II. VOCABULARY PRACTICE EXERCISES

1. Choose the necessary word and put it in the sentence.

 

1. the controller; 2. trial balance; 3. rigorous; 4. accountants; 5. certified public accountants; 6. ledger; 7. bookkeepers; 8. fee; 9. financial accounting; 10. journals; 11. management accounting; 12. private accountants; 13. public accountants.

 

1. People who specialize in the field of accounting are known as …………..

2. In the USA the certified accountants are called ………………..

3. Bookkeepers record every purchase and sale a business makes in the order that they take place, in ………………….

4. The …………………. shows all the expenditures and all the earnings of the company.

5. Although the consultant’s ……………….was high, his guidance and advice were well worth the money.

6. Many accounting departments have ………………..entrance requirements; only the most qualified applicants are allowed to enter these programs.

7. Accountants, unlike ………….., analyse financial records and decide how to present them.

8. Bookkeepers periodically do ………… to test whether both sides of an account book match.

9. ………… is concerned with preparing information for the outside world.

10. …………...is concerned with preparing information for internal use.

11. ……………are paid on a salary basis.

12. …………..provide accounting services such as auditing and tax computation.

13. A highest-ranking accountant in a company is called ………..

 

2. Complete the statements:

 

1. Accounting is the system a business uses

a) to record every purchase and sale that a business makes;

b) to establish objectives and goals and to determine the best ways to achieve them

c) to identify, measure, and communicate financial information to support internal and external decision making

 

2. Suppliers, banks, and other creditors are most interested in accounting records to determine a company’s

a) profit potential

b) creditworthiness

c) production costs

 

3. A financial plan for a given time period is called

a) a financial accounting statement

b) a trial balance

c) a budget

 

4. The ledger shows

a) different business transactions of the company

b) cash flow of the company

c) al the expenditures and all the earnings of the company

 

5. Trial balances are usually drawn

a) every week

b) every month

c) every quarter

 

6. Accountants who are independent of the organizations they serve are

a) private accountants

b) public accountants

c) governmental accountants

7. Private accountants work solely for

a) governmental agencies

b) private companies

c) any organization that hire them to maintain financial records

 

8. The person in charge of virtually every aspect of a company’s finance operation is a

a) certified public accountant

b) certified management accountant

c) controller

 

9. The position of the controller is very close

a) to the top executives of the company

b) to the middle managers of the company

c) to the president of the company

 

3. Fill in prepositions or adverbs where necessary.

 

1.Various interested parties depend …… a company’s accounting system.

2.Financial statements are prepared …. … generally accepted accounting principles.

3.Government agencies are interested … a business’s tax accounting.

4.The bookkeeper prepares a trial balance … the basis of all the totals … each account … the ledger.

5.Public accountants are independent … the businesses, organizations, and individuals they serve; they receive fees …. their services.

6.Sales, purchases, and other transactions are recorded and classified ….. individual accounts ……. the accounting process.

7.Usually company accountants work ….. as a team ….. the supervision … the controller.

8.The controller may be …charge … the firm’s entire finance operation and report … … the president.

9.Accounting is called “the language of business” …. … its ability to communicate financial information …. an organization.

 

4. Find in the text English equivalents for the following:

 

Финансовая деятельность, передавать финансовую информацию, различные заинтересованные стороны, зависеть от, быть важным по двум причинам, оценивать нынешнее положение компании и перспективы будущего, финансовый учёт, данные из других источников, внутри организации, управленческий учёт, в соответствии со всеобщепринятыми принципами бухгалтерского учёта, на данный период времени, принимать деловые решения, заслуживающий кредита, группы с непрямой заинтересованностью, внешние и внутренние пользователи, счетоводство и анализ хозяйственной деятельности, все расходы и все доходы компании, с другой стороны, обязанность бухгалтера, рассчитывать налоги, честность и достоверность, строгие требования, вести финансовый учёт, получать гонорар, подчиняться непосредственно президенту, в любой заданный момент, руководители высшего звена, с наилучшей выгодой.

 

5. Look at the various types of accounting profession and match each with its responsibility.

 

1. bookkeeper; 2. management accountant; 3. public accountant; 4. private accountant; 5. cost accountant; 6. tax accountant; 7. governmental accountant; 8. financial analyst; 9. controller.

 

a) prepares financial statements, computes taxes, provides consultations for individuals and organizations, provides auditing;

b) is in charge of the company's entire finance operation;

c) prepares budgets;

d) computes and analyses production costs;

e) prepares tax returns and tax planning;

f) works solely for governmental agencies and bureaus;

g) records economic events;

h) maintains financial records for private companies or corporations;

i) evaluates a company’s performance and the financial implications of strategic decisions.