- •Передмова
- •I. Introduction into modern accounting accounting
- •I. Practice in reading these words and word-combinations:
- •II. Read the text.
- •III. Answer the questions based upon the text.
- •IV. Choose the necessary word and put it in the sentence.
- •Conversation in a company cafe
- •Read the dialogue in pairs. Be ready to dramatize it with you group mates.
- •II. Imagine that you work as an accountant in a big enterprise. Answer the following questions
- •III. Make up the dialogue about accounting:
- •IV. Translate from Ukrainian into English.
- •The accounting profession
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out the main features of accounting profession.
- •III. Use the information from the text to complete the sentences.
- •IV. Answer the questions based on the text given below:
- •Fields of accounting
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to learn about the main fields of accounting.
- •III. Use the information from the text to complete the sentences.
- •IV. Answer the questions after the text
- •Functions of accounting
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out the functions of accounting and bookkeeping.
- •III. Complete the sentences using information from the text.
- •IV. Answer the questions after the text.
- •Areas of accounting
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out the areas of accounting and their scope of activity.
- •Particular – певний, специфічний
- •III. Complete the sentences using information from the text.
- •IV. Match each term in the left column with the definition in the right column:
- •V. Answer the questions after the text:
- •What kinds of people make good accountants?
- •I. Read the following words:
- •I. Read the text to find out the qualities that make people good accountants.
- •II. Answer the following questions:
- •III. Join the following pairs of sentences by using:
- •IV. What particular skills do you think different kinds of accountants need?
- •V. Write a brief description of the qualities needed for the accountant's job so that they are mentioned in order of importance, using the following word-combinations:
- •What is the difference bitween bookkeeping and accounting?
- •I. Practice in reading these words:
- •II. Read the text to find out the differences between the terms “accountant” and “bookkeeper”.
- •Comments
- •II. Answer the following questions:
- •II. The nature and purpose of accounting the main users of accounting information
- •I. Read the following words and word-combinations:
- •II. Read the text to find out the needs of different users.
- •Comments
- •V. Answer the following questions:
- •Desirable qualities of financial information
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out what sort of qualities accounting information should possess to be useful for users.
- •IV. Rearrange the following sentences to make a text.
- •V. Read the text again to answer the following questions:
- •The types and the titles of accounts
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out what sort of accounts different companies have.
- •V. Use the information from the text to complete the sentences.
- •VI. Read the text again to answer the following questions.
- •The ledger – the main book of accountants
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out the information about the history of the ledger appearance and its usage in the accounting practice.
- •III. Rearrange the following sentences to make a text.
- •IV. Use the information from the text to complete the sentences.
- •V. Read the text again to answer the following questions:
- •Accountancy in a free-market economy
- •I. Read the dialogue in pairs. Be ready to dramatize it with your group mates.
- •III. The double-entry system the double entry system – the basic method of accounting
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out: 1) when the double-entry system was introduced in Britain and what its significance for accounting practices was; 2) what enterprise in Russia used this system first.
- •VI. Read the first paragraph of the text again to decide which of the following statements best expresses its main idea.
- •V. Read paragraph 2, then complete the following statements.
- •Accounting systems
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out what factors influence the choice of an accounting system.
- •IV. Read paragraph 1 again. Which of these phrases best serves as a title for it?
- •VI. Read the text again to answer the following questions.
- •IV. Financial statements accounting communication through financial statements
- •I. Practice in reading these words and word-combinations:
- •II. Read the text to find out through what financial statements accounting information is communicated to users.
- •IV. The following sentences are a summary of paragraph 1, but all its statements are in a mess. Put them into a logical order.
- •VI. Answer the following questions.
- •Financial statements analysis
- •I. Practice in reading these words and word-combinations:
- •I. Read the text to find out why the past and present information is important for future decisions.
- •III. Here are six statements about the text. Some of them are true and some are false. Read each statement and then check the text quickly whether it is true. Do one at a time.
- •Accounts and balance sheets
- •I. Read the following words and word-combinations:
- •The balance sheet
- •I. Read the following words and word-combinations:
- •II. Read the text to find out the basic components of a balance sheet.
- •A bank accountant's job
- •I. Read the dialogue in pairs. Be ready to dramatize it with your group mates.
- •Discussion
- •V. Auditing what is auditing
- •I. Answer the questions to part I:
- •I. Answer the questions to part II:
- •I. Answer the questions to part III:
- •II. Find the English equivalents in the left-hand column for the following words:
- •Auditing and auditors
- •Sample auditor's unqualified opinion
- •I. Indicate whether each of the following statements is true or false.
- •II. State which of the following types of opinion an auditor should issue for each example:
- •Discussion
- •VI. Professional terms
- •Vocabulary Practice
- •The work of the accountant
- •Vocabulary to be memorized
- •To gain
- •Momentous
- •What should a modern accountant be like?
- •Vocabulary to be memorized
- •From the early history of accounting
- •Vocabulary to be memorized
- •Vocabulary to be memorized
- •The faculty of accounting and finance at birmingham university
- •Vocabulary to be memorized
- •The distinction between auditing and accountancy
- •Vocabulary to be memorized
- •The role of accounts
- •Vocabulary to be memorized
- •From the history of the double-entry system
- •Vocabulary to be memorized
- •Accounting conventions and principles
- •Vocabulary to be memorized
- •The ledger
- •Vocabulary to be memorized
- •Relationships between financial statements
- •Vocabulary to be memorized
- •A critical appraisal of the balance sheet
- •Vocabulary to be memorized
- •Professional ethics of accountants
- •Vocabulary to be memorized
- •Setting accounting and auditing standards internationally
- •Vocabulary to be memorized
- •What accounting tasks can be done with a help of a computer?
- •Vocabulary to be memorized
- •Some leading accounting organisations of great britain
- •Vocabulary to be memorized
- •Making a career in accounting
- •Vocabulary to be memorized
- •Accounting in the future
- •Vocabulary to be memorized
- •The accounting system of great britain and northern ireland: it's general regulatory scheme in relation to ukrainian accounting
- •Vocabulary to be memorized
- •Check yourself. Choose the best alternative to complete the sentence.
- •Reference literature
- •Contents
- •I. Introduction into Modern Accounting
Relationships between financial statements
Vocabulary to be memorized
assess оцінювати, оцінити, to assess cash flow prospects оцінити перспективи потоку грошових коштів
alternative альтернатива, одна з двох або декількох можливостей
claims вимоги, претензії
to cover the periods of time охоплювати періоди часу
to deal with мати справу з чим-небудь або ким-небудь, займатися чим-небудь
essential істотний, essential changes істотні зміни
to explain the ways cash increased and decreased пояснити, як збільшуються і зменшуються грошові кошти
effort тут робота, the accountant's best effort найкраща робота бухгалтера
to be closely interrelated бути тісно взаємозв'язаним
Their importance leis in the fact that ... Їх важливість полягає у тому, що ...
last but not least останнє, але не менш важливе
objective мета
to provide надавати
to present different views on smth представляти різні думки про ... щось
purpose мета
performance робота
to regard розглядати to relate to відноситися, мати відношення до ...
reporting звітність,
financial reporting фінансова звітність
to result from ... відбуватися в результаті чого-небудь
unlike smth./smb. на відміну від кого-небудь/чого-небудь, unlike the
balance sheet на відміну від балансу, underlying основний,
underlying transaction основна операція
over time впродовж часу
Read the text to explain how each of the following financial statements relates to the period of time it covers.
As it is known, financial reporting has several objectives. First of all the financial statements should provide useful information for making investments and credit decisions. Second, information provided should also be useful in assessing cash flow prospects. And last but not least, all the financial statements should provide information about the sources of the business, claims to those resources and changes in them.
There are three main financial statements: the balance sheet, the income statement, and the cash flow statement. They are all closely interrelated and based on the same underlying transactions information. At the same time they present different views of business activity.
It should be said, that the balance sheet, the income statement and the cash flow statement cannot be regarded as alternatives to each pother. They are all rather important in terms of presenting key financial formation about the business. For example, the balance sheet is generally prepared at the beginning and ending points in time. It gives a static look in financial terms where the business stands.
Unlike the balance sheet, both the income statement and the cash flow statement cover the period of time between the two balance sheets. And their importance lies in the fact that they help explain essential changes that take place during this period.
Thus, it is right to say, that all financial statements are closely tied to time periods. But each of them relates to the period of time it covers in a different way. Two of the statements - the income statement and the cash flow statement - deal with the activities of the business over time. One statement - the balance sheet - shows the state of the business at a particular point in time.
All three financial statements contain important information. At the same time each of them includes different information and so has a different purpose. For example, the balance sheet provides information about assets, liabilities and owner's equity. In other words, it shows what the business looks like at a specific date. The income statement explains changes in the financial position - of the business that result from its transactions. The cash flow statement explains the ways cash increased and decreased during the business performance. In a word, all the financial statements sum up in a meaningful and useful way the financial results of a business. However, it should be mentioned that they are not perfect pictures of the real things but the accountant's best efforts to represent what is real.
Answer the following questions.
What are the objectives of financial reporting?
What decisions are made on the basis of information provided by financial statements?
How many financial statements are there?
Why the financial statements are closely interrelated?
Why cannot the balance sheet, the income statement and the cash flow statement be regarded as alternatives to each other?
What makes all the financial statements equally important?
When is the balance sheet prepared?
What sort of look does the balance sheet give?
What periods of time do the income statement and the cash flow statement cover?
What is the importance of both the income statement and the cash flow statements?
What do the income statement and the cash flow statement deal with?
What does the balance sheet show?
What does the income statement explain?
What does the cash flow statement explain?
What do all the financial statements sum up?