DEVELOPING VOCABULARY

1. Match the words on the left to the right definitions. Before doing it study the Note below.

Note. In standard American English speech the terms ‘accounting’ and ‘accountancy’ are more or less equivalent, but to nit-pick, ‘accounting’ is the process/activity of preparing financial statements, etc, while ‘accountancy’ is more like a subject or profession. However, one should note that ‘accountancy’ is very uncommon in everyday American English speech – most people prefer ‘accounting’ as a catch-all term.

1) accountancy n 2) accounting n 3 ) account n 4 ) accountant n 5 ) accounts n о тчетность

a) a detailed record that a business keeps of the money it receives and spends; the part of the organization that keeps records of the money received and spent b) the activity of keeping records c) the theory of keeping financial records; the profession or business of an accountant d) a person who keeps and examines the financial records e) an arrangement with a bank, shop, or other organization by which they take care of your money or allow you to buy things and pay for them later

2 . Using your findings in Activity 1, fill in the missing words in the sentences below. Choose from those given in the box. You can use one word more than once.

account accounts accountant accounting accountancy

1) She’s been working as an __ accountant _____ with this firm for several years now.

2) He’s at university studying a _ccountancy______.

3) The directors of the company approve the __ accounts _____ at the end of the _______ year.

4) Can you check that the figures have been entered correctly in the bank ___ account ____?

5) Most people in the profession read __ accountancy _____ magazines and journals in order to stay informed.

6) Each branch of the bank maintains its own full ___ accounting ____ system.

7) A bookkeeper writes details of financial transactions in the __ accounts _____.

8) The management of the company have not yet decided on their ___ accounting ____ plans.

9) The chief __ accountant _____ has completed the draft ___ account _____ for this year.

10) They have opened an ___ account ____ for the consignment to Moscow.

11) __ accountancy ______ is really not an exact science.

12) A business manager needs some _____ accounting ___ knowledge in order to understand what he reads in the company _ accounts _______.

3. The word account has varied usage in English; apart from the main meanings given in the vocabulary section it can also form several phrases.

What are the meanings of the phrases in bold type in the sentences (1-10) below? Choose the correct definition from the list (a-j) on the right and think about the corresponding Russian equivalents, consult a dictionary if you find it necessary.

Can you account for your absence last Friday? f Can you give a detailed account of what happened? B The accounts had to be adjusted on account of the discovery that a major debtor had gone bankrupt. I Students account for the vast majority of our customers. d This financial consultancy has won two new accounts in Eastern Europe. G They are regular customers in the shop and are now able to buy on account. J Employees must on no account make personal telephone calls from the office. C If you take inflation into account, we actually spend less now. E By all accounts, they will benefit greatly if the deal goes through. a Students account for the vast majority of our customers. We gave a good account of ourselves, coming second overall. very well k

people say report under no circumstances form the total of consider explain big customers for themselves because of on credit represent to behave or perform

4. Translate the following sentences from Russian into English, using the phrases from Activity 3.

1) Как Вы объясняете снижение доходов компании в прошлом квартале?

2) Четверть всего экспорта приходится на нефть.

3) Вам придется представить детальный отчет о Ваших расходах за данный период.

4) Мы хорошо зарекомендовали себя, получив звание «Брэнд года».

5) Ни в коем случае не опаздывайте на завтрашнее совещание.

6) По общему мнению, цены на нефть снизятся в следующем году.

7) Она не могла работать полный рабочий день из-за детей.

8) Я надеюсь, вы примете во внимание, что я болел накануне экзамена.

9) Моя функция – искать новых заказчиков для нашей фирмы.

10) Эти товары были приобретены в кредит.

1) How do you account the decline in company earnings in the last quarter?

2) A quarter of all exports are oil. Oil is account for a quarter of all exports

3) You will have to submit a detailed report on your expenses for this period.

4) We have established ourselves well, having received the title of Brand of the Year.

5) In no case be late for tomorrow's meeting.

6) By all accounts, oil prices will fall next year.

7) She could not work full time because of the children.

8) I will you take into account that I was ill on the eve of the exam.

9) My function is to look for new account for our company.

10) These products were purchased on credit.

5. Complete the following “spidergram” with verbs from the text that can take the word information as an object. Make up sentences with these word combinations.

use

provide

information

recorded, classified, summarized, interpreted, and communicated

СИНОНИМЫ!!!

Demand ,request , appeal for

SPEAKING

Suppose you have to participate in a debate addressing the question Which profession is the most important for efficient operation of a business organization? Prepare arguments to prove the significance of the accounting profession.

1. Accountancy helps managers and other decision makers make resource allocation decisions.

2. Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners.

READING

Accountancy

Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements in order to express an opinion − that conveys reasonable but not absolute assurance − as to the fairness and adherence to generally accepted accounting principles, in all material respects.

Practitioners of accountancy are known as accountants. Officially licensed accountants are recognized by titles such as Chartered Accountant (UK, Canada, India, Australia), Certified Public Accountant (US, Hong Kong), etc.

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

At the heart of modern financial accounting is the double-entry book-keeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Greece.

According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such.

Be ready to answer some questions after the text.