Choose the word or word combination to match the definition. 1. The property of a company, person etc

1. The property of a company, person etc. that has value and can be sold to pay the debts.

a) liquid profits b) liquid liabilities c) liquid assets

2. Money spent regularly to keep a business running.

a) overheads b) costs c) profit

3. General term used for all types of stocks and shares.

a) investment b) income c) securities

4. Reduced in value (about currency).

a) devalued b) cheap c) declined

5. Money owed by a company; a debt.

a) assets b) liabilities c) costs

6. Money that is owed to a business.

a) reception b) receivership c) receivables

7. An amount of money spent.

a) income b) expenditure c) loss

8. A sum of money paid into a bank.

a) departure b) deposit c) debt

9. Buildings and the land they occupy.

a) precaution b) premium c) premises

10. The amount of money moving into and out of a business at a particular point in time.

a) cash flow b) cash sale c) cash deal

11. A rise in prices and lowering of currency's value.

a) injunction b) inflation c) insolvency

12. Offering company shares for sale to the public or on a stock exchange for the first time.

a) share register b) share splitting c) share flotation

13. A person or an organization that lends money and charges interest on the repayments.

a) tender b) lender c) licensor

14. A market where the general level of share prices is falling.

a) target market b) bear market c) bull market

15. A person or organization that buys and sells stock and shares.

a) stockbroker b) dealer c) market-maker

16. Contracts that give the right to buy and sell currencies and commodities at an agreed time in the future at a price agreed at the time of the deal.

a) options b) futures c) swaps

17. A group of different investments held by a private investor, or a financial organization.

a) gilts b) treasury bonds c) portfolio

18. A long-term loan from a bank for buying property, which is used as security.

a) turnover b) revenue c) mortgage

19. A summary list of income and expenses for a business.

a) cash flow statement b) income statement c) balance sheet

20. A person who examines the accounts of an organization to check they are true and correct.

a) auditor b) accountant c) administrator

Unit v accounting

Lesson 1

Text: The Field of Accounting

Grammar: Modal Verbs. Obligation and Necessity

Terms to remember:

record (v) реєструвати; фіксувати
growth зростання
decline занепад
certified public accountant (AmE) /chartered accountant (BrE) дипломований бухгалтер вищої кваліфікації; бухгалтер-ревізор
private accountant приватний бухгалтер
handle (v) мати справу з (чимось)
financial records фінансова документація, фінансові звітні матеріали (документи)
government accountant урядовий бухгалтер
monitor (v) контролювати, перевіряти, спостерігати
receipt одержання
layoff звільнення (звич. під час скорочення виробництва), скорочення персоналу
work load робоче навантаження

Remember the difference:

Accounting is a comprehensive information system for collecting, analyzing and communicating financial information.

Bookkeeping is just one phase of accounting – the day-to-day recording of accounting transactions.

The Field of Accounting

Accounting offers the qualified person an opportunity to move ahead quickly in today’s business world.

Accounting is a basic and vital element in every modern business. It records the growth or decline of the business.

The field of accounting is divided into three broad divisions: public, private and governmental.

A certified public accountant (CPA) – AmE or a chartered accountant – BrE must pass a series of examinations, after which he or she receives a certificate. The simple fact of having passed the certifying examination gives them an advantage over those who haven’t.

CPAs can offer their services to the public on an individual consultant basis for which they receive a fee. Some CPAs perform work for firms, corporations or government offices and receive a salary.

Private accountants, who are employees of individual businesses, handle the financial records of a business. They are responsible for preparing the financial statements and are salaried rather than paid a fee.

Government accountants are employed by governmental agencies. They are responsible for monitoring the receipt and payment of funds. All of these accountants work on a salary basis.

Salaried positions with business or government offer strong security, since salaried accountants are not affected by layoff or seasonal changes in the work load as are industrial or clerical workers.

Exercises in Word Study

Ex.1. Form nouns from the following verbs:

qualify, grow, divide, certify, examine, consult, employ.

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