Discussion of the text.

1. Speak about the financial resources of the business and the ways they are used.

2. Speak about the role of banks in business financing.

3. Speak about the main documents concerning the financial information on business.

UNIT 8 ACCOUNTING

Exercise 1. Read and learn the following words and word combinations.

account - рахунок; pl.-звітність; бухгалтерські рахунки;

accounts receivable - рахунки дебіторів;

accountant - кваліфікований бухгалтер;

certified public accountant (CPA - A.E.), chartered accountant (C.A. – B.E.) – дипломований бухгалтер вищої кваліфікації, аудитор

accounting – облік; бухгалтерський облік; офіційна звітність;

bookkeeping - бухгалтерія; бух.облік (від book-бухгалтерська книга);

bookkeeper - рахівник; бухгалтер;

entry - запис (від to enter- вписувати; заносити до запису);

financial entry - фінансовий запис;

double entry - подвійний запис;

ledger - бухгалтерська книга; бухгалтерський реєстр; головна книга;

to post - робити проводку; заносити в бухгалтерську книгу;

розносити рахунки;

assets - активи; opp. liabilities - пасиви;

fixed assets - основний капітал; основні засоби;

current assets – поточні активи;

to owe – бути винним, заборгувати;

owner’s equity – статутний капітал; власний акціонерний капітал;

gross income – валовий прибуток; syn. profit before taxes;

expenses – витрати;

travelling and entertainment expenses -витрати на подорожі та розваги;

at someone’s disposal – у чиємусь розпорядженні;

audit – аудит, перевірка.

Exercise 2. Read and translate the text:

Accounting

Accounting is recording, classifying, summarizing and interpreting financial transactions to provide management and other interested parties with information they need to make correct financial decisions. Accounting process consists of two parts: bookkeeping, that is, mechanical process of recording, classifying and posting financial entries into the ledger, and accounting itself, that is, interpreting of financial data, making financial statements, designing accounting information system within a business and advising management on financial matters. Accounting deals with accounts, that is, financial entries grouped together by common characteristics.

Assets are everything that a business owns. Buildings, equipment, machinery, land are fixed assets; money, cash, accounts receivable are current assets.

Liabilities are obligations, debts of a business, what it owes to creditors, banks, suppliers, investors, customers and so on.

Owner’s equity is the capital which the owner will receive if he sells all assets and pays all his liabilities. Owner’s equity is assets minus liabilities.

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