IV. Find the English equivalents for :

обычно, включать, отчетный период, бухгалтерский баланс, влияние

(воздействие), получать, предприятие, приобретать (покупать)

(impact, obtain, balance sheet, conventionally, enterprise, include, acquire, accounting

period)

V. Answer the questions to the text:

1. What does the classification of financial accounting transactions reflect?

2. How is the analysis of the profitability of business normally done?

3. What is the focus of the second major interest in financial accounting ?

UNIT 7

I. Read and translate the text using the dictionary: accounting and bookkeeping

Accounting is the process of identifying, measuring, recording, communicating and interpreting financial activity. Many people think of accounting as a highly technical field which can be used only by professional accountants. Actually, nearly everyone practices accounting in one form or another on an almost daily basis.

Persons with little knowledge of accounting may also fail to understand the difference between accounting and bookkeeping. Bookkeeping means the recording of transactions, the record-making phase of accounting. The recording of transactions tends to be mechanical and repetitive; it is only a small part of the field of accounting and probably the simplest part. Accounting includes the design of accounting systems, preparation of financial statements, audits, cost studies, development of forecasts, income tax work, computer applications to accounting processes, and the analysis and interpretation of accounting information as an aid to making business decisions. A person might become a reasonably proficient bookkeeper in a few weeks or months; however, to become a professional accountant requires several years of study and experience.

Revision test

Vocabulary

II. Choose the most suitable word or phrase:

1.Major ………………………companies have traditionally volunteered their time to public service accounts.

a) advertisement b) advertise c) advertising

2. It is risky to …………………… for huge profits.

a) speculators b) speculate c) speculation

3.The last ……………………. has made a bid.

a) contract b) contractor c) contraction

4. Losses have forced the company to …………….. 500 of its workers.

a) lose out b) lay off c) take away

5. When his computer company was declared bankrupt, all its fixed …………… were claimed by its creditors.

a) liabilities b) assets c) loans

III. Match words from list A with words from list B that have a similar meaning:

A.	B.
current assets	expenditure
output	possess
change	alter
remain	production
produce	short-term liabilities
long-term liabilities	deferred liabilities
current liabilities	manufacture
fixed assets	stay
own	capital assets
expenses	circulating assets