- •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. Find in the text Ukrainian equivalents to the following words and word combinations and translate the sentences in which they are used.
Extend commercial credit; conflict of interest; objective intermediaries; lending of credibility; attestation; capital markets; internal auditors; external auditors; haphazard; evidence; assertions about economic actions and events; audit engagement; general truth and fairness; to disclaim an opinion; method of approaching and solving an audit problem; evidence collection; evidence evaluation; make a justifiable decision; the actual occurrence of events; the proper accounting treatment for reporting purposes; to violate the contract terms; consequently; omniscient.
II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
Купувати та продавати цінні папери; вимагати достовірну інформацію; аудиторські послуги; наслідки широкої різноманітності економічних рішень; аудитори внутрішньої податкової служби (США); знайомство з аудитом; оцінювання аудиторських свідчень; з’ясовувати ступінь відповідності; структурний підхід щодо прийняття рішень; зрештою; головне завдання фінансового аудиту; незалежний аудитор; у відповідності з загальноприйнятими бухгалтерськими принципами; розпізнавання проблеми.
III Answer the following questions.
What caused the demand for audit services?
Why is information provided by auditors so important for financial decision makers?
How do you understand the terms “attest’ and “attest function”?
What is the American Accounting Association definition of audit? What main ideas does this definition contain?
What is the main objective of audit?
What is the essence of the practical audit method?
What steps does the practical audit method involve? Give brief description of each step.
IV. What does an auditor do? Look at the following activities and decide which ones are normally done internally or externally.
An auditor …
spends time getting to know the business as well as the environment and the industry in which it operates;
analyses the internal business and financial control system used to make and record transactions;
gather evidence on the financial control systems and the figures in the financial statements;
gives advice on the business methods and transactions of the company;
examines financial statements to determine whether they conform to generally accepted accounting principles;
prepares the financial statements in accordance with the generally accepted accounting principles of the country where the enterprise operates;
examines the management report and determines whether it conforms to the financial statements;
guarantees the correctness of the figures presented in the accounts;
provides consulting services;
presents a written report to the management of the company, describing whether the accounting records, financial statements and management reports conform to legal requirements;
maintains confidentiality and independence.