Exercise II. Составьте предложения из двух подходящих по смыслу частей.

1. The preparation of a trial balance includes 2. A special book known as a journal is used 3. Double-entry bookkeeping is a system of recording accounts where 4. The posting procedure consists of 5. In bookkeeping a sum of money paid or owed by a business 6. One should know that crediting means 7. Unlike crediting the debiting procedure means 8. Bookkeeping as part of the accounting cycle deals with 9. A bookkeeper is sure to be fully responsible for 10. The sum of money gained by a business

a. recording in an account a sum of money paid out or still owed. b. regular transferring entries from the journal to the appropriate accounts in the ledger. c. for recording all primary information about any business transaction. d. the accurate performance of the first three steps in the accounting cycle. e. Is recorded on the right-hand side of a list of accounts. f. recording all money received by and paid out of a company in special books or computer files. g. the checking of accounts by comparing the total credits with the total debts. h. is shown on the left-hand side of a list of accounts. i. each sale or purchase is shown as having an effect on both the debit and the credit columns of an account. j. recording the payment of a sum of money into an account.

Exercise III. Образуйте герундий от глаголов, стоящих в скобках. Переведите предложения на русский язык.

To keep) records accurately is very important both for a company and tax authorities.

After (to post) the data the bookkeeper began (to calculate) debit and credit balances.

Double-entry bookkeeping speeds up (to check) accounts by (to show) whether they are in balance.

4. The bookkeeper remembered (to record) the data concerning the transaction on the computer.

The company’s manager insists on (to keep) detail recording of daily sales by all salesmen (продавец).

In (to decide) how much labour to employ, the firm looks for the highest possible profit.

The new inexperienced bookkeeper was suspected of (not to detect) the error while checking the company’s debits and credits.

The accountant is interested in the trial balance (be drawn up) by the bookkeeper as soon as possible.

Exercise IV. Переведите на русский язык следующие предложения, содержащие инфинитивные конструкции.

In making investment decision a financial manager is sure to use a wide variety of information provided by all departments of the company.

For the equipment to be replaced by the new one, the accountant should calculate both physical and moral depreciation.

In financing business activities a company is likely to rely to a great extent on short-term financing.

The manager expects the circulating capital to be transferred from money into goods within the current month.

These methods have been found to be useful in improving labour efficiency on a farm.

They seem to rum their business successfully due to the proper system of accounting.

7. At the beginning of the 20^th century people though agriculture to depend only upon nature.

Taxes that government levy on individual’s incomes company profits, the sale of goods are argues to be used for public needs.

The bankers believe the amount of money to be obtained from selling the company’s tangible asserts to be sufficient to settle its debts.

Exercise V. Замените выделенные русские слова в скобках их английскими эквивалентами.

The international balance of payments for a country (известен) as a statement of financial transactions that (имели место) between residents of one country and the rest of the world over a period of one year. By (используя) the word “resident” economists (подразумевают) the citizens and their government.

The statement (показывает) both payments of all kinds (сделанные) by a country and its receipts from all other countries. In (подготавливая) a balance of payments one (следует рассмотреть) two main accounts: the current account and the capital account (счёт движения капитала)ю The former (регистрирует) the balance trade in goods and services plus net profits of income (заработанных) from assets owned in other currencies. International transactions in financial assets, that is, net purchases and sales of assets are listed in the capital account. The latter (состоит из) long-term and short-term investments.

Thus, the balance sheet of payments (включает) information (касающуюся) the net inflow of money to the country due to transactions (совершенных) by individuals, firms and the government under (существующих) market conditions, monetary inflows being recorded as credits. In contrast, monetary outflow (регистрируются) as debits. The balance of payments (является) either in surplus or in deficit when there is either a net inflow of money or outflow of money.

This statement (содержит) detailed data of the transactions that individuals (желают совершить) in (импорте, экспорте, покупках или продажах) foreign assets. It (показывает) the amount of transactions that government wish to make in the form of foreign aid (transfer payments to foreigners), military spending (maintaining military bases abroad), etc.

Используя текст, закончите следующие предложения:

1. After having made transactions with other countries, it is necessary to record …
2. Economists think of using the word “resident” for …
3. The balance of payments can’t be completed without preparing two main accounts …
4. on recording inflows and outflows one can prepare…
5. The purchase and the sale of physical assets and financial assets having beel listed, one can draw up …

Exercise VI. Переведите следующие предложения, обращая внимание на пройденные грамматические конструкции.

1. It is necessary to take into account that depreciation means the cost during the period of using a capital good but not purchase price of the good.
2. While bookkeepers and accountants are interested in describing the actual receipts and payments of a company, the economists are known to study the role of costs and profits for allocating resources to particular activities.
3. To obtain accurate information about financial transaction both small companies and large corporations hire bookkeepers to record and keep the data.
4. One should do preliminary inquiries (наведение справок) before depositing a large sum of money with a new commercial bank.
5. Proper business decisions made by the manager depend mainly on the financial statements the accountant regularly prepares for him.
6. The posting of the data into the ledger to be done by a bookkeeper is known as the third step in the accounting cycle.
7. Until the bookkeeper calculates the sum of all debits and credits, the trial balance is unlikely to be prepared properly.
8. Everybody believes the double-entry system to be of great value in business activity and has several advantages.
9. If a large portion of the firm’s business concerns cash transactions, a separate cash journal can be used instead of the general journal for all those transactions affecting the cash account (кассовый счёт).
10. Since the financial statements are prepared for the use of management rather than for the bookkeeping department, they contain nether debit nor credit columns.

Exercise VII. Прочитайте текст, разделите его на абзацы и озаглавьте каждый абзац. Ответьте на вопросы, следующие за текстом.

ACCOUNTING STEPS

Each time an item is purchased or sold, a bookkeeper performs the first three steps of the cycle and passes on the information to the accountant who carries out the last four steps, such as: 1) calculate adjustments; 2) prepare adjusted trial balance; 3) prepare financial statements; 4) close entries (закрыть счета, свести отчетность). The most common reasons the accountant should consider preparing adjustments are the following: increased revenue (for example, interest earned but not yet received); any government taxes or employee salaries that have not yet been paid; the value of the office supplies that have been used (electricity, water, etc.); depreciation of the assets; changes in the inventory (зд. товарно-материальные ценности), etc. As to inventory, it involves the physical measurement, counting and evaluation of items for sale. Inventory evaluation is subject to a variety of accounting methods, since many inventory items cannot be specifically calculated. The grain in a grain elevator, for example, comes from different sources and may have been bought at several prices. An accountant must choose between one of the several methods for valuing the grain; each will provide a slightly different value figure. On the fifth step when the adjustments are calculated, the accountant prepares an adjusted trial balance that combines the original trial balance with the effects of the adjustments. The balances in the accounts are the data that make up the organization’s financial statements as a balance sheet and an income statement. The preparation of these statements is considered to be the main purpose of the sixth step. The final step comprises a series of bookkeeping debits and credits to transfer sums from income statement accounts into the owners’ equity accounts, and thus into capital. Such transfers reduce to zero the balance of all accounts; therefore the accounting books will be ready for the next accounting period.