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8.Make a free translation of the text below. Interpret ideas!

4 октября 2008 в редакции газеты «Гудок» главный бухгалтер ОАО «РЖД» Галина Крафт ответила на вопросы сотрудников компании, а также посетителей транспортного портала «Гудок».

Вопрос: Кто будет участвовать в подготовке и обработке первичной документации на линейных предприятиях?

Ответ: Согласно закону «О бухгалтерском учете» за организацию бухгалтерского учета отвечает руководитель, а за подготовку первичных документов — соответствующие ответственные лица предприятия. Первичный документ не должен быть в отрыве от производственного процесса

Вопрос: Каким образом можно соединить бухгалтерскую отчетность различных служб в едином центре обслуживания (ОЦО) (Shared Service Centre) без знания бухгалтерами особенностей хозяйств?

Ответ: А какие особенности? Весь учет компании строится на основании её учетной политики. Кроме того, сегодня происходят существенные изменения в методологии учета: формируется учетная политика, план счетов, разрабатываются типовые формы первичных документов и отчетов, типовые рабочие места в автоматизированной системе учета, единый автоматизированный консалтинговый центр, разрабатываются типовые курсы согласно программе повышения квалификации бухгалтеров. Все эти проекты ведутся параллельно. Кроме того, обработка первичных документов — это типовой бизнеспроцесс. Бухгалтерия отражает факты хозяйственной деятельности. Особенности могут быть только во внутреннем документообороте и технологическом процессе предприятия, соответственно в формате отчетной информации для соответствующего хозяйства, которая также должны быть регламентированы.

Вопрос: Насколько оперативно сможет получить необходимую информацию из новой структуры руководитель железнодорожного предприятия?

Ответ: Одной из основных целей проекта является повышение оперативности и достоверности бухгалтерской и налоговой отчетности, и данных учета, используемых в управленческих целях. Соответственно и одним из показателей качества работы ОЦО будет своевременность предоставления необходимой информации руководителям предприятий. Обособление бухгалтерской функции лишь упорядочит работу по формированию отчетов и ответов на запросы.

ASSIGNMENT

Test your knowledge by choosing the best answer.

1.Which of the following is an important reason for studying accounting?

a)The information provided by accountants is useful in making many economic decisions.

b)Accounting plays an important role in society.

c)The study of accounting could lead to a challenging career.

d)All the above are important reasons.

2.Which of the following groups uses accounting information for planning a company’s profitability and liquidity?

DISCUSSION

Discuss the following questions and present your ideas.

1.Are accountants generally conservative or open-minded, in regard to accepting new ideas and methods?

2.Will accountants always be necessary? What skills do accountants need to be successful in this profession?

3.Is accountancy equally important for all types of economic systems?

4.What is the purpose of producing accounting information?

5.Think of the various groups of users of financial information. Suggest the information that each is likely to need from accounting statements and reports.

UNIT 2. ACCOUNTING CONCEPTS

PRE-READING

Discuss these questions:

1.Is accountancy an exact science?

2.Was progress in accountancy quick or slow in the past?

READING

Scan the text and find the answers to the following questions:

What types of accounting can you distinguish?

What is the accounting equation?

Accounting is the system that business uses to measure its financial performance. It does this by recording and classifying sales, purchases and other transactions and by providing ways to present these data so that company performance can be evaluated.

There are two distinct types of accounting: financial accounting and management accounting. Financial accounting deals with preparing information for the outside world, e.g. suppliers, banks, shareholders, creditors (people and organizations who have lent money to a company). Since users of such information must compare it to similar data from other sources, financial accounting statements are prepared according to generally accepted accounting principles (GAAP). In contrast, management accounting deals with the internal needs of a particular business and helps managers evaluate results, make plans and decisions. The job of management accounting includes the preparation of budgets (a financial plan for a given time period) and the analysis of production costs.

Accounting is not an exact science. Using the same data, different accountants could legitimately come up with a range of results. Some firms maintain two sets of records: one for shareholders and one for tax purpose. However, most accountants do adhere to the generally accepted accounting principles.

Accounting theory is based upon the accounting equation. Assets (what the firm owns) must equal liabilities (what the firm owes) plus owners’ equity (the investment of the owners in the business and their claim on the assets).

The system in accounting is known as double-entry bookkeeping. This principle made its appearance in the 13th century in Northern Italy. It was improved and disseminated at the end of the 14th century by the work of Luca Pacioli, a monk and a university teacher. This principle states that each transaction must be recorded on the balance sheet as two separate entries so that the accounting equation will hold at all times. The totals of each side will always equal one another, and this will always be true no matter how many transactions are entered into.

If, for example, a business borrowed $10,000 from a bank, $10,000 would be added to assets (cash) on the left side of the accounting equation and $10,000 would be also added to liabilities (bank loans) on the right side.

The double entry system divides each page into two halves. The left-hand side is called the debit side, while the right-hand side is called the credit side.

Accounting equation is the relationship between assets, liabilities, and capital of a business organization. The equation states:

Assets = Liabilities + Capital Asset is anything that is owned and has money value.

Liabilities are amounts due creditors and other interested parties; also, the ownership of the assets of an organization by its creditors.

WORDS AND EXPRESSIONS FOR READING COMPREHENSION

READING COMPREHENSION

1. Find English equivalents for the following Russian phrases from the text.

Классификация затрат и покупок; предоставлять данные; управленческий бухгалтерский учет; данные из других источников; составить в соответствии с; внутренние потребности конкретной компании; прийти к различным результатам; общепризнанные принципы бухгалтерского учета; анализ производственных затрат; оценить результаты; составление бюджета; система двойной записи; две отдельные проводки; вне зависимости от; делить на две части.

2.Look through the above text again and complete the sentences as in the text.

1)Accounting is the system business uses to measure …..

2)Financial accounting deals with ……

3)Financial accounting standards are prepared according to ……

4)Management accounting deals with ……

5)Accounting theory is based upon ……

6)The system in accounting is known as ……

3.Use the information in the text to answer the following questions.

1)What are the two main types of accounting?

2)What does financial accounting deal with?

3)What does management accounting deal with?

4)Why could different accountants legitimately come up with different results?

5)What is accounting theory based upon?

6)When did the double-entry system appear?

7)Will you give an example of the accounting equation?

4.Translate the following sentences from Russian into English.

1)Принцип бухгалтерского учета двойной записи используется для контроля финансового положения предприятия.

2)Задача наблюдения в бухгалтерском учете сводится к получению информации, позволяющей оценить успешность хозяйственной деятельности.

3)Собственный акционерный капитал — это разность между активами и пассивами.

4)Основой процесса бухгалтерского учета является бухгалтерское тождество.

5)Согласно бухгалтерскому тождеству активы равны пассивами плюс собственный акционерный капитал.

6)Данная информация дает картину доходности фирмы, ее финансового положения и деятельности в области дебиторской задолженности, товарных запасов и долгового финансирования.

5.Make up a list of key words and phrases and give a short summary of the text. Use the following phrases:

• I would like to begin with…;

• The main important points seem to be…;

• In short, …;

• I might add that…;

• From my point of view…;

• On the one hand … on the other hand…;

• Whereas…;

• In conclusion, ….

VOCABULARY PRACTICE

R:accounts and forms of record keeping and reporting.

R:

F:

10. Render the following extract in English.

Учетная политика предприятия

Учетная политика — это средство придать легальными способами желаемую величину прибыли. Однако в хозяйственных процессах принимает участие множество групп (инвесторы, кредиторы, акционеры, налоговые органы и др.). Их интересы противоречивы.

Поскольку прибыль является одним из ключевых показателей эффективности деятельности организации, ее величина может повлиять на доступность внешнего финансирования. Особенно важна прибыльность для размещения ценных бумаг среди физических лиц, которые при принятии решения ориентируются в основном на прибыль организации. Однако в силу неразвитости российского рынка ценных бумаг и неготовности населения вкладывать деньги в ценные бумаги этот мотив завышения прибыли нельзя считать характерным для российских организаций. При получении банковского финансирования предметом пристального внимания банка становится скорее стоимость и ликвидность имущества, поскольку в настоящее время в России более всего распространено краткосрочное кредитование, и банк ориентируется на возможность погашения кредита, прежде всего, из имущества, уже имеющегося у заемщика.

Завышение прибыли может быть выгодно предприятию в случае привлечения долгосрочных инвестиций. Хотя и тогда инвестор заинтересован не столько в ее прибыльности, сколько в наличии свободных денежных средств. Его интересуют «живые» деньги, и предметом анализа становится не прибыль (убыток), а движение денежных средств.

Прибыль, которая показывается в бухгалтерских отчетах, представляет собой в достаточной степени субъективный показатель, ее создают не рабочие, не менеджеры фирмы, а бухгалтеры. Именно от них зависит, как оценить в деньгах и представить информацию о происходящих в организации процессах. Сумма прибыли во многом определяется не величиной надбавки на себестоимость, не суммой денег в кассе или на расчетном счете, а моментом демонстрации в учете хозяйственной операции, приносящей прибыль, выбором варианта оценки расходов предприятия, так как его доходы очевидны — это сумма полученной выручки, а вот расходы

всегда сомнительны, так как определяются методологией бухгалтерского учета и конкретными способами его ведения.

SUPPLEMENTARY READING PRACTICE

1. Read the text and:

(a)give the definitions to the key terms:

business transaction, account, journal, ledger, trial balance;

Recording Business Transactions

A business transaction is any business activity that affects what a business owns and owes, as well as the ownership of the business. If we were to acquire the asset equipment and give in payment the asset cash, we can see that both records would be affected. This is known as «double entry». If we were to acquire the asset supplies and at the same time also acquire the asset equipment as a result of paying cash, this would also be considered double entry because the total value of the two assets obtained would be equal to the value of the asset cash given up. Business transactions are recorded in a record known as an account. The standard form of the account is shown below.

Each asset, liability, and capital record that is maintained is kept on a separate account page. The purpose of the account is to facilitate the recording of the essential information generated by the business transaction. These individual account pages are kept in a bound or loose-leaf-type binder known as a ledger. The standard form of the ledger account is very similar to the basic account form of the balance sheet. In its simplest form the ledger account is known as the T account because it looks like the capital letter "T," just as the account form of the balance sheet does.

For every debit entry, there must be a corresponding credit entry of the same amount. For a simple business transaction, such as an investment of $1,000 in the business by the proprietor, the following entries in the ledger accounts would be recorded: debit the asset cash for $1,000; credit the permanent proprietor's capital account for $1,000.

All business transactions are first recorded in the journal. The journal has three basic advantages over the ledger:

1.It shows the complete business transaction in one place. Regardless of the number of debits or credits to a particular business transaction, all parts of the transaction are shown together.

2.All business transactions are recorded in the journal in chronological order. This is the reason that it is known as the businessperson's diary. Like a diary that records events in dated order, the journal records business transactions in dated order.

3.The journal provides for an adequate explanation of what took place. Regardless of the nature of the transaction being recorded, provision is made for as detailed an explanation as the accountant considers necessary.

The following represents the typical form of the journal. It is sometimes referred to as the «general journal»

because all business transactions are first recorded in it.

GeneralJournal

Although it may appear that recording transactions in both the journal and the ledger duplicates work, there are important reasons for doing so. The journal is the book of original entry; all business transactions are first recorded in it. All parts of the transaction are recorded together, and an adequate explanation is provided. The ledger contains various records called accounts. Each account represents individual asset, liability, or form of capital. At any time, the accountant can easily determine the bal-

ance of the account. From the account found in the ledger, the accountant can prepare a trial balance which is the basis for various financial statements as needed by the organization and other interested parties.

(b)answer the following questions to test your understanding of the text;

1)Where does the accountant keep track of changes in the values of specific assets, liabilities, and proprietor’s capital?

2)What is the bound or loose-leaf-type book in which individual records of assets, liabilities, and proprietor’s capital

are kept?

3)What are the three kinds of information that appear on each side of the T account?

4)What is the left side of the ledger account known as?

5)What is the right side of the ledger account called?

6)On which side of the account are the beginning balances for assets shown?

7)On which side of the account do we show increases in assets?

8)What does the term “double entry” mean?

9)How may we determine the balance in a ledger account after transactions have been recorded in it?

(с)using a ledger account, record the following business transactions for the month of October 200_;

200_

Began the Graves Delivery Service by investing the following: Cash, $12,000; Delivery ct. Equipment, $8,000; J.Graves, Capital, $20,000.

Received $3,000 in revenue as a result of delivery service income.

Made an additional investment in the business consisting of delivery equipment valued at $2,500 and warehouse supplies worth $500.

Paid $500 in rent for the warehouse for the month of October.

Paid $250 for repairs and gasoline expenses for the first half of the month of October.

5Received a check for $1,200 from a customer for delivery services rendered.

Sent a check for $50 to pay for deposits required by the local utilities company for electric-

9ity. Designated this payment as a utilities expense.

Paid employees’ salaries for the month amounting to $450.

5

0

Cash