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3. Answer the following questions.

  1. What is accounting?

  2. What fields of accounting do you know?

  3. What is the financial accounting?

  4. What should the tax accountants know?

  5. What does auditing involve?

  6. What do management consulting services include?

4. Match the word to its definition.

1. investor

a. a system or arrangement that supplies public needs, organized by the government or a private company

2. budget

b. a person who is paid for work for sb

3. service

c. the place where legal trials take place and where crimes, etc. are judged

4. court

d. a written account of sth that is kept so that it can be looked at and used in the future

5. record

e. the money that is available to a person or an organization and a plan of how it will be spent over a period of time

6. employee

f. person who puts (money) to use, by purchase or expenditure, in something offering profitable returns, interest or income

5. Complete the sentences with one of the words given below.

services individuals control money organization

1. Management accounting helps managers plan and … a company's operations.

2. Professional public accountants may be hired by organizations or … for occasional tasks.

3. Accountants may be classified by the type of … for which they work.

4. Tax accountants suggest ways to save … on taxes.

5. Management consulting … consist of a variety of activities that many accountants perform.

6. Read one of the definitions for Accounting (Accountancy). Do you agree that accounting is the art? Give your arguments.

Accounting

  • is the art…,

  • of recording, classifying and summarizing…,

  • in terms of money…,

  • transactions and events of a financial character, and

- interpreting the results thereof.

  1. In small groups discuss what field of accounting you prefer to deal with. Why?

  1. Following are the basic objectives of accounting. Try to define which of three fields of accounting (Financial, Cost or Management Accounting) is responsible for each of them.

- Maintaining a proper record of the business.

- Calculating the profit or loss.

- Showing the financial position.

- Providing effective control over the business.

- Making information available to various groups.

- Honoring legal commitments of the business.

9. In recent years joint degree programs have become increasingly popular, attracting hyper-ambitious students with the lure of cross-disciplinary training and a competitive edge. In small groups discuss the following:

1. Do double degrees double chances of finding job?

2. What different discipline would you like to study and why?

3. How will it help you in your future career?

Graduate schools are busily adding different degree combinations to their current offerings. Now it is possible to master two disciplines simultaneously. Integration between the curricula in some institutions leaves much to be desired. If you had a chance to choose what obligatory subjects would you include into the curriculum? Choose from the list below or give your own ones. Explain your decision.

- Mathematics;

- History;

- Social Studies:

- Foreign language;

- Introduction to Philosophy;

- Legislation;

- Psychology;

- Political Science;

- Computer Science;

- Ethics, etc.