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Unit V accounting

lesson 1

Text: The Field of Accounting

Grammar: Modal Verbs. Obligation and Necessity

Terms to remember:

record (v)

реєструвати; фіксувати

growth

зростання

decline

занепад

certified public accountant (AmE) /chartered accountant (BrE)

дипломований бухгалтер вищої кваліфікації; бухгалтер-ревізор

private accountant

приватний бухгалтер

handle (v)

мати справу з (чимось)

financial records

фінансова документація, фінансові звітні матеріали (документи)

government accountant

урядовий бухгалтер

monitor (v)

контролювати, перевіряти, спостерігати

receipt

одержання

layoff

звільнення (звич. під час скорочення виробництва), скорочення персоналу

work load

робоче навантаження

Remember the difference:

Accounting is a comprehensive information system for collecting, analyzing and communicating financial information.

Bookkeeping is just one phase of accounting – the day-to-day recording of accounting transactions.

The Field of Accounting

Accounting offers the qualified person an opportunity to move ahead quickly in today’s business world.

Accounting is a basic and vital element in every modern business. It records the growth or decline of the business.

The field of accounting is divided into three broad divisions: public, private and governmental.

A certified public accountant (CPA) – AmE or a chartered accountant – BrE must pass a series of examinations, after which he or she receives a certificate. The simple fact of having passed the certifying examination gives them an advantage over those who haven’t.

CPAs can offer their services to the public on an individual consultant basis for which they receive a fee. Some CPAs perform work for firms, corporations or government offices and receive a salary.

Private accountants, who are employees of individual businesses, handle the financial records of a business. They are responsible for preparing the financial statements and are salaried rather than paid a fee.

Government accountants are employed by governmental agencies. They are responsible for monitoring the receipt and payment of funds. All of these accountants work on a salary basis.

Salaried positions with business or government offer strong security, since salaried accountants are not affected by layoff or seasonal changes in the work load as are industrial or clerical workers.

Exercises in Word Study

Ex.1. Form nouns from the following verbs:

qualify, grow, divide, certify, examine, consult, employ.

Ex.2. Some words change their stress when they change their part of speech. Underline the stressed syllable in these words.

to employ

to record

to examine

to certify

to qualify

to govern

the employee

the record

the examination

the certificate

the qualification

governmental

Ex.3. Give the English for:

бухоблік; дуже важливий елемент в сучасному бізнесі; реєструвати зростання чи занепад бізнесу; дипломований бухгалтер вищої кваліфікації; отримати сертифікат; пропонувати послуги; отримувати гонорар; отримувати заробітну плату; мати справу з фінансовою документацією; готувати фінансовий звіт; одержання фондів; звільнення; зміни у робочому навантаженні.

Ex.4. Match words from list A with words from list B that have a similar meaning.

A

B

layoff

vital

growth

decline

perform

receive

salary

prepare

employ

advantage

benefit

hire

get ready

payment

obtain

accomplish

deterioration

expansion

essential

fire

Ex.5. Find suitable opposites to the following words and phrases:

decline; employer; employ; advantage; qualified; to fail an examination; to receive a fee; private accountants.

Ex.6. Match the nouns in the left-hand column with the words in the right-hand column. Translate the phrases into Ukrainian.

accounting

receipt

of funds

of goods

of a licence

of an order

of payment

of a credit

of competitive offer

of a consignment

statistical

business

chinese

financial

banking

cost

income

management

payroll

salary

Ex.7. Look at the words and phrases in the box. Match them with the correct definition from the list below.

  1. the recording, classifying, summarizing, and interpreting of those business activities that can be expressed in monetary terms;

  2. an accountant who has passed examinations required by the state licensing officials;

  3. the systematic recording of financial information;

  4. a specilized branch of accounting that deals with government agencies;

  5. a dismissal from employment, esp. temporary;

  6. financial documents or computer files on which information is stored;

  7. an amount of work to be done;

  8. the profession of or work done by an accountant;

  9. a period at the end of which the totals for the money coming into and money going out of a business are calculated.