Activities

• Make sure you remember the phrases you need when meeting a person you do not know.

• Make up your own conversation for the situation changing the circumstances the way you like.

Role-play

Situation: Yon arc elected secretary to take the minutes of the ad hoc committee meeting {see Text C), Write the minutes tor thai meeting and then discuss them with the

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Unit5

II. Accounting and Auditing

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Chairman for potential inaccuracies because it is your first experience, The begin­ning of the document is done for you.

The Lochshell Company ltd Minutes

Ad hoc committee meeting, held on 5^th March, 200..., in the hall of the company, at 6.00 p.m.

Present all members of the ad hoc committee.

1. Adoption of the agenda.

The chairman said that there was one item on the agenda, i.e. in­troduction of flexible working hours at the head office of the com­pany. In Ihis connection the chairman reminded the members of the ad hoc committee that it had been decided to draw up propos­als on the issue and discuss them at a meeting. The proposed agen­da was approved because there were no additions or amendments.

2. Discussion of the introduction of a flexitime system at the head office of the company.

Before the discussion of the proposals the meeting adopted the pro­cedure setting the time limit for the report at 20 minutes and al­lowing each speaker 5 minutes for discussion. During the vote two members abstained. Then the meeting passed on to the report. The floor was given to Mr. Panin ...

Tl.

j

Accounting and Auditing

• a) Read and translate the text, h) Answer the comprehension questions to the text. c) Render the text.

Text Accounting and Auditing

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. Tt is the^rocess of capturing, professing, and communicating financial information.¹ In other words, it is an infor­mation system that accumulates, records, classifies, summarises, and reports commercial transactions. The aim of this^roccss 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, lor example, tax authorities, labour unions, local governments, financial analysts etc. From this perspective, accounting is divided into tnanagerial 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 Chattered 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.