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

1. A balance sheet represents 2. The statement of cash flows provides the information 3. The income statement summarizes the data 4. The statement of retained earnings discloses the information concerning 5. Financial accounting includes the information 6. Managerial accounting deals with

a) about a company’s revenues, expenses, gains and losses. b) relating to the profitability of the company and its financial position c) the main accounting equation d) planning, control, budgeting and pricing decisions e) stockholders’ equity and dividends f) about the changes in the financial structure of the company.

Exercise VIII. Переведите на русский язык следующие предложения, обращая внимание на пройденные грамматические конструкции и на слова и словосочетания из словарного минимума к тексту “Accounting Information”.

Accounting provides information for different purposes through the maintenance of files of data, analysis and interpretation of these data and the preparation of various kinds of reports.

The reports to be prepared for investors are called financial statements, their preparation being the task of financial accounting.

It is necessary that a balance sheet should disclose the resources that are under a company’s control on a specified data and indicate where revenues have come from.

Being shown in the income statement for a particular time period, net income is the accountant’s term for the amount of profit.

The company’s success is measured by the amount of profit it earns, that is, the growth or decrease in its stock of assets from all sources except contributions or funds withdrawn by owners and creditors.

The purpose of the statement of cash flows is to explain management’s use of the financial resources available to it and to help in evaluating the company’s liquidity and its ability to pay its bill.

While net income increases retained earnings, net operating loss or the distribution of cash dividends reduces it.

To enable users to interpret statements with confidence, companies in similar industries should use the same measurement concepts and principles.

Most accounting data and reports are likely to be generated mainly for the company managers.

Preparation of data and reports either summarizing past events or disclosing forecasts of the future is expected to be the task of managerial accounting.

LEXICAL TEST

Translate the following expressions from English into Russian:

Financial activities, sales revenue, short-term financing, long-term loans, cash flow problems, firm’s expenses and revenues, the borrowed money, inventory costs, interest rates, to pay interest, borrowers and creditors, a business operation, financial statements, balance sheet, income statement, accounting information, a summary of firm’s assets and liabilites, owners equity, firm’s profitability, an accounting department, accounting records, business transactions, all the expenditures, a Trial Balance, a Ledger, financial needs, accounting system

I. Translate the following sentences into Russian:

1. Accounting shows a financial picture of the firm.
2. An accounting department records and measures the financial activity of a business.
3. An accounting department reports on the effects of the transactions.
4. Most businesses prepare regularly the two types of records: an income statement and a balance sheet. These statements show how money was received and spent by the company.
5. A balance sheet is a summary of a firm’s assets, liabilities, and owners’equity accounts at a particular time.
6. An income statement is a summary of a firm’s revenues and expenses during a specified accounting period.
7. Accounting is the process of systematically collecting, analyzing, and reporting financial information.
8. Bookkeeping is the necessary part of accounting. Bookkeepers are responsible for recording the financial data that the accounting system processes.
9. Bookkeepers deal in taxes, cash flow, and records on sales and purchases and different business transactions.
10. Bookkepers first record all the financial data in the books. At the end of the month all the totals are recorded in the Ledger.
11. Bookkeepers also prepare the Trial Balance.
12. The accountant is to analyse the data in the Ledger and the Trial Balance.
13. The accountant is to determine the ways in which the business may grow.
14. The chief accounting officer of a large company is the Comptroller, who is responsible for measuring the company’s performance.
15. Auditors are certified accountants who review the financial records of a company and report to the management on the current state of the company’s fiscal affairs.
16. Auditors are employed regularly or on a part-time basis.
17. Audits are reviews of financial activity of a company.
18. Outside audits are a normal and regular part of business practice.

I. Translate the following expressions from Russian into English:

Финансовая деятельность, доход от продаж, краткосрочное финансирование, долгосрочные ссуды, проблемы с движением наличности, расходы и доходы фирмы, занятые деньги, затраты на товарные запасы, процентные ставки, платить процент, заемщики и кредиторы, коммерческая операция, финансовые отчеты, балансовый отчет, отчет о доходах, информация о ведении счетов (о бухгалтерском учете), обобщенный отчет об активах и пассивах, собственный акционерный капитал, прибыльность фирмы, бухгалтерия, отчеты о ведении счетов, коммерческие сделки, все расходы, пробный баланс, главная бухгалтерская книга, финансовые потребности, система бухучета.

II. Перевести следующие предложения на русский язык:

1. Система бухучета показывает финансовую картину фирмы.
2. Бухгалтерия делает отчеты и измеряет финансовую деятельность предприятия.
3. Бухгалтерия готовит отчеты об эффективности сделок.
4. Большинство предприятий регулярно готовит два вида отчетов: отчет о доходах и балансовый отчет. Эти отчеты показывают, как деньги были получены и потрачены компанией.
5. Балансовый отчет – это обобщенный отчет об активах, пассивах и собственном акционерном капитале в определенный период времени.
6. Отчет о доходах – это обобщенный итог о доходах и расходах в определенный отчетный период.
7. Бухгалтерский учет – это процесс систематического сбора, анализа и отчета финансовой информации.
8. Ведение бухгалтерских книг (бухгалтерия) – необходимая часть учета (ведения счетов). Бухгалтера отвечают за записи финансовых данных, которые обрабатывает система учета.
9. Бухгалтера имеют дело с налогами, потоком наличных денег, с записями о продаже и покупке и различных финансовых сделках.
10. Бухгалтера сначала записывают все финансовые данные в бухгалтерские книги. В конце каждого месяца все итоговые цифры записываются (регистрируются) в главной бухгалтерской книге.
11. Бухгалтера также готовят пробный баланс.
12. Ревизор отчетности должен анализировать данные, записанные в главной бухгалтерской книге и пробном балансе.
13. Ревизор должен определить пути, по которому может развиваться предприятие.
14. Главное административное лицо в бухгалтерии большой компании – это главный финансист, который отвечает за измерение деятельности компании.
15. Аудиторы – это ревизоры с сертификатом на проверку финансовых отчетов компании и которые сообщают руководству о финансовом состоянии компании.
16. Аудиторов нанимают на постоянную работу и на неполный рабочий день
17. Аудит – это обзор финансовой деятельности компании.
18. Внешний аудит – это обычная и регулярно проводимая операция в коммерческой деятельности.

GRAMMAR TEST (№3, 4 к.р.)

 

1. Another financial statement disclosing the results of the company's activ­ity is known as the income and expense statement.
2. Such information being obtained mainly from different records, additional funds and time should be invested in bookkeeping and accounting system.
3. Accounting means identifying, measuring, recording economic information about any business.
4. The term “asset” means anything of value thatis owned by a company and can be expressed in terms of money.
5. These assets are the most important factor for obtaining future incomes.
6. The balance sheet prepared by the company’s accountant is one of the important financial reports showing the value of the total assets, total liabilities and equity on a given date.
7. Accounting gives the company's management the information to evaluate financial performance over a previous period of time, and to make decisions regarding the future.
8. Accounting informs the general pub­lic, and in particular those who are interested in buying its stock, about the fi­nancial position of the company.
9. Not being generally spread outside the company, this information pro­vides specialized reports for division managers, department heads.
10. A standard set of financial statements is expected to be prepared regularly by financial accounting.
11. Being prepared in accordance with accepted accounting principles, these statements include the following items.
12. Provided the company couldn't generate sufficient cash to finance its activities, it would be necessary to bor­row money and it should be indicated in the statement.
13. Income is considered to be the difference between revenues and expenses.
14. If the total expenses exceeded the total revenues during the period, the difference would be the net loss of the company.
15. Revenues are transactions that represent the inflow of assets as a result of operations
16. Expenses are transactions involving the outflow of assets in order to generate revenue.
17. The income statement excludes the amount of assets withdrawn by the owners, in a corporation such withdrawal of assets being called dividends.
18. The separate statement shows inves­tors what has happened to their ownership in the company, how earnings have increased its value, and what dividends were paid.
19. Being prepared for the use of management, the financial statements contain neither debit nor credit columns.
20. Accounting and bookkeeping mean identifying, measuring, recording economic information about any business , bookkeeping being con­sidered the preliminary stage and a part of the larger field of accounting.
21. The task of a bookkeeper is to ensure the record-keeping of ac­counting
22. Bookkeeping provides the basic accounting data by systematical recording day-to-day financial information.
23. Modern accounting system is considered to be a seven-step cycle.
24. To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects of every transaction.
25. A typical account is known to have two sides: the items on the left side are called debits, while the items on the right side are credits.
26. Double-entry bookkeeping means that the same amount of money is always debited to one account and credited to another account , each record having its own effect on the whole financial structure of the company.
27. Posting data to the ledgers is followed by listing the balances of all the accounts.
28. This procedure known as the drawing up of a trial balance and those that follow it usually take place at the end of the fiscal year.
29. By making a trial balance, the record-keeping accuracy can be checked.
30. The trial balance having been successfully prepared, the bookkeeping portion of the accounting cycle is completed.
31. The double-entry system of bookkeeping enables every company to deter­mine at any time the value of each item that is owned.
32. One advantage of the double-entry system is that its infor­mation is complete enough to be used as the basis for making business deci­sions.
33. Assets are usually classified as current and long-term, both types consisting of tangible as well as of intangible items.
34. Long-term intangible assets include such items as goodwill, patents, trademarks, copyrights , these assets often being the most important factor for obtaining future incomes.
35. Liabilities are obligations that a company owes to another organization.
36. All companies keep proper accounting system in order to know whether or not they are operating profitably.

 

II. BANKING