Vocabulary exercises

Ex.1. Translate groups of derivatives:

employ - employer- employee - employement - unemployement - self-employed

to utilise - utilisation - utilities - utilitarian

efficient - inefficient - efficiency

profit - nonprofit - profitable - profitability - profiteer

account - accountant - accountability - accountable - accountancy - accounting

advertise - advertisment - advertising - advertiser - ad

finance - financial - financing - financier

to calculate - calculable - calculated - calculation - calculator

Ex.2. Match the words in list A with their synonyms in list B:

A

like

frequently

to employ

to determine

iargerly

executive

to start

careful (accurate)

to profit

propmtly

often

administrative

proper

to utilise

to bring adequate return

to define

to launch

completely

similar

increasingly

An official examination, the audit, is made of the accounts of a business; this is usually done once a year. Independent auditors examine all the company's accounts for the previous year; this is known, colloquially, as «checking the books».

The auditors attempt to reconcile all the bank statements, checking them against the receipts and invoices. They check all the company's stocks; if the value of any of them has decreased during this year ( many items depreciate

Ex.3. Match the words with their antonyms: full-time regularly corporation top

growth

to be salaried frequently

to be paid a fee

decline

seldom

part-time

individuals

on a part-time basis

bottom

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,

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audit assets accounting bookkeeping fiscal

certified public accountant chartered accountant controller

comptroller management managerial

organisation chart salary salaried

1. The sets up a complete system for recording and analyzing the

financial affairs of an organization, whereas the enters figures for financial

transactions in the company's records.

2, CPA is an abbreviation for for CPA is

3. Another term for financial is

4. A graphic layout that shows the rank and order of position in a company

is its

5. establishes policies and directs the operations of an organization.

6. A review of the financial records of an organization by an accountant is called an _ .

7. __ accountants specialize in determining the price for each item ^tflat is manufactured or sold by a business.

are things of value that are owned by a company.

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т

to be performed ...

to have smb.... the staff

to work ... salary basis

to be responsible...

to be close ...

to be concerned...

solution... the problem

Ex.5. Give Russian equivalent to the following expressions:

to perform audit, to practice accounting, to have a background in accounting, to perform the routine work, to set up a bookkeeping system, to interpretthe data, to record figures in the books, to acquire sufficient experience, the expert experience of accountant, accounting expertise, sophisticated duties of accountant

Ex.6. Match English terms denoting доход, прибыль, выручка, приход, денежные поступления with the following definitions:

earnings gain(s)

income proceeds

receipts return (s)

revenue yield

1. most general term for money we receive for our work, investments, etc.

2. profit from a transaction.

3. income, especially the total annual income of the state from taxes

4. money earned

5. increase in wealth, profit

6. money received by a business

7. money obtained by selling something

8. income received from holding securities, esp.bonds

Comprehension and discussion

I. Answer the following questions:

1. What does the term accounting refer to? What other term is used as an alternative? What is a person called who specializes in the field?

2. What does bookkeeping refer to?

3. What are the differences between the duties of a bookkeeper and those of an accountant?

4. What is a certified public accountant? What abbreviation is commonly used? What is the British equivalent?

5. What does the word fiscal refer to? :

6. What is cash flow?

7. What is the purpose of an organization chart?

8. What is a controller or comptroller? How is each word pronounqed?

9. What is an audit? Who performs it?

10. What are the assets of an organization? What is goodwill?

11. What areas does a governmental and institutional accountant deal with? kind of matters may be involved?

12. What does cost accounting deal with?

13. What does managerial accounting deal with? .-, . -• •:-,. . .;!

II. Fill in the spaces in the following sentences with the appropriate word or phrase from the box. ___________

Ex.4. Use the proper preposition;

with /to/for/ ahead /on/ into I of/ at

to move... to advance ... to rely... to cope ... to consist... to be familiar to be divided

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9. The chief accounting officer of an organization is usually called the __orthe_ _.

11. Private and government accountants usually work on a __ _ basis.

12. accountants specialize in the preparation of reports, such as

budgets or cash-flow projections, that are particularly necessary for the management of a company.

III. Look through the text and fill in boxes with the appropriate words and expressions characterising the functions of

Topical vocabulary

direct sale

licensing agreement

licensing

countertrade

counterpurchase

buyback

to commit oneself

middleman

tender

merchandise

market fluctuations

warehouse

agent

agency

Text A

accountant

controller

bookkeeper

{1} to measure company's performance

2. to be responsible for maintaining the records of the company

3. to analyse business transaction

4. to cope with the complex problems of taxes

5. to be in charge of protection of the firm's assets

6. to keep the books of accounts

4. List some specific jobs that involve bookkeeping skills. What are those skills? What duties are involved in such jobs ?

5. What are some of the qualifications, both technical and personal, that you- believe an accountant must have in order to achieve success in his or her field? How do these relate to the duties that are involved in accounting?

6. What do you consider to be the advantages and disadvantages of a career in\ accounting?

Units FOREIGN TRADE

- продажа, сбыт, торговля, торговая сделка; распродажа по сниженным ценам

• прямая продажа -лицензионное соглашение

• предоставление лицензий

• встречная торговля, товарообменные операции

• встречные закупки

• торговля на компенсационной основе; обратная покупка: форма долгосрочной товарооборотной операции, при которой поставки машин и оборудования оплачиваются произведенной с их помощью продукцией

• принимать на себя обязательства

• посредник

• торги, тендер (предложение, аукцион)

• товар, товары (обычно потребительские)

• коньюнктура рынка

• склад (товарный)

• комиссионер, агент по продаже

• представительство

Patterns of foreign trade

• Foreign firms can participate in Russian market through direct sales, trade through agents, through the signing of licensing agreements and the creation of Joint ventures.

Pirect sales. The most common means of doing business with Russia is through straight sales of foreign goods in exchange for foreign currency or Russian-produced commodities (countertrade). In a countertrade transaction

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the Seller agrees to take full or partial payment in goods. Countertrade covers! barter, counterpurchase and buyback.

A barter deal involves an exchange of goods to an equal value. As a rule little or no currency is involved.

Counterpurchase refers to short and medium-term transaction. Thej Western Seller commits himself to purchase an agreed value of the Buyer's products to help finance the original sale. The counterpurchase element of 9 contract may be about 10 per cent of the total contract value.

Buyback refers to long-term contracts and is connected with the development projects supported with huge credits. Buyback involves two phases, one for the delivery of equipment to the Buyer and a second - for the delivery pf the end product to the Seller.

• Foreign trade may be carried on indirectly between foreign firms and Russian enterprises through middlemen:

1. through associations and firms of the Ministry of Foreign Economic Relations;

2. through foreign agency firms and

3. through joint Russian-foreign companies abroad.

Apart from this it may be carried on at Commodity Exchanges, at auctions, fairs and by tenders.

Manufacturing enterprises have the right to sign contracts wi'h foreign companies direct through their import-export departments or they rit^y choose to deal in their goods through intermediaries. It often depends on (He kind of merchandise available. They may deal in raw materials, such @& oil, ores and some foodstuffs and consumer goods as well as carry out all kinds of«:<(instruction work (joint ventures at home and turn-key* factories and works abroad).

Some enterprises and factories team up* with reseach centres to form a consortium. Their final objective is to sell the equipment produced in a package deal.

• When new markets are to be gained, it may be advantageous to use the services of foreign agents who have a long experience of trading and know the markets of their countries better.

The manufacturing works may set up joint-stock companies in foreign countries and deal in their goods through them. The advantages of this method of trade are the following:

1. They know the market and market fluctuations better.

2. They have their own warehouses in their countries,

3. They may always have the goods and spare parts In stock.

4. They often have facilities to process the goods additionally if nucessary, to sort them out and pack.

5. They have a wide well-established* marketing network.

turn-key -сгроящие(ся) «под ключ» team up - объединяться с кем-либо _well-established - хорошо налаженная