Lesson 12 The method of accounting

Ex.1. Read and translate the text.

The method of accounting

The main elements of accounting method are: 1) documentation and inventory; 2) assessment and calculating: 3) system of accounts and the double-entry; 4) balance sheet and other forms of statements. The elements of the method are closely connected with each other and work only together. The combination of the elements of accounting method provides a complete, continuous and interrelated reflection of economic operations, and also receiving of all information needed for management. So, the method of accounting is a system of elements which ensures a complete, continuous and interrelated reflection in the monetary estimation of the accounting objects to control for the preservation of economic resources and provision by the information needed for the management.

Due to introduction of the automated control systems, the use of modern high-produced computing all the elements of accounting are saved, however, large changes take place in the technique of collecting, recording and processing of the accounting information. Improvement of the efficiency and analyticity of the accounting information is of great importance for the strengthening of strategic and regulatory functions of management.

VOCABULARY:

іnventory ensure

аssessment monetary estimation

сalculating preservation

balance sheet processing

statement іmprovement

interrelated strengthening

reflection the double-entry

Ex.2. Answer the questions.

1. What are the main elements of accounting method?

2. Are the elements of the method closely connected with each other?

3. What does the combination of the elements of accounting method provide?

4. What is the method of accounting?

5. What is of great importance for the strengthening of strategic and regulatory functions of management?

Ex. 3. Fill in the prepositions in the following sentences.

1. The elements … the method are closely connected … each other. 2. The combination … the elements … accounting method provides a receiving … all information needed … management. 3. Due … introduction … the automated control systems, the use … modern high-produced computing all the elements … accounting are saved. 4. Improvement … the efficiency and analyticity … the accounting information is … great importance … the strengthening …strategic and regulatory functions … management. 5. Large changes take place … the technique … collecting, recording and processing … the accounting information.

Ex. 4. Find the synonyms among the following words.

Ensure, preservation, continuous, interrelated, getting, detailed, provide, complete, information, reinforcement, introduction, control, steady, receiving, data, collect, occur, interconnected, monitor, saving, implementation, take place, gather, strengthening.

Ex. 5. Ask the questions to the underlying words.

1. The elements of the method are closely connected with each other. 2. There are three main elements of accounting method. 3. The method of accounting is a system of elements which ensures a complete, continuous and interrelated reflection in the monetary estimation of the accounting objects . 4. Improvement of the efficiency of the accounting information is of great importance for the strengthening of strategic functions of management. 5. Computers play an important role in the saving of information.