Post-reading activities

Text A

Read Text A and fulfill the tasks which follow.

Accounting

Accounting is the process of recording, classifying and summarizing economic events in a logical manner. Accounting is often called the language of business. Information provided by accountants is of great value for managers. It helps them organize the operation of their business in the most effective way. With the help of this information managers can assess the financial status of the organization and make plans for the future. The major fields of accounting include financial accounting, tax accounting, auditing and management consulting services.

The accounting process follows accounting principles and rules. Regardless of the type of business or the amount of money involved, common procedures for handling and presenting financial information are used. Incoming money (revenues) and outgoing money (expenditures) are carefully monitored and transactions are summarized in financial statements, which reflect the major financial activities of an organization.

Two primary financial statements are the balance sheet and income statement. The balance sheet lists all the assets, liabilities and owner's equity of an entity at one point in time, usually the end of a month or a year. The income statement presents a summary of the revenues and expenses of an entity for a specific period of time, such as a month or a year.

People who specialize in the field of accounting are known as accountants. The work of an accountant involves recording financial transactions and keeping other financials records, preparing financial reports. Most accountants work -for business companies, government agencies and nonprofit organizations.

POST-READING ACTIVITIES

1. Match the words on the left to those on the right. Make 10 word partnerships

and translate them into Russian.

1. financial a. principles

2. balance b. manner

3. consulting с statement

4. income d. events

5. business e. services

6. economic f. organizations

7. logical g. sheet

8. accounting h. transactions

9. government i. companies

10. nonprofit j. agencies

2. Find in the text the English equivalents for the following Russian collocations.

1) представляет большую ценность для руководителей;

2) организовать работу наиболее эффективно; 3) оценить фи-

нансовое состояние организации; 4) независимо от вида биз-

неса или количества оборотных денег; 5) доходы и расходы

тщательно контролируются; 6) основная финансовая дея-

тельность; 7) за определенный период времени; 8) запись фи-

нансовых сделок; 9) составление финансовых отчетов;

10) некоммерческие организации.

3. Choose the best alternative to complete the sentence.

1. Information provided by accountants helps managers...

the financial status of the organization.

a) create b) own c) assess d) record

2. The balance sheet presents all the assets,... and owner's

equity.

a) incomes b) profits c) taxes d) liabilities

3. Accountants are involved in recording financial....

a) transactions b) issues c) assets d) liabilities

4. Incoming money is known as....

a) expenses b) revenues c) profits d) transactions

5. Outgoing money is known as....

a) taxes b) revenues c) expenditures d) incomes

4. Complete the sentences.

1. Accounting is the process of....

2. The major fields of accounting include....

3.... are summarized in financial statements.

4. Two common financial statements are....

5. The balance sheet shows....

6. The income statement presents....

7. Accountants are busy with....

5. Say whether the following statements are true or false.

1. Information provided by accountants helps managers organize

their business effectively.

2. The balance sheet shows the financial performance of a

company over a specific period of time.

3. The income statement shows the-financial position of a

company at one point in time.

4. Without information provided by accountants managers

can't make plans for the future.

5. Different businesses use different procedures for handling

financial information depending on the type of business

and the amount of money involved.

6. The major fields of accounting are controlling and staffing.

6. Answer the following questions.

1. What is accounting?

2. Why is accounting called the language of business?

3. How does the information provided by accountants help

managers?

4. What are the main functions of an accountant?

5. Where do accountants work?

6. What are the major fields of accounting?

Дата добавления: 2015-11-14