- •Chapter I accounting as a career. The basic accounting concepts
- •Text a the field of accounting
- •Exercises
- •VII. Read the text and describe four major accounting job categories.
- •Internal auditors
- •Becoming an accountant
- •Text b accounting concepts
- •Exercises
- •I. Find in the text the words to complete the following phrases and use them in the sentences of your own to illustrate their meaning.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III. What do the following abbreviations mean? Check the answers in the article below.
- •International accounting
- •IV. The article in Ex. III mentions four basic principles of accounting. Match them to the definitions below.
- •V. Complete the following statements and explain your choice.
- •VI Answer the following questions.
- •VII. Translate into English.
- •VIII. Revise the information given in Unit 1 and test yourself. Discuss your choice with your partner.
- •IX. Summarize the following texts in 50 words.
- •Situations for discussion
- •Chapter II the accounting process
- •Text a starting an accounting system
- •Exercises
- •I. Find in the text Ukrainian equivalents to the following words and word combinations and translate the sentences in which they are used.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III. Task 1. Complete the text using the words and translate it into Ukrainian.
- •IV. Fill in the missing prepositions. Translate the passages into Ukrainian.
- •V. Complete the following words.
- •VI. Fill in the missing words (choose from the box). Translate the passage into Ukrainian.
- •VIII. Answer the following questions.
- •IX. Translate into English.
- •Text b double-entry bookkeeping system
- •Exercises
- •II. Test yourself.
- •IV. Summarize the text in 50 words
- •Situations for discussion
- •Chapter III financial statements
- •Text a the balance sheet
- •Intangible Assets
- •Exercises
- •I. Find in the text Ukrainian equivalents to the following words and word combinations and translate the sentences in which they are used.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III. Answer the following questions.
- •IV. What kind of assets is each of the following? Which three are not assets? Explain your choice.
- •V. Accountants use different terms to denote the same notions. Match these accounting terms with the definitions below and translate them into English.
- •Intangible assets
- •VI. Fill in the missing entries in the Balance Sheet below. Choose from the following.
- •In the company’s books:
- •VIII. Translate into English.
- •Text b the profit and loss account (the income statement) the cash-flow statement
- •Exercises
- •I. Give Ukrainian equivalents to the following phrases and translate the sentences in which they are used.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III Answer the following questions.
- •IV. Match the terms to their definitions.
- •V. Fill in the missing words in the sentences below. Choose from the box.
- •VI. Here is a letter from a firm of accountants to a client. Complete the letter by inserting the missing phrases. Choose from the box below.
- •VII Task 1. Insert the following words in the gaps in the text and translate it into Ukrainian.
- •VIII. Insert the following expressions in the gaps in the text and translate it into Ukrainian.
- •IX. Match up the following British and American terms.
- •X. Task 1. Read the text and say what the best way to make the meaning of a company’s ratios clear is.
- •XI. Match the ratios listed in the text with their main functions.
- •Figure 3-3. The general scheme of interrelation of the Chart of Accounts and basic forms of financial reporting
- •XIII. Translate into English.
- •XIV. Revise the information given in Chapter III and decide which of these statements are true or false. Discuss the answers with your partner.
- •Situations for discussion
- •I. Read what different people say about financial statements and fill in the gaps with the words which are given below.
- •II. Which do you think are the two or three most important financial ratios? Why? chapter IV auditing
- •Introduction to auditing
- •Exercises
- •I. Find in the text Ukrainian equivalents to the following words and word combinations and translate the sentences in which they are used.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III Answer the following questions.
- •IV. What does an auditor do? Look at the following activities and decide which ones are normally done internally or externally.
- •V. Read passages describing some important aspects of general technology of auditing and answer the following questions.
- •VI. Read and translate the text. Say what risks an auditor must consider and what each type of the risks involve.
- •VII. Task 1. Read the text and answer the questions: What is the role of evidence? How are different kinds of evidence classified?
- •Task 1. Number the following words or expressions given in the box with their underlined equivalents in the text and translate the text into Ukrainian.
- •IX. Translate into English.
- •Text b auditor’s report
- •Auditor’s report on financial statements
- •Unqualified Opinion report
- •Qualified Opinion report
- •Disclaimer of Opinion report
- •Exercises
- •I. Find in the text Ukrainian equivalents to the following words and word combinations and translate the sentences in which they are used.
- •II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
- •III. Answer the following questions.
- •IV. Fill in the missing prepositional phrases in the following sentences. Choose from the box.
- •V. Uncertainty Expression Terminology.
- •VI. Match the following terms (1-14) with the correct definition (a-n) on the right.
- •VII Read this example of an extract from an independent auditors’ report in the usa and answer the questions.
- •VIII. Translate into English.
- •IX. Summaries the text in about 50 words.
- •Situations for discussion
VI. Fill in the missing words (choose from the box). Translate the passage into Ukrainian.
-
credit; ledger accounts; total; debit; a trial balance; account balances; financial statements.
Before using the (1) … to prepare a balance sheet, it is desirable to prove that the (2) … of accounts with (3) … balances is in fact equal to the total of accounts with credit balances. This proof of the equality of debit and (4) … balances is called (5) …. To prepare a trial balance, the accountant determines and lists the balances for all (6) …. If the trial balance totals are correct, the accountant can proceed to the (7) …. If not, there is a mistake somewhere. The accountant must find and correct it before proceeding.
-
transaction; reporting; accounting cycle; accounting process; statements; recording.
The (1) … includes the entire field of analyzing, classifying, (2) …, summarizing, and (3) …. It includes the successive steps that constitute the (4) …. It starts with the first written record of the (5) … of the business unit and concludes with the final summarized financial (6) ….
VII. Task 1. All the words below can be combined with account, accounts or accounting, in a two-word partnership: e.g. bank account, accounts payable or tax accounting. Add the account, accounts or accounting to each of the words below and translate them into Ukrainian.
______ holder
______ methods
______ day
______ equation
______ payable
______ principles
______ period
______ procedures
______ receivable
______ standards
______ book
bank ______
current ______
deposit ______
cost ______
managerial ______
numbered ______
profit and loss ______
savings ______
tax ______.
Task 2. Now complete the following sentences using the expressions from task 1 and translate the completed sentences into Ukrainian.
Auditors are supposed to make sure that companies follow their stated ______.
Companies can choose from a variety of ______, but they are not allowed to change them too often.
Lots of money obtained in dubious or illegal ways is deposited in ______ in Swiss banks.
The basic ______ is Assets = Liabilities + Owners’ Capital.
The _____ at the London Stock Exchange usually lasts two weeks. It is followed by an ______ on which all bills must be settled.
The ______ is one of the three basic financial statements.
______ consist of money that is expected to be received. The contrary, ______ consist of money that is owed to other people.
The role of ______ is to provide figures and statements that will aid decision-making.
VIII. Answer the following questions.
Why do business owners and managers need accounting records?
What usually determines how a business accounting records are best kept?
Who may have equity in a business?
Keeping separate records for a business and for personal finances is an application of what accounting concept?
What are the two groups of equities?
How is the owner’s equity figured?
How is the accounting equation stated?
Assuming that a business will exist forever is an application of what accounting concept?
What is the relationship of the amounts on the left side and on the right side of the accounting equation?
What requirement is imposed by the double-entry system in the recording of any business transaction?
For each of the following accounts, state whether it is an asset, a liability, or owner’s equity: a) Office Equipment, b) John William’s Capital, c) Accounts Receivable, d) Accounts Payable, e) Cash, f) Notes Payable, g) Land.
List the following five items in a logical sequence to illustrate the flow of accounting information through the accounting system:
Information entered in journal
Preparation of a business document
Financial statements prepared from ledger
Occurrence of a business transaction
Debits and credits posted from journal to ledger
Compare and contrast a journal and a ledger.
Which step in the recording of transactions requires greater understanding of accounting principles: (a) the entering of transactions in the journal, or (b) the posting of entries to ledger accounts?
Using dollars and cents to record all financial information is an application of what accounting concept?
A transaction’s source document is dated September, 15. The entry is not recorded in a journal until September, 17. Which date is recorded in a journal entry?
What purposes are served by a trial balance?
List and describe the procedures in the accounting process. Why is each step necessary?