Task 4. Give number of the paragraph(s) in which they discuss …

1. Stochastic nature (імовірнісний характер) of accounting.

2. The users of information provided by financial accounting and managerial accounting.

3. A relatively new designation in the accounting profession.

4. The importance of the amount of owner’s equity in the accounting equation.

5. Origins of the system which is at the heart of modern financial accounting.

6. The way to achieve a standardized system of accounting.

7. One crucial criterion for distinguishing between managerial and financial accounting.

8. Rigorous requirements for education and experience of applicants for obtaining the title of CPA.

9. Independent outsiders who provide accounting services for businesses and other organizations.

10. The two fundamental accounting concepts and their centuries-old history.

Task 5. a) Match the terms in column A with their definitions in column B.

A

B

accounting equation owner’s equity profitability liquidity CMA

the degree to which something is profitable, or the state of being profitable; the state of owning cash or things of value that can easily be exchanged for cash in order to pay debts; the quality of being easy to exchange for cash; in the US, a person who has training and experience in managing the finances of companies and has received a qualification from the Institute of Management Accountants; the basic principle used by accountants to make the totals of the amounts in both parts of a balance sheet equal each other; a measure of the current financial value of a company, person, etc., calculated by taking current liabilities away from the total assets;

b) Translate into Ukrainian paying special attention to the words in italics.

1. The “basic accounting equation” is the foundation for the double-entry bookkeeping system. 2. The accounting equation holds at all times over the life of the business. 3. The accounting equation serves as the basis for the balance sheet. 4. The average owner’s equity of a household is €22 000. 5. The company has a negative owner’s equity and is still losing money. 6. Owner’s equity is the dessert of the accounting field.  This is the one topic everybody likes to discuss, and that most individuals who own and operate a business really like to watch as it increases. 7. Owner’s equity is the owner’s rights to the assets of the business. 8. Owners’ equity includes the amount invested by the owners plus the profits (or minus the losses) in the enterprise. 9. Owners’ equity and liabilities are used to finance a firm’s assets. 10. We have consistently increased turnover and profitability. 11. Selling off assets should return the company to profitability. 12. We aim to increase profitability. 13. The forecast showed lower levels of profitability. 14. Asset sales are intended to improve the company’s liquidity. 15. The commercial banks’ liquidity is recovering. 16. Shareholders will benefit from an increase in liquidity of their investment. 17. The CMA (Certified Management Accountant) credential is the gold standard of achievement in accounting and financial management – and the certification with real earning power. 18. Holders of a CMA can earn nearly $25,000 higher total compensation than their noncertified peers. 19. The CMA (Certified Management Accountant) is the advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance. 20. The Certified Management Accountant (CMA) designation is the undisputed professional credential for persons in the field of management accounting and financial management.

Task 6. Fill in the blanks with noun or verb forms. Use your dictionary if necessary.

NOUN	VERB
-----------	to generate
communication	-----------
-----------	to evaluate
provider	-----------
-----------	to fulfil
preparation	-----------
-----------	to require
supervision	-----------
-----------	to indicate
development	-----------

Task 7. a) Match the terms in column A with their synonyms in column B.

A	B
reports	to prepare (statements);
to serve	to check; to monitor;
to retain	to provide services;
rigorous	anything left over;
remainder	to be at the heart;
categories	responsible for;
managerial	management;
to supervise	statements;
to be central	presenting;
charged with	to employ;
communicating	difficult;
to generate (reports)	groups;

b) In the text “Accounting Overview” (Part II) (Task 3) find the words opposite in meaning:

1. to add;	5. illegally;	9. dependent;	13. slapdash, lax, mild;
2. internal;	6. outgoing;	10. similiarity;	14. injustice; unfairness;
3. to parse;	7. incoming;	11. imbalance;	15. depending on; taking into account;
4. external;	8. dishonest;	12. inaacurate;	16. to fire; to make redundant; abolish.

Task 8. “Odd man out.” In each line cross out a word (word combination) that in its meaning differs from the others. Explain your choice.

1. external decision-makers – managerial accounting – financial accounting;

2. accounting equation – double-entry bookkeeping – simple accounting;

3. independent outsiders – corporate aacountants – public accountants;

4. public accountants – private accountants – corporate accountants;

5. creditors – internal decision-makers – suppliers;

6. CPA – CMA – CDMA.