3) Who is interested in obtaining accurate accounting information?

4) What is the modern concept of the accounting system? 7 шаговая си стема

5) What tasks should a bookkeeper fulfil at the first three steps of the accounting cycle?

The first three steps fall under the bookkeeping function, such as: 1) the systematic recording of financial transactions; 2) the transferring of the amounts from various journals to general ledger (also called "posting step"); 3) the drawing up of the trial balance.

6) What does double-entry bookkeeping mean? The double-entry system of bookkeeping enables every company to determine at any time the value of each item that is owned, how much of this value belongs to creditors, the total profit and how much belongs to the business clear of debt.

7) What data are recorded in the company's general ledger? To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects of every transaction, and entries must be made in different accounts to keep the ins (receipts) and outs (payments) balanced.

8) When is the bookkeeping cycle considered to be completed. when the debit is equal to thе credit. The trial balance having been successfully prepared, the bookkeeping portion of the accounting cycle is completed.

9) What are the advantages of the double-entry system? one advantage of the double-entry system is that its information is complete enough to be used as the basis for making business decisions. Another advantage is that errors are readily detected, since the system is based on equations that must always be in balance.

Developing vocabulary

1. Fill in the missing words and word combinations from the list given. One word is used twice:

list bookkeeping records	ins receipts record keeping	outs errors preliminary

1) Every company needs some way of keeping systematic ... records

about all transactions that have taken place, all this information being necessary to prepare further financial ... . statements

2) The most commonly used ...record ... books are known to be called .. journals. and ... . ledges

3)  ... .. ledger posting to the general ledger is usually done in the second step of the accounting cycle.

4) The ... double entry system is based on the equations that should be always kept in .balance ..: payments must equal ..., and credits must balance ... . debits

5) The ... cycle is considered to be completed when the ...triel balance has been drawn up.

6) The laboratories are doing some preliminary... experiments before starting work on this project.

7) ... accuracy and responsibility are sure to be the main qualities of any bookkeeper.

8) Economists expect new computer programmes to be very helpful in detecting possible ..errars . in the accounting system.

9) In accounting and banking a ... is calculated as the difference between the total amount of money coming into (known as .ins.) and money going out of (known as ...) an account.

10) The balance sheet is known to ..list. the assets the firm owns and the liabilities for which it is responsible at a given period of time.

2. Choose the appropriate words from the brackets to complete the sentences; translate the sentences into Russian.

1) The accounting cycle is known to consist of seven main steps, the (bookkeeping/accounting) being responsible for the analysis and interpretation of the (records/entries).

2) Having drawn up the (balance sheet/trial balance), the bookkeeper expects the final financial (accounts/statements) to be prepared in the (accounting/managerial) department.

3) A bookkeeper deals with taxes, cash flow which includes cash (receipts/credits) and (debits/payments), sales, purchases and different other business (activities / transactions).

4) Bookkeepers first (post/record) all the data in the books which are called (ledgers/journals).

5) The record-keeping (accuracy/accurately) can't be checked until total debits and total credits are added together.

6) Disagreement between the total of the (debits/receipts) and the total of the (payments/credits) in the trial balance means that there is an error in the records.

7) A ledger is a book having one page for each (entry/account) in the organization's financial structure, (debits/credits) being shown on the left side.

8) All items of tangible assets should be (posted/listed) accurately before calculating their depreciation.

9) If sources exceed uses, there will be (a balance/an excess) of cash representing funds provided but not yet put to use in the business.

3. Complete the text using these words from the box.

ledger transferred

Bookkeepers record every purchase and sale that a business makes, in the order that they take place, in (1) .journals...... . At a later date, these temporary records are entered in or (2) posted ....... to the relevant account book or (3). .... ledger Of course the "books" these days are likely to be computer files. At the end of an accounting period, all the relevant totals are (4) transferred to the profit and loss account. (5) ....... double-entry bookkeeping records the dual effect of every transaction -a value both received and parted with. Payments made or (6) debits are entered on the left-hand (debtor) side of an account, and payments received or (7) ... credits on the right-hand side. Bookkeepers will periodically do a (8) ...... trial balance to test whether both sides of an account book match. In most business (9) ....transaction ..., the seller of goods or services sends the buyer a bill or (10) ...... invoice... and later a (11) ... receipt

..... acknowledging payment. Businesses are obliged to retain the documents − known as (12) ........ vouchers − that support or prove an item in an account, and make them available to the internal and external auditors who check the accounts. Bookkeepers are not to be confused with librarians, who also keep books, or with bookmakers, who "make books" in the sense that they accept bets (on horse races, etc.) and traditionally wrote them down in a book like a bookkeeper's journal. Accountants, unlike bookkeepers, analyse financial records, and decide how to present them.

4. Complete the sentences with appropriate verbs.

1) Bookkeepers ........ business transactions.

2) A debit is a payment ........ .

3) A credit is a payment ........ .

4) Debits are ........ on the left-hand side.

5) At the bottom of the page, bookkeepers ......... the totals.

6) Companies have to ........ invoices and receipts.

7) The auditors ........ the accounts.

8) Accountants, managers and shareholders ........ the accounts.