Exercise 2 Fill in the gaps with the words from the box. 


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Exercise 2 Fill in the gaps with the words from the box.



 

events, insurance, trend, repetitive, purpose, measurement, valuable, storage, invoice, merchandise

 

1. Police are trying to reconstruct the sequence of ….. on the night of the murder.2. As children we suffered through schoolwork that was dull and …... 3. The town has a tiny general store with wildly overpriced …... 4. Many Americans cannot afford health …... 5. We have received an ….. for $250. 6. Lately there has been a ….. towards hiring younger, cheaper employees. 7. He will not put his furniture in …... 8. My ….. in writing this book was to draw attention to the problem of global warming. 9. Besides her studio apartment, she also owns a ….. estate in Italy. 10. I can easily change the dress for you, but I’ll need your exact …...

 

Exercise 3 a) Match the verb with the appropriate definition.

 

a) simplify b) purchase c) occur d) evaluate e) gather f) compress g) compile 1) to make or compose from other materials or sources 2) to compact into less space 3) to obtain (goods, etc.) by payment 4) to set the amount or value of something 5) to happen; to take place 6) to make less complicated, clearer, or easier 7) to bring things together from different people or places

 

b) Fill in the gaps with the verbs from section a) in the appropriate form.

1. The document was ….. by the Department of Health. 2. She took a complex topic and ….. it in a way that we could all understand. 3. There was not enough time to ….. the information before the meeting. 4. A small crowd ….. to watch the fight. 5. Foreign investors are not permitted to ….. land. 6. Behind the factory is a machine that ….. old cars into blocks of scrap metal. 7. The highest rates of unemployment ….. in the inner urban areas.

 

Text

Accounting is the recording, classifying, summarizing and interpreting of financial events and transactions to provide management and other interested parties the information they need to make better decisions.

Transactions include buying and selling of goods and services, acquiring insurance, using supplies, etc. Transactions may be recorded by hand or they may be recorded in a computer system. Of course, the trend today is to use computers since the process is often repetitive and complex, and computers greatly simplify the task.

After the transactions have been recorded, they are usually classified into groups that have common characteristics For example, all purchases are grouped together, as are all sales transactions. A businessperson is thus able to obtain needed information about purchases, sales, and other transactions that occur over a given period of time. The methods used to record and summarize accounting data into reports are called an accounting system. Systems that use computers enable an organization to get financial reports daily if they so desire. One purpose of accounting is to help managers evaluate the financial condition and the operating performance of the firm so that they may make better decisions. Another is to report financial information to people outside the firm such as owners, creditors, suppliers, employees, and the government (for tax purposes).

In more basis terms, accounting is the measurement and reporting to various users (inside and outside the organization) financial information regarding the economic activities of the firm. Accounting has been called the language ofbusiness, which may make you think accounting is only for profit seeking firms. However, it is also the language used to report financial information about non-profit organizations such as churches*, schools, hospitals, fraternities*, and governmental units. Accounting can be divided into two major categories: managerial accounting and financial accounting. An accountant working for an organization is likely to do both.

* churches – церкви

* fraternities – братства



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