- •What is economics Key Words and Phrases
- •Economic reforms in ukraine
- •Economic reforms in Ukraine
- •Exercises in word study
- •Economic development of great britain
- •Economic development of Great Britain
- •1. Translate into Ukrainian:
- •2. Find English equivalents in the text:
- •3. Fill in the blanks:
- •4. Say whether the following statements are true or false?
- •Management Read and memorize the following words and word combinations:
- •Management
- •Exercises in Word Study
- •Strategic Planning and Tactical Planning
- •Marketing
- •Marketing
- •Exercises in Word Study
- •Finance and their functions
- •What is Finance?
- •Exercises Word Study
- •Accouting
- •Exercises in Word Study
- •Auditing
- •Auditing
- •Exercises in word study:
- •Banking infrastructure in ukraine
- •Banking Infrastructure in Ukraine
- •Market economy
- •Market economy
- •Exercises in word study:
- •National economy
- •National economy
- •Exercises in word study:
- •The budget system of ukraine
- •The budget system of Ukraine
- •Exercises in word study
- •Railways in national economy
- •Railways in national economy
- •Exercise in word study:
- •My future speciality
- •My future speciality
- •1. Economics
- •2. Accounting and Finance
- •3. Banking
- •Exercises in word study
- •Питання для самоконтролю
- •Finances and their functions
- •Exercises Word Study
Exercises in Word Study
Ex.1. Study the following definitions:
Accounting system The methods used to record and
summarize accounting data into reports
Assets Economic resources owned by a firm,
such as land, buildings, machinery
Expenses Costs incurred in operating the business
such as rent, utilities, and salaries
Fundamental Assets = liabilities + owners' equity; it
accounting equation is the basis for the balance sheet
Gross margin(profit) Net sales minus cost of goods sold
Journals Recording devices used for the first re-
cording of all transactions
Ledger Recording device in which information
from accounting journals is categorized into homogeneous groups and posted so that managers can find all the information about one account in the same place
Liabilities Amounts owed by the organization to
others. Current liabilities are due in 1 year or less, long-term liabilities are not due within one year
Liquidity The ease with which an asset can be converted to cash
Net income Revenue minus expenses
Net sales Sales revenue minus discounts, returns,
and other adjustments made for customers
Owners' equity Assets minus liabilities
Private accountant Accountant who works for a single company
Public accountant Accountant who provides services for a fee to a number
companies; he can conduct independent audits
Revenue The value of what is received for goods
sold, services rendered, and other
Income statement Financial statement which reports revenues and expenses
over a specific period of time, showing the results of
operations during that period.
Trial balance Totaling all the debit balances and all
of the credit balances in the ledgers to be sure debits equal credits
Ex.2. Find the following words and phrases in the text. As you translate them, make up your own sentences using them and their equivalents (synonyms):
decision makers; to identify and communicate financial information; entity, to keep financial records; entries; double-entry system; to achieve smb's goals; to relate to; to be charged with; profitability and liquidity; to conduct; non-business organization; to deal with (smb) in (smth); non-reciprocating basis; valuation; filing system; fee; accounting equation; accrual; public accountant; CPA; accrued expenses (revenues); balance; chart of accounts; credit and debit.
Ex.3. Make up 5 or more sentences with:
to provide; to be provided for; to be provided in; to be provided by; provide with smth; provided
due; in due course; duly; overdue; to be due to
c) to relate; related; relative; relating to; relationship; relation; relevant
Model:
Debit your account to correct credit entries covering related drafts drawn in US dollars.
We posted this entry to the fixed assets account relative to your instructions contained in the attached letter.
On receipt of the relevant instructions we shall not fail to conduct negotiations. I'm pleased to demonstrate our wish to consolidate the valued relationship between two companies.
Ex.4. Match the terms on the left with the descriptions on the right:
Bookkeeping a. Function of accounting
Creditors
Measurement b. Often confused with accounting
Tax authorities
Computer c. User(s) of accounting information
Communication
Investors d. Organization that influences current practice-
Processing
Management e. Tool that facilitates the practice of accounting-
Ex.5. Tell whether each of the following words or phrases relates most closely to (a) a business transaction, (b) a separate entity, or (c )a money measure:
Partnership
Payment of an expense
Ukrainian hryvna
University
Sale of an asset
Bill of Exchange