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___ comparison of management and financial accounting;
___ the study of the company’s liquidity and cash flow;
___ contribution of accounting to business success;
___ accounting evolution throughout the history of the world;
___ bookkeeping as record-making phase of accounting;
___ long-term financial viability of the company;
___ Luca Pacioli’ s contribution to financial reporting;
___ accounting data required by managers;
___ financial report frequency;
___ the prospects for a profitable investment;
___ assessment of the performance of the total economy.
You now know what each section of the text is about and you understand some of the main points. You are going to study the accounting environment in detail in short sections.
READING FOR DETAILS AND LANGUAGE STUDY: SECTION A
1. Read section A quickly. Note all the words or phrases which
you don’t know or are not sure of clearly.
2. How many words and phrases have you noted? You can see
that you already know most of the language. The language you don’t
know is limited. And you were probably able to understand the main
points of the section without understanding every word.
3. Check that you understand the detailed questions below and
answer them.
1. Why is accounting often called the language of business?
2. How does the American Accounting Association define account-
ing?
3. What do we call the actual record-making phase of accounting?
4. What is accounting concerned with?
5. What does the job of a bookkeeper differ in from the job of an ac-
countant?
4. Look through the text and find the words which mean the fol-
lowing.
1) a person whose job is to prepare financial statements for a company;
2) the job of recording an organisation’s financial accounts;
3) the work of accountants or the methods they use;
4) a person whose job is to organize and control the work of a business;
5) something that you can choose instead of something else;
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6) the action or process of buying or selling something;
7) an opinion that you have after thinking carefully about something.
5. Find the synonyms in the text to the words and phrases given
below. Describe the context:
1) well-grounded judgement;
2) interrelation between;
3) to help the management;
4) to spread far beyond;
5) to evaluate economic information;
6) to be related to.
6. Skim the texts about the information provided by an accounting system. Then fill in the blanks using the words and phrases
from the list in the bottom.
A
An accountant is employed by a business to supply 1) ________ for
everyone who has an interest in 2) __________ . Information is needed in
businesses to help business organizations 3) ____________ . A satisfactory
accounting system 4) ____________ ; and without it management
5) ________________ , and would not be able to make intelligent decisions
affecting its 6) ___________ activities.
a) how well a company is doing; b) is an absolute necessity; c) reliable
information; d) profit-making; e) would not know where it stood financially; f) to make money and to survive.
B
In short, a company 1) __________ a satisfactory accounting system.
And it is probably true to say that 2) ________ profit-making activities are
made without some reference to 3) __________ . Some of the information
that an accounting system provides 4) _________ is basic; for instance,
production costs, value of sales, 5) ________ . Other figures show such
details as expenditure on new equipment, advertising, and 6) __________
on borrowed money. And when the time comes to make 7) _________ , the
accountant calculates turnover, profits both before and after taxes have been
paid, and profits available 8) ________ .
a) management with; b) interest paid or collected; c) cannot succeed
without; d) the annual report to shareholders; e) accounting data; f) few
management decisions that affect; g) for distribution to shareholders;
h) cash balance and value of its inventory.
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7. The word “account” from which the key words “accounting”
and “accountant” are derived from is known to be polysemantic.
It means that it has different meanings in different contexts. As a noun
it can denote:
a) an arrangement in which a bank looks after your money;
b) a detailed record that a business keeps of the money it receives and
spends in a particular period of time;
c) an arrangement with shop that allows you to pay for goods or ser-
vices later;
d) a regular customer;
e) a written or spoken report about something that happened.
As a verb it means:
f) to be the reason why something exists or happens;
g) to form, to produce a particular amount or part of something;
h) to give an explanation for something bad that has happened.
Read the sentences and define the meanings of the word “account”
in them.
1. We now have over 30 major accounts.
2. I have an account with Marks and Spencer.
3. There was only $50 in his personal bank account.
4. The accounts showed a loss of $498 million.
5. He was too shocked to give a clear account of events.
6. You will be brought before the disciplinary panel to account for
your behavior.
7. A number of factors account for the differences between the two
scores.
8. Repeat purchases account for 73% of our sales.
Try to explain the meaning of the phrase “to take something into
account” in the following sentences:
1. If you take inflation into account, we actually spend less now.
2. Compensation awards take into account the pain and suffering
caused to the victim.
READING FOR DETAILS AND LANGUAGE STUDY: SECTION B
1. Read section B carefully to answer the following questions:
1. What are the three kinds of information which accountants provide?
2. How does accounting function as an information system?
3. Why is the work of accountants well-paid?
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2. Match a line in A with a line in B to define the following words:
А В
1) to collate
2) outcome
3) meaningful
4) to analyse
5) continuous
a) without being interrupted
b) to study or examine something in detail in or-
der to understand or explain it
c) to arrange information that you have collected
in a sensible order
d) the final result of a process, meeting, activity etc.
e) reasonable, sensible
3. Substitution Drill
Statement: 1. A firm’s managers need a wide variety of financial in-
formation to conduct their activities.
Example: A company’s managers need a wide variety of financial in-
formation to conduct their activities.
(Note that you will always be substituting for a different word or
group of words in the sentence.)
1) officers
2) require
3) accounting data
4) different
5) affairs
6) carry out
Statement: 2. Accounting records provide the information that man-
agers can use in their efficient management of the business.
1) management accounting
2) statements of account
3) supply
4) entrepreneurs
5) effective
6) facts
Word Building
The role of accounting is to collate information, organise it in some
meaningful way, and then to distribute it to those who will make use of it in
the decision-making process.
Meaningful is an adjective. What do you think it means? (Compare
beautiful, helpful, lawful, etc.)
And meaningless? (Compare helpless, homeless, etc.)
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4. Revise all suffixes that can be used to form adjectives.
Read the text and choose the characteristic of accounting information that matches the description of financial statements. Form the appropriate adjectives from the given words.
a) objectivity _____________ b) understanding ______________
c) reality ________________ d) compare ___________________
e) time __________________ f) rely _______________________
DESIRABLE CHARACTERISTICS OF ACCOUNTING
INFORMATION
If financial statements are to satisfy the information needs of their users, the information which they contain must have characteristics matching
the needs of these users.
Accountants, like other professional groups, use language in a very
precise way. They attach very precise meanings to ordinary words. Unfortunately, these meanings are not always those which “non-accountants”
attach to these words. Accountants use these words as a “code” which enables them to convey a great deal of information to those who understand
the “code” but this means that readers who do not know the “code” can all
too easily misinterpret the information. The information contained in the
financial statements must be 1) ______________ to the readers of those
records.
The information presented in financial statements needs to be unbiased
(беспристрастный) and 2) _____________ if it is to meet the needs of users. It needs to be neutral. The principles employed in the preparation of the
financial statements, and accountants themselves, must not favour any particular interest group.
Readers of the information need to be able to compare it with their expectations, with information about the previous performance of the enterprise, with information about the performance of other enterprises, and with
information derived from other sources. So, it must be 3) ____________ .
Financial statements must reflect the world and the enterprise as they
are. If financial statements are to be of any use to their readers they must be
4) _____________ .
If readers of financial statements are to rely on the information they
contain in making their decisions then they must have confidence in that
information. In most market economies this confidence is reinforced by
requirement to have the financial statements audited by an independent
auditor. So, accounting information must be 5) ______________ .
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“Stale news is no news.” If the information is out of date it will not be
helpful to its readers in making sound decisions. If the information in financial statements is to have value to its readers then it must be 6) __________.
READING FOR DETAILS AND LANGUAGE STUDY: SECTION C
1. Read section C of the text carefully to answer the following
questions.
1. When and where did accounting originate?
2. What contribution did Luca Pacioli make into the development of
accounting?
3. How did the advent of Industrial Age influence further progressing
of accounting?
4. What are the peculiarities of the modern stage of accounting?
2. Match each word or phrase on the left to the definition on the
right. Check that your ideas make sense in the context of the text:
1) to trace back a) to begin or cause something to begin
2) late b) the meaning of a word or phrase
3) to start off c) to discover the origin of something or
how it developed
4) sense d) as much as is needed
5) sufficient e) near the end of a period of time such as
a day, month, season
3. In paragraph 1 the writer talks about money due to the masters. What exactly does it mean? Use a dictionary to check other meanings of the word “due”. Translate the following sentences.
1. Lenders will only lend money after carefully considering whether
their loan be repaid on due date.
2. If you want to be a member of this club you should pay the dues
regularly.
3. Shall we receive our interest when it is due?
4. A new version of the software is due in the next couple of weeks.
5. The rent is due on the first day of each month.
6. The committee reached its decision after getting due consideration
to the views of the public.
7. I am due for a pay rise.
8. Students’ term papers are due next Monday.
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4. Fill in the spaces in the sentences below using a suitable preposition.
1. Accounting has existed __________ the history of the world.
2. ______ all societies and _____ all stages of history accounting systems have been used as a basis ______ planning, decision-making and controlling economic activity.
3. Accounting records have been used to provide information for the
management _______ the granaries belonging ______ the Pharaohs of Ancient Egypt, to control the tax revenues of the Emperors of Ancient China,
and to provide information _______ the activities _____ modern multinational enterprises ______ market economies.
4. An accounting system which was appropriate ______ the monarchs of medieval Europe is unlikely to be appropriate _____ the 20th century.
5. The key _____ a successful accounting system is ensuring that it
mirrors the needs _____ the society and organisations in which it operates.
6. The more societies move _________ common structures and goals,
the more a common philosophy of accounting becomes possible.
a) in; b) аt; c) of; d) throughout; e) towards; f) about; g) to; h) for
READING FOR DETAILS AND LANGUAGE STUDY: SECTION D
1. Check that you understand the detailed questions below and
answer them.
1. Who are the main users of accounting information?
2. Why do managers need accounting information?
3. What aspects of a company’s performance are investors particularly interested in? Why?
4. Why do creditors study company’s liquidity and cash flow?
5. What are information needs of lenders concerned with?
6. Why should employees require to know about the long-term financial viability of their company and its profitability?
7. How can the government’s interest in accounting information be
explained?
2. Scan Section D and find English equivalents of the following
Russian word combinations:
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1) деятельность компании
2) соответствовать первоначальным планам
3) своевременная и достоверная информация
4) норма доходов
5) стоимость производства единицы товара
6) потенциальная выручка
7) тщательное изучение отчетов
8) оценить перспективы выгодности вложения
9) краткосрочные эксплуатационные нужды
10) поток наличных средств
11) ипотечные компании
12) страховые фирмы
13) предоставить заем
14) долгосрочная финансовая жизнеспособность
компании
15) возросшая прибыльность
16) уровень продаж
17) департамент, ведающий внутренними
налогами
18) акцизное управление
19) налог на добавочную стоимость
20) оценить работу экономики в целом
3. Find the words or phrases which mean the same as a) – g):
a) money that remains after you have paid all your business costs (2);
b) statements showing the financial position of an enterprise at a
given date (3);
c) persons or companies to whom money is owed i.e. those who have
supplied the enterprise with goods or services for which they have not as yet
been paid (4);
d) an amount of money that a person, business borrows, especially
from a bank (4);
e) an amount of money that you owe (4);
f) clear to almost anyone (5);
g) an amount of money you have to pay to the government that it uses
to provide public services (6).
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4. Can you guess who needs this kind of accounting information?
Compare your answers with another student:
Accounting information on Users
1) the income that is derived from their
shareholding
2) the ability of the firm to meet wage
demands and avoid redundancies
3) a firm’s ability to meet its financial
obligations
4) the amount of profits that are subject
to taxation
5) details of sales activity, profits, in-
vestments, stocks, dividends paid, profits absorbed by taxation
6) which decisions can be made
7) a firm’s ability to earn profits for
them in future
8) the efficient use and proper manage-
ment of their money
a) shareholders; b) managers; c) Central Statistical Office; d) employees; e) owners; f) creditors; g) the Inland Revenue; h) potential investors
5. Connectors
Connectors are words like and, so, but, because, which are used to
join, or connect different pieces of language together. They show the
relation between the speaker or writer said before and what they will
say next.
In the formal language (particularly in written texts) you will find
many connectors which are not common in everyday language. Learning to understand these words will help you to follow the arguments in
accounting texts.
Study section D containing underlined words functioning as connectors (e.g. although, therefore). Copy and complete the table below,
showing the meaning and use of each one.
Connectors: 1) although, 2) therefore, 3) thus, 4) however,
5) for.
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Connector Meaning Use
1) Although
2)
3)
4)
5)
In spite of the fact that
For that reason, consequently
Because, since
So, in this way, consequently
By contrast, on the
other hand
To show contrast between
facts
To give a logical consequence
To give a reason
To give a logical consequence
To show a contrast with
something that was said before
6. Choose the best connectors from the table above to complete
the following sentences.
1. All business organizations have one thing in common and that is
they must make money (they have to do many other things besides) but if
they do not make money then they can do nothing else – ________ they are
then out of business.
2. Every country which operates a market economy has passed legis-
lation to provide such a formal and regulated structure of accountability,
_________ the detail of the legislation varies from country to country.
3. Employees, customers, suppliers, finance providers and society all
have interests in the way in which the managers of a business use resources
entrusted to them and conduct its affairs. _______ , these interested parties
are regarded by society as having reasonable rights in, and claims against,
the enterprise, and also have corresponding rights to information about its
activities.
4. It is a feature of all societies that organizations and individuals
within them have particular roles and contributions to make towards their
society, and that they are provided with resources to enable them to perform
these roles and make these contributions. The possible roles, contributions
and resources involved are many and various. ____________ , a crucial
element of the overall process is that the organizations and individuals in
question must be accountable.
5. The owners of businesses invest their money and expect, in so
doing, to make more money. Owners, _________ have two distinct information requirements; they need to know:
• What profits are they earning?
• Is their money being used and properly managed?
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