Task 1.Translate the texts into Russian and analyze grammatical and lexical problems of the translation with your teacher.

The Central Banking System

A major sector of any modern monetary system is the central banking system, which is important to the functioning of the private economy and the fiscal operations of the national government. Central banking is an activity separate from ordinary commercial banking.

It is difficult to give a brief definition of a central bank that is both comprehensive and accurate. The nature of a central bank depends largely on its functions, which vary according to time and setting.

The most important characteristic of the modern central bank is its control over the monetary system. The central bank implements the government’s monetary policy by regulating the supply, cost and availability of money and credit.

The central bank is also a country’s leading bank which acts as bankers to the government and the banking system. Here the central bank receives, holds, transfers and disburses funds of the central government. Furthermore, the central bank provides services related to the public debt.

The central bank acts as the government’s broker in its borrowing and lending operations, it issues and deals in government securities.

Services to the banking system include, for example, the clearing and collecting of checks and distribution of coins and paper currency.

The US Treasury

The US Treasury was created by Congress in 1789. Since that time it has been one of the major financial organizations in the USA. At present the Treasury performs the following functions.

1. As the economic adviser to the President the Treasury has the responsibility for formulating internal and external financial policy, including recommendations on taxation. The Treasury possesses some authority that affects the working of the monetary system. Varied monetary influences are inherent in Treasury actions related to its management of the existing public debt.

2. In its role as a financial agent, the Treasury issues coins and banknotes, checks, saving bonds and other securities. Treasury borrowing through the issuance of new government securities is the major method for financing a budget deficit.

3. A significant aspect of the work of the Treasury is law enforcement (реализация законодательства, применение закона) related to federal taxes and the customs as well as collection of taxes and import duties.

4. A distinguishing feature of the US Treasury is its responsibility for conducting investigation and punishment of fraudsters, smugglers and counterfeiters.

5. Since the establishment of the Treasury its functions have been expanding as well as growing in complexity. In addition to its traditional activity the Treasury ensures the personal security of the President, exercises control over the sale of firearms and arranges the training of personnel for law enforcement.

Personal Finances

Many people regard financial security as the most important thing in family finances. This is not the same thing as being rich. It means being freed from the need to think about money, living within your means. For day-to-day living you need ready cash but you also need a bit in reserve for a rainy day. The first thing to think about is your current account and how much is in it. Credit cards can be a helpful way of handling unexpected expenses but credit is always costly and of course it’s just another form of debt.

For some people, the English and the Americans, however, living on credit is a normal way of life. They believe that credit enables them to enjoy the use of goods and services before they have fully paid for them. Such people are not afraid to use consumer credit (credit from suppliers, hire purchase and loans from banks) because they have an income. If they want to buy a house they almost always borrow the money in the form of a mortgage from a building society or a mortgage bank. They pay for expensive things in instalments by means of a hire purchase plan.

People earn money in different ways. First of all they get an income from employment, then from keeping in a savings account with a bank, from renting property and from investing in shares in the stock market.

People who are paid by the hour get wages. People who are paid on an annual basis get salaries and people paid for a particular service, get fees.

The worst-off people are the unemployed and the homeless.

For those living at a subsistence level, even buying essentials is a struggle. People on low incomes sometimes take out loans, borrow money from banks. Very often they are unable to cope with repayments and interest on loans. Banks are not willing to lend money to such people.

Accounting and Auditing

Vocabulary

accounting – бухгалтерское дело

accounting – бухучет

accounting information – данные учета

accounting principles – принципы бухгалтерского учета

accounting records – материалы бухгалтерского учета

accumulate (v) – аккумулировать, накапливать

analysis – анализ

analyst –аналитик

audit – аудит

audit(v) – подвергать аудиторской проверке

auditing –ревизование, аудит

balance sheet – бухгалтерский баланс

bookkeeping –счетоводство

books –бухгалтерские книги

capital budgeting – ставление смет капитальных вложений

certified public accounting firms – фирмы дипломированных независимых бухгалтеров

classify (v) – классифицировать

column –столбец

concerning –относительно, касательно

conduct affairs (v) – вести дела

customer – покупатель, заказчик

double-entry – двойная бухгалтерия

entity –хозяйствующий субъект

entry – запись, внесение, занесение

fellow citizens – сограждане

financial accounting – финансовый учет

financial analyst – финансовый аналитик

financial position – финансовое положение

financial statements – финансовая отчетность

from this perspective – с этой точки зрения

governmental accounting – учет в государственных учреждениях

governmental institution – государственный институт, государственное учреждение

in return – в ответ

income statement account – счет прибылей и убытков

income statements – декларация о доходах

income tax form – бланк декларации на подоходный налог

income taxation – обложение подоходным налогом

information system – информационная система

internal audit –внутренняя ревизия, внутренний аудитор

labour union – профсоюз

liquidity – ликвидность

managerial accounting – управленческий учет

non-business organizations –некоммерческие организации

operating results – результаты работы

operations –работа, деятельность

pricing– калькуляция цен

private accounting – учет в хозрасчетных организациях

profitably – с выгодой, с прибылью

public accounting –работа независимых бухгалтерских работников в качестве аудиторов

record(v) – записывать, отражать

recording of information – запись информации, отражение информации

record-keeping – ведение учета

records– (бухгалтерская) отчетность

refer to (v) – относиться, касаться

report(v) – давать отчет

set up a business (v) – организовать, основать дело

single-entry book-keeping – простая бухгалтерия

society –общество

state – заявлять, сообщать

stockholder – акционер

summarise – суммировать

supplier– поставщик

trade association – ассоциация производителей и дилеров одной отрасли

transaction – операция