- •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.
Disclaimer of opinion; legal entity; assurance service; to rely on auditor’s report; to improve public appearance; to be free of material misstatement; in layman’s terms; scope paragraph; opinion paragraph; explanatory paragraph; performance; introductory paragraph; to identify the responsibilities of the auditor and the auditee; single deviation from GAAP; not to conform with GAAP; limitation of scope; an adverse opinion; substantial doubt; to reject an auditee’s financial statements.
II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
Об’єкт аудиторської перевірки; незалежний зовнішній аудитор; залучати інвесторів; звіт незалежного аудитора; безумовно позитивна думка; пункт (в аудиторському висновку) із зазначенням масштабів проведеної аудиторської перевірки; умовно-позитивна думка; негативний висновок аудиторів; відмова про надання аудиторського висновку; значний масштаб обмежень.
III. Answer the following questions.
What is an auditor’s report? What is its purpose?
What information does standard auditor’s report contain?
What do all auditor’s reports have in common?
What are the main types of auditor’s reports?
When is Unqualified Opinion report issued? Why is it considered to be the best type of report? What parts does it consist of?
What is the distinction between Unqualified and Qualified opinion reports? In what situation Qualified Opinion report can be issued?
When is Adverse Opinion report issued?
In what circumstances can an auditor issue a Disclaimer of Opinion report?
Explain the difference between Adverse Opinion and Disclaimer of Opinion? What features do they have in common?
What type of opinion could be expressed when an auditor has significant limitations in obtaining enough/sufficient evidence on company performance?
If an auditor is not independent with respect to a client, what type of opinion must be issued? Why?
IV. Fill in the missing prepositional phrases in the following sentences. Choose from the box.
-
Agree with; blame for; caused by; difference between; in line with; insist on; reason for; refer to; responsible for; suspicious of.
The auditor discovered that there was ________ the cash book and the bank balance.
If the entries in the accounts are not clear, he can ____________ the original invoices.
You must _____________ an official signature on all large orders.
The auditor must check that the records are _____________ the company requirements.
The auditor must ask the ______________ any large discounts or allowances.
The auditor is ___________ checking the reason for any changes in the accounts.
The authorities will __________ the auditor _____________ any mistake in the accounts.
The auditor must check the purchase invoices __________ the entries in the Purchases Journal.
The auditor should be ___________ any short cut methods of correcting errors.
Mistakes may be _____________ the wrong step used in the original accounting process.