this shop and
f) big customers
are now able to buy on account.
7.
On no account should these figures be
g) for
released before the board meeting.
8.
themselves
When making decisions for the future the
h) because of
managers have to take this year's poor
performance into account.
9.
By all accounts, they will benefit greatly if the
i) on credit
deal goes through.
10.
The advertising company has won two new
j) represent
accounts in South Africa.
1
2
3
4
5
6
11
7
8
9
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Reading
FINANCIAL STATEMENTS
Which eight of the following sixteen words would you expect to find in a
short text defining the different financial statements?
balance
bookkeeping
bookmaking
capital
capitalist
equilibrium
flow
liabilities
limited liability
overheads
overturn
pour
reservations
reserves
turnover
underground
Now read the text, and underline the eight words you chose above:
Companies are required by law to give their shareholders certain financial
information. Most companies include three financial statements in their annual
reports.
The profit and loss account shows revenue and expenditure. It gives figures
for total sales or turnover (the amount of business done by the company during
the year), and for costs and overheads. The first figure should be greater than the
second: there should generally be a profit - an excess of income over expenditure.
Part of the profit is paid to the government in taxation, part is usually distributed
to shareholders as a dividend, and part is retained by the company to finance
further growth, to repay debts, to allow for future losses, and so on.
The balance sheet shows the financial situation of the company on a
particular date, generally the last day of its financial year. It lists the company's
assets, its liabilities, and shareholders' funds. A business's assets consist of its
cash investments and property (buildings, machines, and so on), and debtors amounts of money owed by customers for goods or services purchased on credit.
Liabilities consist of all the money that a company will have to pay to someone
else, such as taxes, debts, interest and mortgage payments, as well as money
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owed to suppliers for purchases made on credit, which are grouped together on
the balance sheet as creditors. Negative items on financial statements such as
creditors, taxation, and dividends paid are usually printed in brackets thus:
(5200).
The basic accounting equation, in accordance with the principle of doubleentry bookkeeping, is that Assets = Liabilities + Owners’ (or Shareholders’)
Equity. This can, of course, also be written as Assets – Liabilities = Equity. An
alternative term for Shareholders' Equity is Net Assets. This includes share
capital (money received from the issue of shares), sometimes share premium
(money realized by selling shares at above their nominal value), and the
company's reserves, including the year's retained profits. A company's market
capitalization – the total value of its shares at any given moment, equal to the
number of shares times their market price – is generally higher than shareholders’
equity or net assets, because items such as goodwill are not recorded under net
assets.
A third financial statement has several names: the source and application of
funds statement, the sources and uses of funds statement, the funds flow
statement, the cash flow statement, the movements of funds statement, or in the
USA the statement of changes in financial position. As all these alternative names
suggest, this statement shows the flow of cash in and out of the business between
balance sheet dates. Sources of funds include trading profits, depreciation
provisions, borrowing, the sale of assets, and the issuing of shares. Applications
of funds include the purchase of fixed or financial assets, the payment of
dividends and the repayment of loans, and, in a bad year, trading losses.
If a company has a majority interest in other companies, the balance sheets
and profit and loss accounts of the parent company and the subsidiaries are
normally combined in consolidated accounts.
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Vocabulary Practice
Word Partnerships - Account
EXERCISE 1
All the words below can be combined with account, accounts or
accounting, in a two-word partnership: e.g. bank account, accounts payable or
tax accounting. Add the word account, accounts or accounting to each of the
words below:
1. ____________ holder
11. ____________ book
2. ____________ methods
12. bank ____________
3. ____________ day
13. current ___________
4. ____________ equation
14. deposit ___________
5. ____________ payable
15. cost ___________________
6. ____________ principles
16. managerial _____________
7. ____________ period
17. numbered ______________
8. ____________ procedures
18. profit and loss ___________
9. ____________ receivable
19. savings ________________
10. ____________ standards
20. tax ____________________
EXERCISE 2
Complete the following sentences:
1.
Auditors are supposed to make sure that companies follow their stated
_____________.
2.
Companies can choose from a variety of _____________, but they are not
allowed to change them too often.
3.
Lots of money obtained in dubious or illegal ways is deposited in
_____________ in Swiss banks.
4.
The basic _____________ is Assets = Liabilities + Owners’ Equity.
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5.
The _____________ at the London Stock Exchange usually lasts two
weeks. It is followed by an ___________ on which all bills must be settled.
6.
The _____________ is one of the three basic financial statements.
7.
_____________ consist of money that is expected to be received. The
contrary, _____________ consist of money that is owed to other people.
8.
The role of _____________ is to provide figures and statements that will
aid decision-making.
EXERCISE 3
Complete the following words. (See example):
A
1.
This company has supplied goods but has not
received any money for them yet.
2.
Companies make this when they sell their goods
CREDITOR
P____T
for more than it costs them to make them.
3.
Companies make this when they sell their goods
L___
for less than it costs them to make them.
4.
Goods which are bought by the company.
5.
Goods which the company has available to sell.
6.
An amount of money which is taken out of an
P _ _ _ _ _ _E S
S___К
W _ _ _D _ _ _ _L
account.
7.
Customers who have received goods but not paid
for them yet.
8.
A reduction in the price which is offered to
customers.
9.
This is the name of the difference between the
credit and debit side of an account.
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D____RS
D _ _С _ _ _ _
В_ _ _ _ С _
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10. This is drawn up to check that the two sides of the T_ _ _L B_ _ _ _ _ _
accounts are the same.
11. The cost of transporting goods is called this.
12. The official books for keeping accounts.
С _ _ _ _ _ GE
L _D _ _ _ S
B
1.
This is the name for buildings, machinery, money
in the bank and money owed by customers.
2.
The loss of value of the things in number.
3.
Money which is borrowed.
4.
The extra money a company or person pays for
The total sum of money which is supplied by the
owners of a company to set it up.
6.
Cash or goods which the owner takes from the
company for his own private use.
7.
These are bought by people wishing to invest in
the company.
8.
The extra amount which is paid for a company
above the value of its assets.
9.
D_P_ _ _ _ _ _ _ _N
L_ _ _
borrowing money.
5.
А_ _ _ _ S
The purchase of another company.
10. An official examination of the accounts.
11. A financial plan for the future.
I_ _ _ _ _ST
C _ _ _T_ _
D_ _W_ _ _S
S_ _ _ _S
GOO_ _ _ _ _
ACQU_ _ _ _ _ _ _
A_ _ _T
В_ _ _ _T
12. A statement of the financial position of the
company.
В_ _ _ _ _E
SHEET
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ACCOUNTING PRINCIPLES
There are various possible ways of recording debits and credits, valuing assets
and liabilities, calculating profits and losses, etc. But there are about a dozen
generally accepted “accounting principles” that accountants must follow in order
to present “a true and fair view” of a company's finances.
EXERCISE 4
Match up these six accounting principles with the definitions below:
1. The separate-entity or accounting entity assumption
2. The continuity or going-concern assumption
3. The unit-of-measure assumption
4. The time-period or accounting period assumption
5. The historical cost principle
6. The revenue or realization principle
a. All transactions and other items to be accounted for must be' in a single,
supposedly stable monetary unit.
b. An enterprise is an accounting unit separate from its owners, creditors, etc.
c. Financial data must be reported for particular (short) periods, which makes
accrual and deferral necessary.
d. Revenue is realized at the moment when goods are sold (or change hands) or
when services are rendered.
e. The business will continue indefinitely into the future.
f. The initial price paid for the acquisition of assets is the one that is recorded in
accounts.
1
2
3
4
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5
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EXERCISE 5
Which principles do these sentences refer to?
1. This accords with a company’s legal status as an artificial person.
2. This implies that the current market value of fixed assets is irrelevant, as they
are not for sale.
3. This makes it unnecessary to estimate current market values every year.
4. This means that each company has its own financial year (US: fiscal year).
5. This requires multinational companies to convert their consolidated statements
into a single currency.
6. This is why balance sheets often contain an entry for debtors: goods that have
been sold, but are not yet paid for.
EXERCISE 6
Match up these five accounting principles with the definitions below:
1. The matching principle
2. The objectivity principle
3. The consistency principle
4. 4 The full-disclosure principle
5. The principle of conservatism (or prudence)
a. All data recorded should be verifiable and free from bias.
b. Financial reporting must include all significant information.
c. The revenues generated in an accounting period are identified with related
costs whenever they were incurred.
d. The same methods (of inventory valuation, depreciation, etc.) must be used
from one period to the next.
e. Where alternative accounting methods are possible, one understates rather
than overstates profits.
1
2
3
4
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EXERCISE 7
Which principles do these sentences refer to?
1. This is the contrary of recording “below-the-line” items.
2. This is one of the justifications for historical cost accounting, which requires
no subjective assessments of replacement values.
3. This leads to the accrual (accumulation) and deferral (postponement) of costs.
4. This means that insignificant trivial expenses, like each pencil or typewriter
ribbon, need not be accounted for separately, but are exempted by the
principle of materiality.
5. This prevents companies selecting methods according to the inflation rate, etc.
Comprehension Check
TASK 1
Read the following extract from an article about accounting ratios. Choose
the best word to fill each gap from A, B, C or D below. For each question 1 6, mark one letter (A, B, C or D). There is an example at the beginning (0).
FINANCIAL STATEMENTS AND PROFITABILITY RATIOS
The financial statements of a business provide important information for people
outside the business who do not (0) __________ access to the internal accounts.
For example, existing and (1) __________ shareholders can see how much profit
a business made, the value of its assets and the level of cash (2) __________.
Although these figures are useful, they do not mean a great deal by themselves.
In order to (3) __________ any real sense of the figures in the final accounts,
they need to be properly analysed using accounting ratios and then (4)
__________ with either the previous year's ratios or against averages for the
industry. The profitability of a company is important and a key (5) __________
of its success. In the profit and loss account the figures shown for gross profit and
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net profit mean very little by themselves. However, (6) __________ them as a
percentage of sales they become much more useful. The figures can then be
evaluated against those of previous years, or with those of similar companies.
Example: 0
1
2
3
4
5
6
A
A
A
A
A
A
A hold
eventual
reserves
reach
differentiated
measure
indicating
C grant
B have
B
B
B
B
B
B
promising
stocks
find
opposed
evidence
expressing
C
C
C
C
C
C
aspiring
quantities
take
compared
mark
outlining
D keep
D
D
D
D
D
D
potential
stores
make
balanced
proof
pronouncing
Vocabulary Practice
Complete the following words.
1.
The profit expressed as a fraction or
M_ _ _ - U _
percentage of the cost price.
2.
The profit expressed as a fraction or
MA _ _ _ _
percentage of the selling price.
3.
A percentage of profits which they pay the
C_ _ _ _ _ _ION
manager.
4.
Ratios help us to analyze and __________
INT _ _ _ _ _ _
accounting information.
5.
6.
Shows that a firm has enough money to
survive in the short-term.
LI _ _ _ D _ _ _
How quickly stock is turned over.
STOCK _ _ _ _
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7.
The range of different types of goods which a
SA _ _ _ M _ _
firm sells.
8.
The sales figure minus any goods which are
T__N___R
returned.
9.
Shows if the firm can meet its debts in the
S__V___Y
long term.
10. The amount of borrowing by a firm.
11. The rate of return on an investment in shares.
A
G__R__G
Y__L_
Match the type of ratio (a-e) with the correct description of its function
(1-5).
1.
shows how well the business can meet its
commitments as they fall due
2.
shows how successfully the business is
shows how well the business is using its
assets
4.
provides information about how the capital
structure of the firm is affecting the cost of
capital and the return to shareholders
5.
b) liquidity
c) investment
trading
3.
a) capital structure
shows how the company's performance is
reflected in the market price of a share
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d) profitability
e) use of assets
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B
–
Which type of ratio are the following? Choose from a – e above.
current ratio
______________________
–
price earnings ratio
______________________
–
fixed assets/net worth
______________________
–
asset/sales
______________________
–
acid test ratio
______________________
–
gross profit/sales
______________________
–
dividend cover for ordinary shares
______________________
–
borrowing/net worth
______________________
–
collection period for debtors
______________________
–
net profit after tax/sales
______________________
TASK 2
Read the questions below and the reviews of accounting books. Which
section (A, B, C or D) does each question 1 - 6 refer to? For each question 1 6, mark one letter (A, B, C or D). You will need to use some of these letters
more than once.
1. A range of experts have contributed to the book.
2. One part is less satisfactory than other sections of the book.
3. It uses many authentic examples to support its advice on one area of
accountancy.
4. Purchasers of the book are supplied with additional information about
revisions in accountancy practice.
5. It considers the impact on accountancy of a new development in the business
world.
6. It explains the principles that guide one regulatory authority.
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REVIEW OF BOOKS ABOUT ACCOUNTANCY
A
International Accounting Standards
First, a word about the size of this book: it is over 2,000 pages long and,
though it is printed on extremely thin paper, it is a brick of a book. At Ј95 it may
seem expensive, but it is a bargain because it covers so much ground. Although a
little weak on testing methodology of proposed hedges, the chapters on
accounting for financial instruments are excellent. This is a book for both
students and accountants in practice who wish to understand where we are and
what directs the policies of the IASB (International Accounting Standards Board)
with regard to fair value accounting. The author has done a first class job of
explaining why fair value accounting has been introduced.
B
Legal Service for Accountants
This is an easy-to-use, time-saving source of advice and information,
which can be used as a first point of reference by accountants who are faced with
an unfamiliar problem or query. A word of warning: it costs Ј225. However, it
refers extensively to legislation, cases and specialised journals in a variety of
fields, which provides excellent evidence to illustrate any advice that is given.
Several other features combine to make this service second to none: sections
which include precedents and checklists; numerous examples illustrating points;
regular updates to ensure the user is fully aware of all the latest developments in
legislation and practice; and a full index and tables of statutes and cases.
C
Guide to Risk Management
This is a practical, one-stop guide to all areas of risk management and
draws on a great number of case studies from leading companies. It examines risk
management from two different perspectives: practice management, covering the
internal controls and checks an accountancy firm must put in place; and client
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service, including the provision of risk management strategies for clients. The
book fully covers international issues regarding proceeds of crime, explaining
what these mean for the accountant, and what procedures they should put in place
to deal with them. Written by an industry expert and priced at Ј65, this text will
help to ensure that accountants provide added-value consultancy for their clients.
D
Accountancy and the Digital Economy
There is mounting evidence that the deployment of digital technologies by
companies affects their functioning in more than economic terms. At a technical
level, digitisation directly influences organisational processes. Digitisation
impacts on the form, substance and provenance of internal accounting
information, and this affects the actions of decision makers. This book provides
an important analysis of the effect of communication technology on accounting.
It is valuable because it offers a variety of opinions and each chapter has been
written by a leading international accounting academic. The writers discuss
accounting and management control systems and wider structural shifts
connected with the advent of digital technology from their different perspectives.
The book costs Ј50, and will be of interest to scholars and practitioners
concerned with the growing importance of digital technologies in their field.
Writing
The following phrases are from two different letters: a letter to a firm of
accountants asking for advice and the reply. They are all mixed up. Put
them in the correct order to produce two correct letters.
1.
We look forward to hearing from you.
Yours sincerely
Jan Bust
2.
Thank you for your letter of 26 January regarding the setting up of a
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partnership. I am now writing to give you my first thoughts which you
may want to discuss further.
3.
So far we have agreed that Mr Ford will give £20,000 as capital but will
not take part in the running of the business. Mr Grant will manage the
business but contribute only £3,000. Mr Blest will provide £8,000 as
capital and assist in the business if and when required.
4.
I trust that you will find these points useful. If you wish to discuss
anything further please let me know.
5.
Dear Mr Blest
6.
Yours sincerely
Camilla Simone
7.
Turning to profit sharing, I think it would be best for each of the partners
to receive interest on their capital investment and then decide how to
share the remaining profits.
8.
First of all, I suggest that as Mr Ford is not going to be involved in the
daily management of the partnership he be made a limited partner. This
means that his liability is limited to the amount of capital invested by
him. He can receive a fixed amount of interest on his investment or an
amount based on the profits. I feel that Mr Grant, as the managing
partner, and Mr Blest who will be actively involved, should receive
salaries for their work.
9.
Dear Ms Simone
10.
We now need financial advice about the structure of the partnership and
would be grateful if you would assist us. We have planned our next
meeting for 21 February, and would like to discuss your ideas then.
11.
Two friends and myself have discussed setting up a partnership and we
are now writing to you for advice.
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12.
Finally, the law does not require you to draw up a legal deed of
partnership but I think you should have a written agreement.
request for advice
reply
Collaborative task
Work in a small group. Discuss together
a)
what the job of an accountant involves,
b)
the importance of good communication skills in developing a career in
accounting,
c)
how you can find a good accounting job.
FOLLOW-UP ACTIVITIES
EXERCISE 1
Read the text about bookkeeping. Fill in the gaps (1-12) with these words:
credits
journals
transactions
debits
ledger
transferred
double-entry
posted
trial balance
invoice
receipt
vouchers
Bookkeepers record every purchase and sale that a business makes, in
the order that they take place, in (1) ____________. At a later date, these
temporary records are entered in or (2) ____________ to the relevant
account book or (3) ____________. Of course the "books" these days are
likely to be computer files. At the end of an accounting period, all the
relevant totals are (4) ____________ to the profit and loss account.
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(5)
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____________ bookkeeping records the dual effect of every transaction - a
value
both
received
and
parted
with.
Payments
made
or
(6)
____________are entered on the left hand (debtor) side of an account, and
payments
received
or
(7)
____________
on
the
right-hand
side.
Bookkeepers will periodically do a (8) ____________ to test whether both
sides of an account book match. In most business (9) ____________, the
seller of goods or services sends the buyer a bill or (10) ____________ and
later a (11) ____________ acknowledging payment. Businesses are obliged
to retain the documents - known as (12) ____________ - that support or
prove an item in an account, and make them available to the internal and
external auditors who check the accounts. Bookkeepers are not to be
confused with librarians, who also keep books, or with bookmakers, who
"make books" in the sense that they accept bets (on horse races, etc.) and
traditionally wrote them down in a book like a bookkeeper's journal.
Accountants, unlike bookkeepers, analyse financial records, and decide how
to present them.
EXERCISE 2
Add appropriate verbs from the text above to these sentences:
1. Bookkeepers ____________ business transactions.
2. A debit is a payment ____________.
3. A credit is a payment ____________.
4. Debits are ____________ on the left-hand side.
5. At the bottom of the page, bookkeepers ____________ the totals.
6. Companies have to ____________ invoices and receipts.
7. The auditors ____________ the accounts.
8. Accountants, managers and shareholders ____________ the accounts.
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EXERCISE 3 Word formation
Complete these sentences, which describe notes to the financial
statements, using the base word at the end of each sentence. The first
one (0) is given as an example.
0. Notes to the financial statements are additional notes and information
added to the end of financial statements to provide the reader with more
information. (ADD)
1. These notes help to clarify the ____________ of specific items in the
statements, as well as provide a more detailed assessment of a
company's financial condition. (C0MPUTE)
2. Notes to financial statements can include information on debt, going
concern, accounts, contingent ____________,
or
contextual
information explaining the figures. (LIABLE)
3. The notes to the financial statements are also used to explain the
method of accounting used to prepare the financial statements, i.e.
____________ basis accounting. (ACCRUE)
4. In consolidated financial statements, all ____________ should be listed,
as well as the amount of ownership that the parent company has in the
subsidiary companies. (SUBSIDE)
5. Any items in the financial statements that are valuated by ______should
be contained in the notes. (ESTIMATE)
6. Differences between the amount of an estimate of any items previously
_____ and the amount of the actual results should be contained in the
notes. (REPORT)
7. Finally, full ______of the effects of such differences between the
estimate and the actul results should be in the note. (DISCLOSE)
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EXERCISE 4 Vocabulary building
Look at the four descriptions below of financial statements. Substitute
the words in bold with similar words from the box.
accrued
collected
condition
income
flow
dues
expenditure
covered
snapshot
monies
held
value
–
The balance sheet
This (1) statement of financial position shows a firm's financial (2)
situation at a specific point in time.
–
The profit and loss account
This shows a firm's (3) revenues and (4) expenses for a period, the
amount of profit that is (5) reinvested in the firm (or losses to be (6)
funded), dividends paid to the shareholders, the (7) accumulated net
profits from any previous year's trading and tax (8) liabilities.
–
The cash flow statement
This document shows the (9) movement of (10) funds for a period
of time.
–
The consolidated financial statements
These (11) combined financial statements of a parent company and
its subsidiaries, showing, assets, liabilities, and net (12) worth for
the whole organization.
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EXERCISE 5 Writing
You work for a firm of accountants. One of your clients, EXP, is planning to
sell part of its company. You have received the following letter from
Renfield Group, a potential buyer.
Read the letter from Gustav Meyer, Financial Director of Renfield Group,
on which you have made some notes. Then, using all the information in your
notes, write a letter to Mr Meyer on behalf of your client, EXP.
As you know, we are interested in purchasing part of EXP. We have
looked at the accounts but are concerned about the fall in profits last year.
Was there a particular reason for this?
New competitor
Secondly, the sales forecast seems to be unrealistically high, especially
considering the drop in turnover last year, and we would like to know what
these sales projections are based on.
Explain why figures
are realistic
Thirdly, we need to be sure that there will be no monies overdue from
credit customers if we decide to purchase.
Describe new
credit control system
We understand that the current management team are part of the package.
We would like to have more details of the management team's experience.
Give details
Finally, we understand that the buildings are rented. Can you confirm this?
We look forward to hearing from you.
Yours sincerely
Gustav Meyer
Yes, 5-year
lease
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Gustav Meyer
Financial Director
Renfield Group
Write a letter of between 120 and 180 words in an appropriate style.
Do not write any postal addresses.
Discuss together
a) why international accounting standards are needed;
b) how to achieve international accounting standards;
c) what international accounting standards will mean for companies.
ИСТОЧНИКИ
1. Mackenzie I. Financial English / I. Mackenzie. – EMEA British English,
1995 – 160 p.
2. Mascull B. Key words in business / B. Mascull. – London. – HarperCollins
Publishers 1999. – 206 p.
3. Mascull B. Business Vocabulary in use / B. Mascull. – Cambridge University
Press, 2002. – 171 p.
4. Pratten J. Absolute Financial English / J. Pratten. – Delta Publishing, 2008. –
250 p.
5. Sweeney S. Test your business English. Accounting / S. Sweeney. – Series
editor : Brieger N. – Pearson Education Limited in association with Penguin
Books Ltd, 2000. – 102 p.
6. Sweeney S. Test your business English. Finance / S. Sweeney. – Series
editor : Brieger N. – Pearson Education Limited in association with Penguin
Books Ltd, 2000. – 104 p.
7. http://www.financialenglish.org/downloads/icfe_info_for_candidates.pdf
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Учебное издание
УМК ПО АНГЛИЙСКОМУ ЯЗЫКУ
ДЛЯ СТУДЕНТОВ, ОБУЧАЮЩИХСЯ
ПО НАПРАВЛЕНИЮ 080100 «ЭКОНОМИКА»,
БЛОК ДИСЦИПЛИН «БУХГАЛТЕРСКИЙ УЧЕТ,
АНАЛИЗ И АУДИТ»
Часть 1
INTRODUCING ACCOUNTING
Составитель Малюгина Анна Владимировна
Издано в авторской редакции
Подписано в печать 23.05.2012. Формат 60×84/16. Усл. печ. л. 1,9.
Тираж 25 экз. Заказ 531.
Издательско-полиграфический центр Воронежского государственного университета.
394000, г. Воронеж, пл. им. Ленина, 10. Тел. (факс) +7 (473) 259-80-26
http://www.ppc.vsu.ru; e-mail: pp_center@ppc.vsu.ru
Отпечатано в типографии Издательско-полиграфического центра
Воронежского государственного университета.
394000, г. Воронеж, ул. Пушкинская, 3
32
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