Vocabulary Notes:

1. to keep records [ki:p `rekO:dz] – вести бухгалтерські книги; вести бухгалтерський облік; вести фінансову звітність;

2. assets [`æsets] – активи;

3. liabilities [ֽlaı`bılətiz] – зобов’язання; відповідальність; пасиви; залучені кошти;

4. to owe [əu] / [ou] – бути винним, заборгувати;

5. accountancy [ə`kauntən^tsi] – бухгалтерська справа; бухгалтерський облік; рахівництво; звітність; бухгалтерія;

6. credit arrangements [`kredıt ə`reınGmənts] – банк. надання кредиту; форма (схема) кредитування;

7. to codify [`kəudıfaı] / [`kα:dıfaı] – систематизувати; приводити в систему;

8. accounting cycle [`saık^əl] – обліковий цикл (послідовність облікових процедур від моменту здійснення господарської операції та її відображення у первинних бухгалтерських реєстрах до включення даної операції у фінансову звітність за період);

9. journal [`Gə:nəl] – бухгалтерська книга; книга обліку;

10. ledger [`leGə] / [`leG^ər] – головна книга, гросбух;

11. debit [`debıt] – дебет (ліва сторона бухгалтерських рахунків);

12. credit [`kredıt] / [`kredət] – крéдит (права сторона бухгалтерської книги);

13. account [ə`kaunt] – рахунок;

14. accounts [ə`kaunts] – бухгалтерська звітність; рахунки; звітність; фінансова звітність; облікова документація; бухгалтерія; фінансовий відділ (на підприємстві);

15. income [`ınkAm] – прибуток; дохід; надходження; заробіток;

16. expenses [ık`spen^tsız] – затрати; витрати; витрати (які підлягають відшкодуванню);

17. closing entry [`kləuzıŋ `entri] – закриваючий запис; сальдо (залишку);

18. trial balance [`traıəl / `traıəl `bælən^ts] – пробний баланс; балансовий звіт, підготовлений для затвердження; проект балансового звіту;

19. functionary [`fAŋk∫^ənəri] – посадова особа; чиновник;

20. to toil [tOı^əl] – посилено працювати (над чимось); виконувати важку роботу;

21. private accountant [`praıvət] – бухгалтер компанії, штатний бухгалтер; бухгалтер, який має приватну практику;

22. controller [kən`trəulə] / [kən`troulə] – головний бухгалтер; бухгалтер-фінансовий менеджер; фінансовий директор;

23. to hold the reins [reınz] – керувати; мати вирішальний голос; верховодити; заправляти;

24. bookkeeping – бухгалтерія; рахівництво; ведення облікових реєстрів;

25. financial statements [faı`næn<sup>t</sup>∫<sup>ə</sup>l `steıtmənts] – фінансова звітність; бухгалтерська звітність; фінансовий звіт (частина річного звіту компанії);

26. accounting information system – бухгалтерська інформаційна система (підсистема інформаційної системи управління, що дозволяє складати внутрішню й зовнішню фінансову звітність);

27. accounting department – бухгалтерія (відділ в організації, який здійснює бухгалтерський облік її діяльності); головна бухгалтерія;

28. production costs – (заводська) собівартість; витрати виробництва.

Task 8. Complete the sentences with the most appropriate items.

1. Keeping records of assets and liabilities …

1. became possible only after the introduction of accounting equation;

2. is the task for businesses rather than individuals and governments;

3. reflects the fundamental human need to make accomplishments;

4. has been a part of business practice for many centuries;

2. Fra Luca Pacioli is widely regarded as the “Father of Accounting” because he …

1. invented the accounting system;

2. always kept his credits and debits in balance;

3. is one of the main characters in the Parable of the Talents;

4. published a detailed description of the already known system;

3. Accounting is called “the language of business” because …

   1. it is widely presented in print;

   2. it is able of storing and revealing economic information;

   3. fundamental accounting works were written in Latin;

   4. learning accounting is similar to foreign language learning;

4. Practitioners of accountancy …

1. may hold senior posts in a company;

2. do unimportant clerical work;

3. are known as controllers;

4. are dull functionaries;

5. Financial planning involves …

   1. making financial statements;

   2. allocating resources intelligently;

   3. posting financial entries into the ledger;

   4. forecasting sales, costs, expenses, and profits;

Task 9. Match the terms in column A with their definitions in column B.

A

B

accounting cycle bookkeeping closing entry accountancy trial balance ledger entry

a book or computer file in which a bank, a business, etc. records the money it has paid and received; a final amount that is written in an account at the end of an accounting period, before moving the balance to the account for the next period; a list of all the balances in a company’s assets at a particular date, used to check that debits and credits are equal and that everything has been recorded accurately; an item, for example a piece of information, that is written or printed; the series of steps that are used to follow what has happened in a business and to report the financial effect of those things; it begins with a financial transaction and ends when account books are closed at the end of each accounting period; the work of keeping an accurate record of the accounts of a business; the work or profession of an accountant; the training you need in order to become an accountant;

Task 10. “Odd man out.” In each line cross out a word (word combination) that in its meaning differs from the others. Explain your choice.

1. debit – credit – loan;

2. to own – to owe – assets;

3. magazine – journal – ledger;

4. to owe – liabilities – to own;

5. assets – liabilities – possibilities;

6. bookkeeping – accounting – financing;

7. controller – bookkeeper – financial vice president;

8. simple accounting – double-entry system – trial balance;

9. bookkeeper – interpreting of financial data – accountant;

10. recording financial transactions – controller – bookkeeper.

Task 11. a) Make up phrases with “to MAKE”. Translate the phrases into Ukrainian.

	efforts;
	records;
to MAKE	forecasts;
	decisions;
	statements;
	judgements;

b) Use the above phrases in the sentences of your own.

Task 12. Find 10 pairs of synonyms among the following words:

1. To toil; 2. a functionary; 3. controller; 4. to allocate; 5. entry; 6. informed; 7. ledger; 8. reasonable; 9. record; 10. report; 11. statement; 12. predicting; 13. to divide; 14. journal; 15. to identify; 16. management accountant; 17. forecasting; 18. to spot; 19. to work hard; 20. an official.

Task 13. a) Use the adjectives in the box to make up phrases with the words below.

dull	varied	private	valuable	informed
trial	routine	clerical	financial	mechanical

_____ data; _____ work; _____ things; _____ balance; _____ process;

_____ function; _____ accountants; _____ judgements; _____ bookkeeping; _____ functionaries.

b) Use the chart below to make up word combinations with “ACCOUNTING”.

cycle department simple ACCOUNTING financial father of process system management

c) One crucial term used in the text “Accounting Overview” (Part I) is “FINANCIAL”. Look through the text again to find the contexts (×7) in which the word is used.

Task 14. In the text “Accounting Overview” (Part I) (Task 7) find nouns derived from the following verbs.

1. to depart;

2. to govern;

3. to manage;

4. to develop;

5. to accomplish.

Task 15. Study the following pairs of words. Is there any difference in their meaning / usage? Use your dictionary / grammar book if necessary.

1. accounting – accountancy;

2. measuring – measurement;

3. classifying – classification;

4. identifying – identification;

5. communicating – communication.

Task 16. In the text “Accounting Overview” (Part I) (Task 7) find synonyms of the following words.

report, account; regular, everyday; to identify, to notice; sagaciously, sensibly; beginnings, early days; to assess, to reckon up; civil servants, officials;

to work hard, to labour; knowledgeable, knowing; record, account, registration; revealed, disclosed, declared; to allot, to distribute, to assign; achievements, progress, attaiments.

Task 17. Use the prepositions and adverbs from the box in the following phrases. Refer to the text “Accounting Overview” (Part I) (Task 7) to check your answers.

about		at ×2		in ×3		for ×4
	as		into		on
within		from		to ×3		back ×2

1. To owe … others;

2. … thousands of years;

3. to toil … a back room;

4. to go to sleep … night;

5. simple accounting … trade;

6. … all levels of development;

7. the ledger has accounts … assets;

8. to post financial entries … the ledger;

9. financial information … an organization;

10. records dating … several thousand years;

11. to be found … various parts of the world;

12. to advise management … financial matters;

13. to be credited … the “birth” of accountancy;

14. to date … … the earliest days of civilization;

15. to be involved … analyzing production costs;

16. to be widely regarded … the “Father of Accounting”;

17. to design accounting information system … a business;

18. to range … routine bookkeeping, … high-level decision making.