Part II Professional Activities of a Businessman My Future Speciality

I'm a student of the Economic Institute of Business and Man­agement. There are many departments¹ at our Institute: Economic Departments of Accounting², Finance³, Management⁴, of Foreign Relations⁵ and the Law Faculty⁶. I study at the Economic Depart­ment of Accounting. I'm a first year student. The students are trained to be specialists for different branches⁷ of our economy. I'm going to be an accountant⁸.

At the Institute we study many economic subjects⁹. Econom­ics¹⁰ is the science¹¹ which is based upon the facts of our everyday life. The science of economics is concerned¹² with all our material needs¹³ and wants¹⁴. Economists study the facts of the economy in which we live and try¹⁵ to explain¹⁶ how the system works.

¹ department - отдел, ведомство, министерство

² accounting - учет, от­четность

³ finance - финансы. до­ходы

⁴ management - уп­равление, заведование

⁵ foreign relations - зарубежные отношения

⁶ law faculty - юридичес­кий факультет

⁷ branch - отрасль

⁸ an accountant -бухгалтер

⁹ subject - предмет, дис­циплина

¹⁰ economic - экономи­ка, экономическая наука

¹¹ science - наука, умение

¹² concern - касаться, иметь отношение

¹³ need - надобность, необхо­димость, нужда

¹⁴ want - желание

¹⁵ try - пытаться, стараться

¹⁶ explain - объяснять, тол­ковать

Accounting is the process of recording', classifying² and sum­marizing³ economic events⁴ in a logical manner. The accounting process follows⁵ accounting principles and rules⁶. Regardless⁷ of the type⁸ of business or the amount⁹ of money involved¹⁰, common¹¹ procedures¹² for handling¹³ and presenting financial¹⁴ information are used¹⁵. Incoming¹⁶ money (revenues)¹⁷ and outgoing¹⁸ money (expenditures)¹⁹ are carefully²⁰ monitored²¹. Transactions²² are sum­marized²³ in financial statements²⁴ which reflect the major²⁵ finan­cial activities²⁶ of an organization. Two common financial state­ments are the balance sheet²⁷ and the income²⁸ statement. The balance sheet shows the financial position of a company at one point²⁹ in time. The income statement shows the financial perform­ance³⁰ of a company over a period of time. Financial statements

¹ record - записывать, ре­гистрировать

² classify - классифициро­вать

³ summarize - суммиро­вать, резюмировать, подводить итог

⁴ event - событие, исход, ре­зультат

⁵ follow - следовать, придер­живаться

⁶ rule - правило, принцип, нор­ма

⁷ regardless - не обращая внимания, не считаясь с, незави­симо от

⁸ type - тип. вид

⁹ amount - количество., сумма, итог

¹⁰ involve - включать, вов­лекать

¹¹ common - общий, обще­принятый, распространенный

¹² procedure - образ дей­ствия, процедура

¹³ handle - управлять, регу­лировать

¹⁴ financial - финансовый

¹⁵ use - употреблять, пользовать­ся, применять

¹⁶ incoming - приход, при­бытие, доходы

¹⁷ revenue - годовой доход, доходные статьи

¹⁸ outgoing - расход, издержки

¹⁹ expenditure - потреб­ление, трата, расход

²⁰ carefully - внимательно, аккуратно, с осторожностью

²¹ monitor - контролиро­вать, проверять

²² transaction - дело, сделка

²³ summarize - суммиро­вать, резюмировать, подводить итог

²⁴ statement - официаль­ный отчет, бюллетень

²⁵ major - больший, более важный, главный

²⁶ activity - деятельность, активность

²⁷ balance sheet - (фи­нансовый) баланс

²⁸ income - доход, приход, заработок

²⁹ point - точка, момент

³⁰ performance - испол­нение, выполнение, свершение

Allow¹ interested parties² to compare'' one organization to another and/or to compare accounting periods within one organization.

People who specialize in the field⁴ of accounting are known as accountants. If you are considering⁵ setting up⁶ your own⁷ business, an accountant is the best person to give you financial advice⁸. To run your business⁹ well you must know what money you have re­ceived¹⁰, how much money you have spent", and most important¹² of all how you spent it. It is the legal requirement¹³ that proper¹⁴ financial records¹⁵ are kept¹⁶ and the basic principle is to record every single¹⁷ transaction. One of the purposes¹⁸ is to ascertain¹⁹ whether²⁰ you have made a profit²¹ or loss²² during a given period. Profit could be described²³ as²⁴ the difference²⁵ between the value²⁶ of the business at the start of trading period²⁷ and the value of the business at the end of that period. So, the function of an accountant is to provide²⁸ quantitative²⁹ information that managers can use³⁰ to make decisions³¹.

¹ allow - позволять, разрешать, принимать во внимание, учитывать

² party - партия, сторона

³ compare - сравнивать, сличать

⁴ in the field - в области, сфере деятельности

⁵ consider - рассматривать, обсуждать, принимать во внима­ние, учитывать

⁶ set up- организовать, уч­редить

⁷ own - свой собственный

⁸ advice - совет, консультация

⁹ to run your business - руководить, управлять вашим бизнесом

¹⁰ receive - принимать, призна­вать правильным

¹¹ spend - тратить, расходо­вать

¹² most important - наиболее значительный, суще­ственный

¹³ requirement - требо­вание, необходимое условие

¹⁴ proper - правильный, дол­жный, надлежащий

¹⁵ record - запись, регистра­ция, официальный документ

¹⁶ keep- хранить, вести

¹⁷ single - один, единственный

¹⁸ purpose - намерение, цель, назначение, результат

¹⁹ ascertain - устанавли­вать, выяснять, удостоверяться

²⁰ whether - ли

²¹ profit - прибыль, доход, польза

²² loss - потеря, утрата, убыток

²³ describe - описывать, изображать, характеризовать

²⁴ as - как

²⁵ difference - разница, раз­личие

²⁶ value - ценность, стоимость

²⁷ trading period - время, срок торговли, торговый

период

²⁸ provide - снабжать, обес­печивать

²⁹ quantitative - количе­ственный

³⁰ use - употреблять, применять

³¹ decision - решение, опре­деление

To become a highly-specialized accountant one must be a dili­gent¹ student. When graduating² from the Institute we can work as governmental³ accountants at governmental agencies or bureaus. We can also work for private companies and individuals and pro­vide accounting services such as auditing⁴ and tax⁵ computation⁶.

TASKS

I. Read the words to the text Pay attention to their correct pronunciation and learn their Russian equivalents:

to be concerned with – иметь отношение к ...

regardless of – независимо от

amount - количество

performance - деятельность

records- записи

purpose- цель

common - общий

statement - документ

carefully – тщательно

ascertain - убедиться

loss- убыток

quantity- количество

II. Give Russian equivalents to the words «есопоту», «economic», «economics», «economist». Learn their correct pronunciation. Mind the stress.

III. Make a list of international words. Pay attention to their correct pronunciation and Russian equivalents.

IV. Give Russian equivalents to the word combinations:

in different branches of the economy; material needs and wants; in a logical manner; recording, classifying and summarizing economic events; financial statements; to handle and present financial informa­tion; to monitor revenues and expenditures; balance sheet; at one point of time; income statement; accounting period; to compare one organi­zation to another; to specialize in the field of accounting; to give finan­cial advice; to consider setting up one's own business; to receive (spend) money; to run one's business; legal requirement; to record every single transaction; to provide quantitative information; to make decisions; tax computation; to provide accounting services; to keep proper finan­cial records.

V. Answer the following questions to discuss the details of the text. Use the text for reference.

1. What specialists are trained at your Institute?

2. What's your future speciality?

3. Why do you want to become an accountant?

4. What major subjects do you study at the Institute?

5. What do you know about economics?

6. What do you know about accounting?

7. What principles does the accounting process follow?

8. What procedures are used in the accounting process?

9. Where are transactions summarized?

10. What are the main financial statements?

11. What's the role of an accountant in business?

12. Where can you work after graduating from the Institute?

VI. Read and retell the following text (without a dictionary).