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III. Answer the questions:

1. What is accounting?

2. What is Bookkeeping?

3. Which is a broader term, bookkeeping or accounting? Explain.

4. What is the difference between bookkeeping and accounting?

Managerial and financial accounting

I. Study the vocabulary:

to provide постачати

to assist допомагати, сприяти

cost accounting виробничий звіт

budget бюджет

customer клієнт

profit прибуток

bill рахунок

ability to pay платіжна спроможність

quarterly report квартальний звіт

II. Read and translate the text.

In more basic terms, accounting is the measurement and reporting to various users (inside and outside the organization) financial information regarding the economic activities of the firm. Accounting can be divided into two major categories: managerial accounting and financial accounting. An accountant working for an organization is likely to do both.

  • Managerial accounting

Managerial accounting is used to provide information and analyses to managers within the organization to assist them in decision-making. Managerial accounting is concerned with measuring and reporting costs of production, marketing and other function (cost accounting); preparing budgets (planning); checking whether or not units are staying within their budgets (controlling); and designing strategies to minimize taxes (tax accounting).

  • Financial accounting

Financial accounting differs from managerial accounting because the information and analyses are for people outside of the organization. This information goes to owners and prospective owners, creditors, customers, suppliers, financial analysts so that they can evaluate how well the business works. These external users are interested in organization’s profits, it`s ability to pay its bills, and other financial information. These reports are called financial statements, they relate to the financial position, liquidity (that is, ability to convert to cash), and profitably of an enterprise. Various quarterly reports keep the users more current.

III. Answer the following questions:

1. What is managerial accounting?

2. What is financial accounting?

3. Can you explain the difference between managerial and financial accounting?

IV. Retell the text. Methods of accounting

I. Read and translate the text.

Method of accounting is a system of interrelated methods and techniques by which objects of accounting are displayed and summarized in monetary assessment in order to control the business enterprise.

Accounting exploring his subject with the following methods:

  • Chronological and systematic observation;

  • Measurement of economic resources and processes;

  • Registration and classification;

  • Summarize the information for reporting.

Methods allow you to generate accounting information for internal and external users.

The method observation and documentation correspond to inventory; measurements carried out by estimation and calculation, registration and classification held in the accounts by double entry, summarize the purpose of reporting is in the balance sheet and financial statements.

Documentation is a way of initial monitoring and recording business transactions in the primary accounting documents. Each business transaction is recorded by a document completed in compliance with certain requirements, which gives it legal effect.

Inventory is a way to check availability inventory and cash by transferring, weighing, tonnage measurement, evaluation of residual assets of the enterprise and comparison with data accounting. This method is a method of monitoring the presence and movement of property, debt, work of financially responsible persons.

Evaluation is a reflection of objects accounting in a single money measure to summarize them in the whole enterprise. By estimate natural and the labor indicators of economic resources transfer into the cost.

Costing is a method of calculating the cost of production or the performed work and provided services. Essence of the method is justifying, determine and allocate costs that belong to a given item costing.

Accounts are the current method of accounting and control for the presence and movement the assets and liabilities of the enterprise.

Double entry is displaying method of economic transactions in the accounts, accounting technology. It consists in double reflection in accounting of every business transaction: one for debit and credit another account is the same amount.

Balance sheet is a way of summarizing and grouping information about the assets of the enterprise in composition and location of sources and their creation to date.

Accounting reports is a method of synthesis and final receipt of the final performance of the company during the reporting period. Reporting make by certain rules and standards based on the data of accounts with a certain system of grouping.

Methodological techniques of accounting are interrelated, complement each other and together represent a single unit – a method of accounting.