- •Contents
- •Передмова
- •Financial system
- •Finance and financial system
- •II. Vocabulary exercises
- •Revenue sources and revenue-sharing arrangements in Ukraine:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs:
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •A) Supply the prepositions where necessary.
- •Budgetary policy
- •2. Read the text and name the facts from the text which are new to you: Treasury
- •3.Read the text and say what you know about the budget process in Ukraine:
- •III. Match what statements are true and what are false. Results write to the table:
- •Fiscal management
- •Financial policy. Fiscal sphere
- •A. Dialogue
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •2.Express your attitude to the following:
- •3.Prepare a short talk on the following:
- •A) Supply the articles where necessary.
- •Financial Policy
- •A) Supply the articles where necessary.
- •Fiscal Policy in the uk
- •A) Fill each gap with a suitable word from the box.
- •A) Read and discuss the texts.
- •Write down five questions about each text.
- •A) Read and discuss the texts.
- •Say what you know about the use of multiyear budgeting and budget classification in Ukraine. Types of Budget Classification
- •A) Read the article quickly and underline the parts about the challenge the transition economies face and the constraints affecting the ability of the governments to meet the challenge.
- •I. Fill in each space with the appropriate words from a, b or c:
- •Taxation
- •What are taxes?
- •Column a
- •Tax system in Ukraine
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Taxation in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •B. Communicative situations
- •4. Make a short essay on the following:
- •A) Supply the articles where necessary.
- •A) Supply prepositions where necessary.
- •What Is an Excise Duty?
- •Open the brackets putting the verbs in the correct form: Tax Reform in Developing Countries
- •Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system. Tax System Design
- •I. Mark the correct answers on the following questions:
- •II.Fill the tables:
- •III. Match what statements are true and what are false. Results write to the table:
- •Central banking system
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Banking system in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •Credit Policy
- •A) Supply the prepositions where necessary.
- •3.A) Open the brackets, putting the verbs in the correct form.
- •The Bank of England
- •Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.
- •Us Activities of Foreign Banking Organizations
- •A) Read and discuss the text.
- •Is Monetary Policy Needed?
- •A) Read and discuss the text.
- •Payment Systems
- •I. For each word or sentence choose the correct definition:
- •II.Match what statements are true and what are false. Results write to the table:
- •Banking system
- •Commercial banks
- •6To transact stock and share business – укладати угоди із цінними паперами
- •Column b
- •A. Dialogue
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •Make a short essay on the following:
- •1. A) Supply the articles where necessary.
- •2. A) Supply the articles where necessary.
- •Bank Accounts
- •3.A) Supply the prepositions where necessary.
- •The Nature of Banking
- •4. A) Open the brackets putting the verbs in the correct form.
- •5.Look through the text and name the facts which are new to you.
- •Choose the word which best completes each sentence:
- •II.Match what statements are true and what are false. Results write to the table:
- •International monetary system
- •International monetary institutions
- •A. Dialogue
- •Imf’s support for ukrainian reforms
- •1. Read and translate the dialogue in pairs:
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Make up a dialogue on the following:
- •B. Communicative situations
- •A) Supply the articles where necessary.
- •International Monetary Fund
- •2.A) Supply the prepositions where necessary.
- •Your Partner ebrd
- •3. A) Fill each gap with a suitable word from the box.
- •Imbalances pur World Bank – International Bank for Reconstruction and Development (ibrd)
- •Match what statements are true and what are false. Results write to the table:
- •II. Fill the tables:
- •Foreign exchange market. Global financial markets
- •Trading in the foreign exchange market
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: cornerstone of the global financial market
- •Vocabulary
- •2.Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •Global Financial Markets
- •2. A) Fill each gap with a suitable word from the box.
- •The Eurocurrency Market
- •3.Read the text quickly to find the types of most widely used swaps: Foreign Exchange Swaps
- •4. Read the text quickly to find answers to the following questions:
- •Foreign Exchange Options
- •Choose the correct answer:
- •Match what statements are true and what are false. Results write to the table:
- •Financial markets. The stock market
- •Stock markets
- •A. Dialogue
- •The corporate securities market in ukraine
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out.
- •B. Communicative situations
- •2.A) Supply the prepositions where necessary.
- •Equity Market
- •3.A) Open the brackets putting the verbs in the correct form.
- •4. A) Fill each gap with a suitable word from the box below.
- •The New York Stock Exchange
- •5. A) Read the text below quickly and name organizations involved in the issues.
- •The New Issue Market
- •I. Choose the correct answer:
- •II.Match what statements are true and what are false. Results write to the table:
- •III.Fill the tables:
- •Financial markets. The bond market
- •Trading in the bond market
- •A. Dialogue
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •You have an exam. The question is: “What is the difference between debt and equity market?”
- •Prepare a short talk on the following:
- •1. A) Supply the articles where necessary.
- •The Eurobond Market
- •2. A) Supply the prepositions where necessary.
- •3. A) Read the text.
- •4. A) Look through the text below to say what types of securities are described in it.
- •Us Government Securities
- •I.Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •III. Fill the tables:
- •Financial management
- •Financial function
- •Financial ratios
- •A. Dialogue
- •Ratio analysis
- •Vocabulary list:
- •Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •A) Read the text.
- •Corporate Governance
- •3. Read the text and say how investment risks can be reduced:
- •Investment Management
- •4. A) Supply the prepositions where necessary.
- •Financial Capital
- •5. A) Fill each gap with a suitable word from the box.
- •I. For each word or sentence choose the correct definition:
- •II. Match what statements are true and what are false. Results write to the table:
- •Accounting
- •Accounting principles and concepts
- •Book-keeping:
- •The double-entry bookkeeping:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: accountancy in a free-market economy
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Speak about the work of public accountants, private accountants, and accountants who work for units of the government and non-for-profit firms. B. Communicative situations
- •1. A) Supply the prepositions where necessary.
- •2. A) Read the text and single out the main facts and present them in a short review.
- •Read the text that follows to find the answers to the following questions:
- •Financial Statements And Their Elements
- •Balance sheet
- •Liabilities
- •Revenues
- •Expenses
- •Gains and losses
- •Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •Auditing
- •Performing an audit
- •Audit strategy:
- •Audit risk:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: auditing in ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up dialogues on the following:
- •B. Communicative situations
- •Discuss with your friends:
- •1. A) Read the texts and do the tasks that follow.
- •2.A) Supply the prepositions where necessary.
- •Auditors’ Report
- •3.A) Open the brackets putting the verbs in the correct form.
- •Misuse of Public Funds
- •4.A) Supply the articles where necessary.
- •Fill in each space with the appropriate words from a, b or c:
- •II. Which is correct:
- •III. Match what statements are true and what are false. Results write to the table:
- •IV. Fill the tables:
- •Glossary
- •Phraseology of reports and speeches coherent and generalization phrases
- •Phrases that are used in admission expressions
- •Nouns: common and possessive case
- •Count and noncount nouns
- •Some common noncount nouns
- •Using nouns as modifiers
- •The indefenite aricle
- •The definite article
- •No article
- •Personal pronouns
- •Possessive pronouns
- •Reflexive pronouns
- •Indefinite pronouns
- •Quantitive pronouns
- •Demonstrative pronouns
- •Degrees of comparison of adectives and adverbs
- •Numerals
- •The functions of the verb «to be»
- •The functions of the verb «to have»
- •The functions of the verb «to do»
- •General questions
- •Tag questions
- •Question words when
- •More questions with how
- •Modal verbs can; could to be able to
- •May; might
- •Must; be to; have to; have got to
- •Should; ought to
- •Will; would
- •Indefinite pronoun «one»
- •The pronouns «both, either and neither»
- •Senquence of tenses
- •The infinitive
- •The prepositional infinitive complex
- •The objective infinitivecomplex
- •The subjective infinitive complex
- •The participle
- •Complexes with the participle the objective participle complex
- •The subjective participle complex
- •The gerund. Forms and functions
- •The gerundal complex
- •Conditional sentenses
- •Irregular verbs
- •Reference list
Accounting principles and concepts
The accounting system in any given country is one of the key elements of the economic system. It is determined to a significant extent by the level and direction of the economic system’s development.
The most important theoretical concept of the Anglo-American accounting may be summed up as follows: the subject of accounting is the calculation of the financial results of an economic entity’s business activity.
Accounting is used to describe the transactions entered into by all kinds of organizations.
Accounting can be divided into three phase: capture, processing and communication of financial information.
The first phase, the process of capturing financial information and recording it, is called book-keeping. Accounting, in the true sense of the word1, extends far beyond the actual making of records. It includes their analysis and interpretation, it shows the relationship between the financial results and events which have created them.
Accounting can show the managers or owners of a business whether or not the business is operating at a profit, whether or not the business will be able to meet its commitments as they fall due.
Accounting is based on the accounting equation, which states that a firm’s assets must equal its liabilities plus its owners’ equity.
Assets and liabilities, profits or losses are listed in financial statements. The two main types of financial statements are the balance sheet and the income statement (profit and loss account).
The balance sheet lists a firm’s assets, liabilities and owner’s equity at a point of time2.
Changes in the balance sheet are made according to the principle of double-entry bookkeeping. This principle made its appearance in the 13th century in the Northern Italy. It was improved and disseminated at the end of the 14th century by the work of Luca Pacioli, a monk and university teacher. This principle states each transaction must be recorded on the balance sheet as two separate entries so that the accounting equation will hold at all times3, the totals of each side will always equal one another, and that this will always be true no matter how many transactions are entered into.
Balance sheets are drawn up periodically: monthly, quarterly, half-yearly, annually.
There is an account for every asset, every liability and capital. Accounts can be prepared either on a cash or accrual basis. Each account should be shown on a separate page.
The double entry system divides each page into two halves. The left-hand side is called the debit side, while the right-hand side is called the credit side.
The balance sheet shows a lot of useful financial information, but it does not show everything. A firm’s sales, costs, and profits for a given period are shown in an income statement.
NOTES:
in the true sense of the word – в правдивому значенні слова
2 at a point of time – у визначений період часу
3 ... will hold at all times – ... залишається завжди справедливим
VOCABULARY LIST:
accounting – бухгалтерський облік
to a significant extent – в значній мірі
phase – стадія, фаза
capture – отримання (інформації)
processing – обробка (інформації)
communication – передача (інформації)
recording – запис (інформації)
book-keeping – рахівництво, бухгалтерія
record – запис, записувати, відображувати у звітності
at a profit – з прибутком
to meet one’s commitments – виконувати зобов’язання
to fall due – наступати (про зобов’язання); підлягати виплаті, підлягати до виконання
accounting equation – бухгалтерська рівність
assets – активи
equal – рівнятися, бути рівним
liabilities – пасиви, зобов’язання
owners’ equity – власний (акціонерний) капітал компанії
financial statements – фінансова звітність
balance sheet – балансовий звіт, баланс
income statement – фінансові результати
profit and loss account – підрахунок прибутків та витрат
double-entry bookkeeping – бухгалтерський облік методом подвійного запису
entry – запис
account – підрахунок, лічба
cash basis – метод запису прибутків та витрат на рахунках лише при їхньому надходженні та виплаті; касова база
accrual basis – метод нарахувань при врахуванні прибутків та витрат на рахунках; запис прибутків та витрат у момент завершення операції
debit side – ліва сторона балансу, дебет рахунку
credit side – права сторона балансу, кредит рахунку
II. VOCABULARY EXERCISES
E
активи;
дебет;
кредит;
запис;
з прибутком
балансовий звіт;
бухгалтерія;
бухгалтерський облік;
бухгалтерська рівність;
фінансова звітність;
звіт про фінансові результати
credit;
assets;
accounting;
book-keeping;
record;
at a profit;
debit;
balance sheet;
accounting equation;
financial statements;
income statement
Ex.2. Find English equivalents for the following Ukrainian phrases:
ключовий елемент економічної системи; фінансові результати господарської діяльності господарюючого суб’єкта; угоди, які укладають різноманітні організації; отримання, обробка та передача інформації; відображення інформації у фінансовій звітності; працювати з прибутком; виконувати свої зобов’язання; бухгалтерська рівність; активи повинні бути рівними пасивам; в балансі відображаються ...; облік за принципом подвійного запису; відображати у балансі, складати баланс; облік прибутків та збитків.
Ex.3. Fill in the blanks with prepositions, pronouns or conjunctions:
The accounting system … any given country is one … the key elements … the economic system.
The system is determined … a significant extent … the level and direction … the economic system’s development.
The subject … accounting is the calculation … the financial results … an economic entity’s … business activity.
Accounting includes analysis … interpretation … records, it shows the relationship … the financial results … events … have created them.
Accounting can show the managers … owners … a business whether … not the business is operating … a profit, whether … not the business will be able … meet its commitments … they fall due.
Accounting is based … the accounting equation, … states … a firm’s assets must equal its liabilities plus its owners’ equity.
Assets … liabilities, profits … losses are listed … financial statements.
Changes … the balance sheet are made according … the principle … double-entry bookkeeping.
The balance sheet shows a lot … useful financial information, … it does not show everything.
Ex.4. Fill in the blanks below with the appropriate terms from the list:
account; asset; profit; equation; balance sheet;
capture; book-keeping; transactions; communication
Accounting is used to describe the _________entered into by all kinds of organizations.
Accounting can be divided into three phase: _________, processing and _________of financial information.
The process of capturing financial information and recording it, is called__________.
Accounting can show the managers or owners of a business whether or not the business is operating at_________.
Accounting _________states that a firm’s ________must equal its liabilities plus its owners’ equity.
Changes in the _________are made according to the principle of double-entry bookkeeping.
_________can be prepared either on a cash or accrual basis.
Ex.5. Complete the following sentences:
The accounting system is determined to … by … .
The subject of accounting is … .
Accounting is used … .
Accounting can be divided into … phase: … .
The first phase of the accounting is … and it is called … .
Accounting includes analysis and interpretation of … .
Accounting is based on … .
The two main types of financial statements are … .
The balance sheet … at a point of time.
Changes in the balance sheet are made according … .
The balance sheet shows …, but it … .
A firm’s sales, costs and profits … .
Ex.6. Answer the following questions:
What role does an accounting system play in an economy?
What is accounting used to?
Into what phases is accounting broken down?
What is bookkeeping?
How managers or businessman use accounting?
What is an accounting equation?
What is the most widely practiced principle of bookkeeping?
What are the main types of financial statements?
What does the balance sheet list?
What is shown in the income statement?
Ex.7. Translate into English:
Система бухгалтерського обліку є одним з головних елементів економічної системи кожної країни.
Бухгалтерський облік використовується для відображення усіх операцій, що проводяться на усіх видах підприємств.
Бухгалтерський облік складається з трьох етапів: отримання, обробка та передачі інформації.
Бухгалтерські обрахунки показують менеджерам та власникам підприємства, чи приносить бізнес очікуваний прибуток.
Балансовий звіт відображає активи, пасиви та акціонерний капітал компанії у визначений період часу.
Метод подвійного запису передбачає поділ кожної сторінки балансу на дві частини: ліва частина є дебетом рахунку, а права є кредитом рахунку.
Балансовий звіт відображає багато корисної інформації, але він не пояснює усього.
Обсяги продажу, витрати та доходи компанії за певний період відображаються у звіті про фінансові результати.
Ex.8. Match each term in Column A with its definition in Column B:
Column A
bookkeeping;
balance sheet;
debit;
credit
accounts;
accountant;
Column B
a document that shows the total of money received and money paid
out by a company and the difference between them;
a sum of money gained by a business, shown on the right-hand side
of a list of accounts;
professionally trained person whose job is to keep and check the
financial records of an organization;
a sum of money paid or owed by a business, shown on the left-hand
side of a list of accounts;
a set of accounting records for a business over a particular
period, showing the total amount of profit made;
the recording of all money received into and paid out of a company
in a book or on a computer file.
Ex 9. Write several paragraphs on the following using given words and word combinations:
the accounting system:
key element; economic system; to be determined; extent; level; direction; development.