The Field of Accountin - Латигіна - 2013

The Field of Accounting

1, Accounting is a comprehensive information system for collecting, analyzing and communicating financial information,

2, Bookkeeping is just one phase of accounting – the day-to-day recording of accounting transactions,

3, Accounting is a basic and vital element in every modern business,

4, It records the growth or decline of the business,

5, The field of accounting is divided into three broad divisions: public, private and governmental,

6, A certified public accountant (CPA) – must pass a series of examinations, after which he or she receives a certificate,

7, Private accountants, who are employees of individual businesses, handle the financial records of a business,

8, Government accountants are employed by governmental agencies,

9, They are responsible for monitoring the receipt and payment of funds, All of these accountants work on a salary basis,

10, The accounting profession will always attract people who enjoy numerical organization,

Budgeting

1, A financial plan, showing how much money a person or organization expects to earn and spend is called a budget, All companies have to budget for, or plan, their costs and have a budget,

2, The success of the budgeting process depends on the cooperation of all employees,

3, Budget (of a business) is the financial operating plan for an organization for a fixed period, The budget shows what income is anticipated and how the resources will be used during the budget period, It is a forecast used by a business to plan and control,

4, The accounting period for the budget is usually either the calendar year or the fiscal year,

5, As the business year progresses, management can use the budget as a control device that permits monitoring of the company’s operations,

Pronunciation of words

Bookkeeping

comprehensive

financial

4

Private

she

8

9

cooperation

organization

receipt

called

always

during