- •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
Exercises
I. Give Ukrainian equivalents to the following phrases and translate the sentences in which they are used.
Actual dollar amount; adjustment for returns, allowances and discounts; merchandise inventory; to take advantage of purchase discounts; raw-materials inventories; work-in-process inventories; direct manufacturing costs; members of the sales force; pretax income; a sufficiently wide range of information; issue of shares or debentures; to arise from normally operating activity.
II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
Виключно від продажу товарів; трохи пошкоджений або забруднений товар; вчасно сплачувати рахунок; залишок; купляти для перепродажу; товари, що є в наявності; запаси сировини; витрати на рекламу та просування товарів; інші витрати; податок на прибуток; виплачувати дивіденди акціонерам; зробити повну оцінку діяльності фірми; виконувати фінансові зобов’язання; інвестиції, зроблені протягом звітного періоду; власний капітал; запозичення.
III Answer the following questions.
What is the purpose of a Profit and Loss account? What kind of information does this statement provide?
What is the composition of a Profit and Loss account?
What are the major classification of (a) revenues, (b) cost of goods sold, and (c) operating expenses?
Explain how a retailing firm would determine the cost of the goods it sold during an accounting period.
How does a firm determine its net income after taxes?
Do the balance sheet and the profit and loss account contain all the information you might want as a potential lender or stockholder? What other information would you like to have?
IV. Match the terms to their definitions.
1. Assets |
a) Any year connected with finance, such as a company’s accounting period or a year for which budgets are made up. This is not necessarily January to December. |
2. Profit and loss account |
b) A statement showing the inflows and outflows of cash and cash equivalents for a business over a financial period. |
3. Operating expenses and revenues |
c) A company’s good reputation with existing customers. |
4. Financial year |
d) The amounts owed by a business to suppliers (e.g. for raw materials). They are classed as current liabilities on the balance sheet. |
5. Balance sheet
|
e) An asset of a business intended for continuing use, such as equipment, machinery, buildings, land. |
6. Current assets |
f) The measure of the cost or revalued amount of the economic benefits of a tangible fixed asset that have been consumed during an accounting period. This includes the wearing out, using up, or other reduction in the useful economic life of a tangible fixed asset. |
7. Liabilities |
g) An asset that can neither be seen or touched. The most common of these are goodwill, and intellectual properties such as patents, trademarks and copyrights. |
8. Goodwill |
h) The amounts owing to a business from customers for invoiced amounts. They are classed as current assets on the balance sheet. |
9. Fixed assets |
i) The funds of an organization that have been provided by its owners, i.e. its total assets less its total liabilities. |
10. Accounts payable |
j) A statement of the total assets and liabilities of an organization at a particular date, usually the last day of the accounting period. |
11. Cash-flow statement |
k) A source of future economic benefits obtained or controlled as a result of past transactions or events. |
12. Intangible assets |
l) The costs and revenues incurred or generated by an organization in the normal course of business, excluding any extraordinary items. |
13. Owner’s equity |
m) A company’s debts to suppliers, lenders, the tax authorities. |
14. Accounts receivable |
n) Money in the bank, investments that can easily be turned into money, money that customers owe, stocks of goods that are going to be sold. |
15. Depreciation |
o) A statement of the profit (or loss) of an organization over a financial period. It explains what has happened since the previous balance sheet; the users of financial statements require information on the progress and future prospects of the company. |