Английский язык = English. Учебное пособие-1

Exercise 5. Read and translate the following words.

Possible – possibly, simple – simply, reliable – reliably, increasing – increasingly, social – socially, legal – legally.

Exercise 6. Form adverbs with the help of the suffix -ly. Translate them.

Practical, scientific, formal, qualitative, quantitative, economical, particular, special, statistical.

Exercise 7. Learn the meaning of the prefixes dis-, re-, over-. Read and translate the following words.

a)over-: eat – overeat, crowd – overcrowd, balance – overbalance, head – overhead, state – overstate, production – overproduction;

b)re-: make – remake, organize – reorganize, construct – reconstruct, new – renew, act – react, write – rewrite, calculate – recalculate;

c)dis-, de-: organized – disorganized, centralized – decentralized, cover – discover, locate – dislocate, place – displace, please – displease, harmony – disharmony.

Exercise 8. Read the words of the active vocabulary.

1)assets and liabilities – активы и пассивы (баланса); задолженность

2)liability – (денежные) обязательства

3)owner’s equity – собственный (акционерный) капитал (компании)

4)equation accounting – уравнение, равенство; бухгалтерская сбалансированность (дебета и кредита)

5)remain; remainder – оставаться; остаток

6)affect – воздействовать

7)balance – баланс; уравновешивать

8)keep – держать; хранить

9)deduct – вычитать, удерживать

10)collection – денежный сбор

11)retain – удерживать (прибыль от распределения)

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12)earn – получать доход

13)inventory – товарно-материальные ценности

14)сharge – плата; назначать цену

15)rent – арендная плата; отдавать напрокат

16)realize – осознавать

17)entity – субъект хозяйствования

18)excess – излишек

19)amount due – причитающаяся сумма

20)loan – ссуда, займ

21)wear and tear – износ основных средств

22)provision – положение, условие

23)worth – стоящий, имеющий стоимость

Exercise 9. Insert the words to make sense.

Employer, asset, assets, keep, kept, collect, require, required, balance, remains, remainder, deduct, deduction, earn, earned.

1.These events confirm my ... that he was to blame.

2.My accounts...

3.His accomplishments ... him respect and admiration.

4.They ... back £3 a month from my salary for National Insurance.

5.I had a well-... rest.

6.Before you speak, you should ... your thoughts and ideas.

7.Our ... makes a ... from our salary for the income tax.

8.If you subtract 3 from 8, 5 ... .

9.Good health is a great ...

10. ... must equal liabilities plus owner’s equity.

11.Does he ... enough to ... himself and his family?

12.Twenty people came in and the ... stayed outside.

13.They wanted to ... money at a church service.

14.Students are ... to take three papers in economics.

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Exercise 10. Match the English words given on the left and their

Russian equivalents on the right.

Exercise 11. Translate the sentences paying attention to the meanings of the word “way”.

1. Double-entry book-keeping is a way of recording financial transactions. 2. They are still on their way. 3. The work must be finished in one way or another. 4. It’s a long way from here. 5. Such opportunities never come my way. 6. All traffic has to

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make way for an ambulance. 7. He is a clever man in some ways. 8. Do you know her, by the way? 9. He has done nothing out of the way yet. 10. I don’t like the way he looks at me.

Exercise 12. Translate the sentences paying attention to the conversion “balance – to balance”.

1.A small child has to learn to keep its balance before it can walk far.

2.Can yon balance a stick on the end of your nose?

3.The balance is the remainder of anything.

4.To balance means to compare debits and credits and record the sum needed to make them equal.

GRAMMAR EXERCISES

Exercise 1. Identify the forms of the Infinitive.

To calculate, to be calculated, to have been calculated; to make, to have made, to be making; to record, to be recorded, to have been recorded; to earn, to be earned, to be earning.

Exercise 2. Define the functions of the Infinitive in the following sentences. Translate them into Russian.

1.To explain the problem that we were interested in they demonstrated some diagrams.

2.The official version has to be submitted to the Ministry of Finance within the next ten days.

3.Why do some firms choose to decentralize?

4.Assets to be included in the investment base should be under the manager’s control.

5.Management accountants have a responsibility to maintain an appropriate level of professional competence.

6.They are glad to have passed their examinations with excellent marks.

7.To keep the accounting equation in balance companies use a double-entry system.

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8. The best way to compare is to look at the growth in the two companies earnings per share over the past five years.

Exercise 3. Choose the correct form of the infinitive for each sentence.

1.Specify the objective or goal (to achieve / to be achieved).

2.In some organizations, internal auditors provide operations audits (to provide / to have provided) an independent perspective on problems.

3.Accountants and users must interact (to determine / to be determining) what elements will be included in the cost-benefit analysis.

4.Information usually costs money (to be obtained and analyzed / to obtain and analyze).

5.Assets (to be included / to have been included) in the investment base should be under the manager’s control.

6.A key issue in measuring divisional operating costs is (to understand /to have understood) how the direct and indirect costs are treated.

Exercise 4. Translate the sentences with the Infinitive constructions.

1.Students are required to prepare quarterly income statements.

2.This method is known to be a rule of thumb.

3.Quality is allowed to fluctuate within predetermined tolerance limits.

4.We believe some decision aids to have been developed to assist managers.

5.Managers consider this activity to be a waste of time.

6.They think the quality of earnings to be the starting point for this analysis.

Exercise 5. Complete the sentences with the only choice of preposition.

Type A: be + adjective + preposition.

1.We would be interested … your plans (with, for, in).

2.We are worried … the dangerous financial position of the company (about, for, at).

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Type B: verb + preposition.

3.We are waiting … a change in the law (at, to, for).

4.We ought to discuss these matters … the chief accountant

(in, for, with).

5.They thought it better to borrow … local banks (from, in, by, with).

6.They thought it better to borrow … local currencies (from, in, by, with).

Type C: noun + preposition.

7.The Chairman understood the advantage … locally financed projects (for, of, in).

8.There may be a large fall … net profit (with, of, in).

9.The increase … your local borrowings is too fast (by, of, in).

READING SECTION

I. Read Text A and do post-text exercises.

TEXT A

The Accounting Equation

In all their work with financial data, accountants are guided by two fundamental concepts: the accounting equation and double-entry book-keeping. Both were developed centuries ago but remain central to the accounting process.

The Accounting Equation.

For thousands of years, businesses and governments have kept records of their assets – valuable things they own, like gold and wheat – and their liabilities – what they owe to others. Wealth does not consist of assets alone; it is what remains after liabilities have been deducted from assets. That remainder is called owner’s equity:

Assets $100,000

Liabilities –30,000

Owner’s Equity $70,000

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This simple observation is the basis for the all-important accounting equation:

Assets = Liabilities + Owner’s Equity $100,000 = $30,000 + $70,000.

However, to emphasize the amount of owner’s equity, the accounting equation may be written as

Assets – Liabilities = Owner’s Equity $100,000 – $30,000 = $70,000

Whichever form is used, the relationship of assets, liabilities, and owner’s equity remains in balance; in other words, one side of the equation always equals the other side [18, p. 487].

Exercise 1. Complete the following phrases using the words from

Text А. Translate the sentences.

1. Accountants work with financial data relying on...

2. ... remain central to the accounting process.

3.Wealth is the result of deduction of ... from...

4.Liabilities are things which businesses....

5.The valuable things owned by governments are...

6.The basis for the accounting equation is...

7.To emphasize the amount of owner’s equity...

8.One side of the equation always...

9.Liabilities plus owner’s equity is...

10.Assets minus liabilities is...

Exercise 2. Connect two parts of the sentences.

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1.How many parts are there in the accounting equation?

2.Why is it important to keep records of assets and liabilities?

3.What is the basis for the accounting equation?

4.What is the relationship of assets, liabilities and owner’s equity?

II. Read Text B and say if the following statements are true or false.

1.With a double-entry book-keeping system, the accounting equation will always be in balance.

2.The owners have first claim on the assets.

3.Every transaction has two sides.

4.Retained earnings are rental revenues minus expenses.

TEXT B

Double-Entry Book-keeping

To keep the accounting equation in balance, companies use a double-entry system that records every transaction affecting assets, liabilities, or owner’s equity. This system is known to date back to 1494 and to an Italian monk, Fra Luca Pacioli, who immediately caught the attention of the merchants of his day. Fra Luca explained that every transaction – a sale, a payment, a collection – had two off-setting sides.

No matter what kinds of transactions are made, the accounting equation remains in balance if the transactions are properly recorded.

Double-entry book-keeping requires a two-part, “give-and- get” entry for every transaction.

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Say that you decide to open a video cassette rental shop. You need to stock 1,000 cassettes, costing you $30 each, or a total of $30,000 in capital. If you have $20,000 of your own to invest, your accounting equation would show

Assets = Liabilities + Owner’s Equity $20,000 = 0 + $20,000

(cash)

In other words, $20,000 in cash is equal to your owner’s equity of $20,000. As yet, your business has no liabilities.

Next, say you do three things:

1.You borrow from the bank the additional $10,000 you need. That $10,000 is added both to your cash account under “assets” and to your bank loan account under “liabilities”. Thus, your accounting equation is kept in balance.

2.You go video cassette shopping and spend $30,000 on the inventory you need. Your assets are thus converted from cash into videocassettes, $10,000 worth of which your creditor, the bank, has a claim on. The other $20,000 represent owner’s equity. The right side of the accounting equation is not affected by the conversion of assets from one form (cash) into another (cassettes).

3.In the first month, you rent each of the 1,000 cassettes once, charging $2 per rental, for total revenue of $2,000 you find that it costs you $1,500 to run your store, including salaries, rent, and $400 in wear and tear on your cassettes. The $500 excess (rental revenues minus expenses), which is your profit, is plowed back into the business, becoming retained by the firm consisting of the increase in assets (cash and amounts due from others) for an accounting period.

These transactions might be recorded as shown in an example. Note that the two sides of the accounting equation are – and must always be – equal.

An Example of Double-Entry Book-keeping

In double-entry book-keeping, the sum of the numbers on both sides of the equal sign must always be in balance. In this example, the equation in each row balances, as does the “bot- tom-line” equation.

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[18, pp. 487–488]

Exercise 1. Translate the following sentences into English.

1.Бухгалтерская сбалансированность и двойная запись – два основных понятия бухгалтерского учета.

2.Собственный капитал компании состоит не только из активов.

3.Двойная запись – это способ записи финансовых операций.

4.Ваши активы, таким образом, преобразуются из наличных денег в товар.

5.Прибыль равна доходам от аренды минус расходы.

6.Операции должны быть зарегистрированы, как указано.

7.Некоторые компании готовят балансовый отчет два раза в год.

Exercise 2. Read Texts A and B again and speak about:

1) parts of accounting equation;

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