Ex 1. Read and translate the following text:

TASK 5

Ex 1. Read and translate the following text:

Accountancy Profession

The organization of the accountancy profession dates back to January 1853 when eight accountants in Edinburgh, Scotland met tor the purpose of seeking recognition of their organizations as a separate and distinct profession. The discussions of their professional situation resulted in the creation of the Institute of Chartered Accountants of Edinburgh. Since that time numerous professional accountancy organizations have been established throughout the world. The process is going on.

In 1977 the International Federation of Accountants (IFAC) was established. Its initial membership was 63 organizations representing 49 countries. The establish of the IFAC recognized the need for international coordination of the objectives of professional accountancy organizations and means of achieving those objectives. Accountancy is an international profession.

Ex 2. Give short answers to these questions about the text:

1. What was the purpose of meeting accountants in 1853?

2. Where did they create the Institute of Chartered Accountants?

3. Is the process of establishing professional accountancy organizations going on?

4. What is IFAC?

5. Accountancy is an international profession, isn't it?

Ex 3. Give four kinds of questions to the following sentence:

These funds have not been credited to the beneficiaries account.

Ex 4. Form the nouns from the following verbs and translate them into Russian:

to approve -

to request -

to expire -

to adjust -

to reimburse-

tо approve -

Ex 5. Put the necessary prepositions and translate the following abstract into Russian:

... behalf... our clients, we are handing you herewith their letter dated December 6 and relevant documents... collection and acceptance.

TASK 6

Ex 1. Read and translate the following text:

Accounting

Accounting is the process of systematically collecting, analyzing, and reporting financial information.

Many people confuse accounting with bookkeeping. Bookkeeping is a necessary part of accounting. Bookkeepers are responsible for recording (or keeping) the financial data that the accounting system processes.

Today it is impossible to manage a business operation without accurate and timely accounting information. Managers and employees, lenders, suppliers, stockholders and government agencies all rely on the information contained in two financial statements. These two reports - the balance sheet and the income statement are summaries of a firm's during a specific time period. They represent the results of perhaps tens of thousands of transactions that have occurred during the accounting period.

Ex 2. Give short answers to these questions about the text:

1. What is accounting?

2. Who needs accounting information? Why?

3. What is the basis of accounting?

4. Is it possible to manage a business operation without accurate and timely accounting information?

5. What are bookkeepers responsible for?

Ex 3. Give four kinds of questions to the following sentence:

Our Beirut branch confirms the receipt of payment.

Ex 4. Form the nouns from the following verbs and translate them into Russian:

to enter -

to fulfil -

to guarantee -

to create -

to demonstrate -

to inform -

Ex 5. Put the necessary prepositions and translate the following abstract into Russian:

... reply... your letter... November 5, we would inform you that our clients insist... immediate payment... the above collection.

TASK 7

Ex 1. Read and translate the following text:

Letters of Credit

Bruce Stevens of Habrel Imports, Melbourne, Australia, wanted to pay Peter Weaver of Clothco Ltd, Manchester, UK, for some cloth. Bruce wrote to his bank on a special form and asked them to open an irrevocable documentary credit. This is a Letter of Credit from Bruce's bank guaranteeing payment in Britain at a later date. If it is irrevocable, it cannot be cancelled. Neither Bruce nor his bank can change their minds and refuse to pay. Peter's bank knows Bruce's bank very well and they know they will receive the money so they confirmed the Letter of Credit. This means that they guaranteed to pay the money so Peter was sure he would be paid. However, a Letter of Credit is not negotiable, so Peter had to wait until the Letter of Credit was paid before he received his money.

Ex 2. Give short answers to these questions about the text:

1. Who applies for a L/C, the importer or the exporter?

2. Who issues a L/C?

3. If a L/C is not irrevocable, who might not pay?

4. Was Peter paid immediately for the cloth?

5. If a L/C is not confirmed, who might not pay?

Ex 3, Give four kinds of questions to the following sentence;

Today we have remitted you USD 700 in cover of collection.

Ex 4. Form the nouns from the following verbs and translate them into Russian:

to indicate -

to instruct -

to establish -

to represent -

to operate -

to collect -

Ex 5. Put the necessary prepositions and translate the following abstract into Russian:

We refer... your letter dated 1^st February concerning your commission... USD... respect... the above credit and write... make our position clear with regard... our payment... your charges under such credits.

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