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4. Review the content of the text and complete the statements

1. Accounting is designed for … and … the financial information about business.

2. Two main kinds of accounting documents are mentioned - … and …

3. The function of bookkeepers is … the financial data that the accounting system processes.

4. Any objects that are of value of its possessor (such as buildings, equipment, land, money) are called … .

5. To organize the firm’s activity managers need … ….

6. Government uses accounting information to confirm … … and … …

7. Many companies publish their financial statements annually or monthly in the form of … .

5. Classify the following words into two groups

Money coming in, …

Money coming out, …

income, profit, expense, losses, benefits, revenue, salary, expenditure, investment, earnings, gain, costs, return

6. Match the terms with proper definitions

1.Balance sheet

2.Income statement

3. Accountant

4. Book keeper

5.Annual report

6. Cost

7.Managerial accounting

8. Assets

a) the process of providing managers with information for organizing the firm’s activity

b) a sum of money used to pay for resources, rent, materials, etc.

c) everything that a person or a company owns

d) a person who keeps detailed operating records

e) a person who records and reports about the movement of money of the company

f) a report that is sent by a company to shareholders each year

g) a financial statement showing the company’s profits

f) a list of accounts showing what the company owns and what it owes

7. Translate into English

  1. Бухгалтерский учет – это процесс систематического сбора и сообщения финансовой информации.

  2. Если счета невозможно подтвердить письменными документами фирме придется заплатить более высокие налоги.

  3. Многие люди путают бухгалтерский учет с ведением бухгалтерских книг.

  4. Балансовый отчет и отчет о доходах являются основой процесса бухучета.

  5. Результаты балансового отчета должны сравниваться с результатами за прошлый отчетный период.

  6. Собственный акционерный капитал – это разность между активами и пассивами.

  7. Эти два отчета являются обобщенными отчетами о деятельности фирмы за конкретный отчетный период.

  8. Эта информация дает картину доходности фирмы и ее финансового положения.

9. Read the text and fill in the blanks with words from the box. Summarize the functions of accounting:

usefulness, better, more important, monetary, responsible, resources, statements

The primary motive to the development of accounting lies in the _____ of an accounting system to an organization. It is the means by which great numbers of obligations of the firm are expressed in _____ terms. Within organizations the accounting system controls all the flows of _____, such as goods, equipment, personnel etc., between the various managers and factories which are _____ for their proper use.

Basic accounting _____ present information which enables interested parties to watch effectively over their particular interests. What is probably _____, it enables the management to evaluate the present financial and economic status of the organization and to plan _____ for the future.

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