Text 2. From the history of the double-entry system
TEXT 3. THE FACULTY OF ACCOUNTING AND FINANCE AT BIRMINGHAM UNIVERSITY
TEXT 4. THE FACULTY OF ACCOUNTING AT THE MOSCOW UNIVERSITY OF CONSUMER COOPERATIVES
TEXT 5. SOME LEADING ACCOUNTING ORGANISATIONS OF GREAT BRITAIN
TEXT 6. ACCOUNTING IN THE FUTURE
TEXT 7. THE DOUBLE ENTRY SYSTEM IS THE BASIC METHOD OF ACCOUNTING
TEXT 1
FROM THE EARLY HISTORY OF ACCOUNTING
Exercise 1.1
Study the vocabulary:
| 1. | origin | 1. | походження, джерело |
| 2. | identify | 2. | встановлювати, визначати |
| 3. | accounting records | 3. | облікові записи |
| 4. | to inscribe | надписати, накреслити (ім'я, напис і т.п.) | |
| 5. | receipts and expenditures | 5. | доходи і витрати |
| 6. | profits and losses | 6. | прибуток і збитки |
| 7. | to pool capital | 7. | об'єднувати капітал |
| 8. | to perform | 8. | виконувати, здійснювати |
| 9. | file | 9. | справа, архів |
| 10. | outfit | 10. | споряджати |
| 11. | to outfit ships | 11. | споряджати кораблі |
| 12. | tax assessment | 12. | обкладання податком |
| 13. | scrap | 13. | викидати (за непридатністю), перетворювати на лом |
| 14. | store | 14. | зберігати |
Exercise 1.2
Read and translate the text:
The origin of accounting goes back to man's earliest days. Scholars have identified accounting records in the early historical records of China, Peru and particularly the Middle East regions.
In those days accounting records were inscribed on clay tablets stored in wicker baskets. The file was marked by a clay tablet when it was completed. Every year the clay tablets were scrapped and a new series was started. These records performed the essential accounting functions because they recorded the tax assessment on the villages.
By our standards those functions were relatively simple, but they were truly essential, because they presented a detailed and useful statement of receipts and expenditures in this type of simple economy.
The dark ages saw some continuation in the development of accounting. At this time commerce began to develop in many countries. Voyages became common. Merchants outfitted ships, pooled capital and off they went to many countries. Profits and losses were divided after each voyage had been completed and the goods had been sold. Separate accounts were kept for each ship and there was no need for an annual accounting, because the voyages sometimes took several years.
During the 11th, 12th, 13th and 14th centuries Northern Italy became a prominent commercial centre. It was not by accident that in the 15th century a type of record-keeping, called the Venetian method was developed in Northern Italy. Double entry book-keeping appeared in Venice in 1492 when Pacioli's important mathematics textbook was published.
Exercise 1.3
Read the text again and choose the best variant:
Scholars have identified accounting records in the early historical records of...
a) China, Peru and particularly the Middle West regions
b) China, Peru and particularly the Middle East regions.
c) China, Mexico and particularly the Middle East regions.
2. In those days accounting records were… on clay tablets stored in wicker baskets quickly
a) approved
b) inscribed
c) prescribed
3. The functions of the early historical records they presented a … statement of receipts and expenditures in this type of simple economy.
a) broad and convenient
b) extensive and suitable
c) detailed and useful
4. The dark ages saw some continuation in the development of accounting and at this time … began to develop in many countries.
a) commerce
b) economy
c) taxation
5. The Venetian method of record-keeping appeared in Northern Italy…
a) in the 15th century A.D
b) in the 14th century B.C.
c) in the 11th century A.D
Exercise 1.4
Read the first three paragraphs of the text again and fill in the gaps. Then read and translate:
| standards; functions; accounting; Scholars; expenditures; detailed; tax assessment; clay tablets; marked; scrapped; |
The origin of …1… goes back to man's earliest days. …2… have identified accounting records in the early historical records of China, Peru and particularly the Middle East regions.
In those days accounting records were inscribed on …3… stored in wicker baskets. The file was … 4… by a clay tablet when it was completed. Every year the clay tablets were …5… and a new series was started. These records performed the essential accounting …6… because they recorded the …7… on the villages.
By our …8… those functions were relatively simple, but they were truly essential, because they presented a … 9… and useful statement of receipts and …10… in this type of simple economy.
Exercise 1.5
Read the whole text again and choose the best answer:
1. What did the accounting records look like during the earliest history?
a) They looked like wicker baskets.
b) They looked like clay tablets.
2. What essential functions did the earliest records perform?
a) they documented the tax assessment on the towns
b) they recorded the tax assessment on the villages
3. Why were those functions essential?
a) because they presented a detailed and useful statement of receipts and expenditures in this type of simple economy
b) because they presented short and useful statement of receipts of simple economy
4. When started the development of commerce in many countries?
a) during the Dark Ages
b) during the Enlightenment
5. Which type of record-keeping appeared in Italy in 1492?
a) double entry book-keeping
b) Venetian method of book-keeping
TEXT 2
FROM THE HISTORY
OF THE DOUBLE-ENTRY SYSTEM
Exercise 2.1
Study the vocabulary:
| application | застосування | ||
| approach | підхід | ||
| to be closely associated | бути тісно зв'язаним | ||
| to come upon smth | прийти в голову | ||
| to claim | затверджувати | ||
| to formulate | створювати | ||
| figure | особа | ||
| genius | геній | ||
| incorrectness | неправильність | ||
| innovator | новатор | ||
| to identify with smth | ототожнювати з чим-небудь | ||
| mathematician | математик | ||
| measurement | вимірювання | ||
| origin | походження | ||
| precision | точність | ||
| popularize | поширювати |
Exercise 2.2
Read and translate the text:
According to accounting historians there are several approaches to the origins of the double-entry system. The first and the most wide spread approach is that double-entry represents the work of a single genius. He is believed to be a prominent mathematician well-acquainted with trade. Some historians of accounting identify this genius with Luca Pacioli. He is the most famous man in the history of accounting. Luca Pacioli lived between 1445 and about 1513. He was a mathematician and worked at various universities in Italy. He knew the world of trade as well.
However the incorrectness of this point of view is easily demonstrated by Pacioli himself who wrote in his book he was describing Venetian practice as he found it. It is well-known that the practice was probably two centuries old when he wrote his famous «Summa».
Whether there was another genius with the necessary combination of learning and business knowledge who invented double-entry in the 13th century remains a mystery. Perhaps, there were several innovators who came upon the same idea independently. The practice is likely to have started in different parts of Italy at roughly the same time. Regional differences in the details of practice suggest independent development.
In accordance with another approach, the double-entry system is regarded as the application of science in the form of mathematics. In other words, double-entry is considered the application of scientific measurement in the world of trade. This approach is rather attractive and what is more important, it is strengthened by some historical facts. First of all, Luca Pacioli was closely associated with some leading figures of Renaissance in whose works the ideas of proportion and symmetry find their practical expression. In spite of the attractiveness of this approach one cannot claim that in the double-entry system the ideas of balance, symmetry and precision are central. Neither can we say that the development of double-entry represents the triumph of Renaissance – the search for simplicity.
The point is that in the ancient world much attention was given to details in accounting records. That is why ancient ledgers and records are so useful as source material for economic, social and business historians.
Records have been kept in different countries from very early times. But the system of accounting was formulated in Pacioli's book, published in 1494. This book had an immense influence on the spread of double-entry and did much to popularize it.
Exercise 2.3
Read the text again and chose the best variant:
1. Luca Pacioli is the prominent man…
a) in the history of management
b) in the history of accounting
2. Luca Pacioli was a famous…
a) economist
b) mathematician
3. The double-entry system is regarded as…
a) the application of science through the commerce
b) the application of science in the form of mathematics
4. Luca Pacioli was closely associated with…
a) leading figures of Middle Ages
b) leading figures of Renaissance
5. The most important features of double-entry system are…
a) precision, balance and symmetry
b) inaccuracy, asymmetry and imbalance
Exercise 2.4
Fill in the gaps from the table. Then read and translate:
| prominent; practice; combination; several; incorrectness; double-entry; mystery; genius; details; various; |
According to accounting historians there are …1… approaches to the origins of the double-entry system. The first and the most wide spread approach is that …2… represents the work of a single genius. He is believed to be a …3… mathematician well-acquainted with trade. Some historians of accounting identify this …4… with Luca Pacioli. He is the most famous man in the history of accounting. Luca Pacioli lived between 1445 and about 1513. He was a mathematician and worked at …5… universities in Italy. He knew the world of trade as well.
However the …6…of this point of view is easily demonstrated by Pacioli himself who wrote in his book he was describing Venetian …7…as he found it. It is well-known that the practice was probably two centuries old when he wrote his famous «Summa».
Whether there was another genius with the necessary …8…of learning and business knowledge who invented double-entry in the 13th century remains a …9….
Perhaps, there were several innovators who came upon the same idea independently. The practice is likely to have started in different parts of Italy at roughly the same time. Regional differences in the …10… of practice suggest independent development.
Exercise 2.5
Read the whole text again and chose the best answer:
1. Why do some historians of accounting identify the invention of the double-entry system with Luca Pacioli?
a) because he was the most famous man in the history of accounting
b) because he worked at various universities in Italy
2. Is it correct to say that Luca Pacioli invented the double-entry system?
a) yes, it is
b) no ,it is not
3. Where there any innovators who came upon the same idea independently?
a) there were not any innovators
b) there were several innovators from different parts of Italy at roughly the same time
4. What do regional differences in Italian accounting practices of 13th century suggest?
a) they suggest measured and dependent development
b) they suggest independent development
5. What was given much attention to in accounting records?
a) ancient ledgers and records had not much attention given to details and were not useful as the source material for economic, social and business historians
b) much attention was given to details in accounting records
6. What was the influence of Pacioli’s book on the spread of double-entry system?
a) a minor influence
b) an immense influence
TEXT 3
THE FACULTY OF ACCOUNTING AND FINANCE
AT BIRMINGHAM UNIVERSITY
Exercise 3.1
Study the vocabulary:
| Bachelor of Sciences (BS) | бакалавр наук | ||
| basic basic principles basic knowledge | основний, головний, істотний; основні принципи; початкові знання | ||
| business context | ділове середовище | ||
| competence technical competence | компетентність, здатність технічна компетентність | ||
| to cover | охоплювати, покривати, відноситися | ||
| crucial | вирішальний | ||
| distinctive а distinctive feature | відмінний, характерний; характерна риса | ||
| database | база даних | ||
| to enjoy а popularity | користуватися популярністю | ||
| essential an essential ingredient | істотний; істотна складова частина | ||
| essay an extended essay | есе, нарис; просторовий есе | ||
| IT facilities | устаткування за інформаційними технологіями | ||
| insight а critical insight | розуміння, інтуїція; украй необхідне розуміння | ||
| option | факультатив | ||
| а topic, а topic of your own choosing | тема; тема на ваш вибір | ||
| а tutorial system | система наставництва в університетах (система прикріплення студентів до викладачів) | ||
| word processing | обробка текстів | ||
| word processing spreadsheet | зведена відомість |
Exercise 3.2 Match the words with their meanings:
| 1. Bachelor of Sciences (BS) | a) база даних |
| 2. business context | b) характерна риса |
| 3. crucial | c) украй необхідне розуміння |
| 4. а distinctive feature | d) ділове середовище |
| 5. database | e) бакалавр наук |
| 6. to enjoy а popularity | f) зведена відомість |
| 7. an essential ingredient | g) факультатив |
| 8. option | h) істотна складова частина |
| 9. word processing spreadsheet | i) користуватися популярністю |
| 10. а critical insight | j) вирішальний, ключовий |
Exercise 3.3
Read and translate the text:
The University of Birmingham offers a course in accounting and finance with or without competence in a foreign language. The faculty enjoys popularity in Britain. Despite high entry requirements the number of applicants usually exceeds the number of places available. The well-established four-year programme gets you a BSc in Accounting and Finance.
The first year gives students a basic knowledge of the business context in which accounting takes place. They study subjects such as economics, statistics, law and finance. Accounting and finance are woven into the fabric of our everyday lives and form an essential ingredient in any modern organisation. The students are supposed to get a critical insight into such concepts as «profit and loss», «cost», and “value of money». These terms are widely used in the business world.
The distinctive feature of the first year course is its so called Business Skills Development element. It covers word processing spreadsheets and databases along with a written presentation. All these skills are crucial in the business world.
Second-year work builds on students' basic accounting and finance knowledge. And it completes students' essential business studies with courses in personal management, marketing and business and company law.
It the 3rd year compulsory accounting and finance courses bring technical competence to a high level. Along with this there are options on marketing, taxation strategic management, small business studies and computing. The students must also write an extended essay on a topic of their own choosing.
The personal tutorial system ensures that all students get the attention they need. Teaching is done by lectures and in small classes. There are excellent IT facilities at the University. At the end of the course of studies the students take a degree. After the graduation they work as professional accountants in business, finance and management.
Exercise 3.4
Read the text again to find out which of the following statements are correct:
1. The University of Birmingham offers a course in accounting and finance with or without competence in a foreign language.
2. The number of applicants never exceeds the number of places available.
3. The first year gives students a basic knowledge of the business context in which accounting takes place.
4. They study subjects such as economics, statistics, law and finance.
5. Such terms as “profit and loss”, “cost”, “value of money”, are rarely used in the business world.
6. First-year work builds on students’ basic accounting and finance knowledge.
7. In the third year compulsory accounting and finance courses bring technical competence to a high level.
Exercise 3.5
Fill in the gaps. Then read and translate:
| presentation distinctive business skills business databases spreadsheets |
The …1…feature of the first year course is its so called …2…Development element. It covers word processing …3…and …4… along with a written …5…. All these skills are crucial in the …6… world.
Exercise 3.6
Read the last paragraph of the text again and match the halves of the sentences:
| 1. The personal tutorial system ensures that… | a) the students take a degree. |
| 2. Teaching is done by lectures and in… | b) IT facilities at the university. |
| 3. There are excellent … | c) small classes. |
| 4. At the end of the course of studies … | d) all students get the attention they need. |
| 5. After the graduation they work as … | e) professional accountants in business, finance and management. |
Exercise 3.7
Read the 4th and the 5th paragraphs of the text again and put the sentences into a chronological order:
1. Along with this there are options on marketing, taxation strategic management, small business studies and computing.
2. The students must also write an extended essay on a topic of their own choosing.
3. In the 3rd year compulsory accounting and finance courses bring technical competence to a high level.
4. Second year work completes students’ essential business studies with courses in personal management, marketing and business and company law.
TEXT 4
THE FACULTY OF ACCOUNTING AT THE MOSCOW
UNIVERSITY OF CONSUMER COOPERATIVES
Exercise 4.1
Study the vocabulary:
| а course | курс | ||
| acute | гострий | ||
| available | наявний | ||
| applicants | претенденти | ||
| CIS countries | країни СНД | ||
| to date from | відноситися до певного часу | ||
| entry | вступ | ||
| ethics | етика | ||
| extramural | заочний | ||
| to exceed | перевищувати | ||
| external | зовнішній | ||
| full-time students | студенти денного відділення | ||
| goods management | товарознавство | ||
| internal | внутрішній | ||
| IT systems | системи інформаційних технологій | ||
| theory | теорія | ||
| valuation techniques | методи оцінки |
Exercise 4.2
Read and translate the text:
The faculty of accounting at the MUCC offers a course in accounting, auditing and IT systems in business. The course of studies lasts for five years for full-time students and six years for the students of the extramural department. Training is done by lectures and seminars. The level of training is high thanks to a combination of theoretical knowledge and practice.
The faculty dates from the 20s of the last century. It was created in the first years of soviet power, when there was an acute shortage of qualified accountants in this country. Since those days the faculty has trained thousands of accountants for different branches of the economy. It gradually grew in size and at present it is one of the largest at the University. The entry requirements are high, but still the number of applicants generally exceeds the number of places available.
The first year gives students a basic knowledge of the business context in which accounting takes place. They study economic theory, economic geography, ethics, higher mathematics, foreign languages etc. The second-year programme includes accounting theory, informatics, marketing, management, finance, goods management etc. In the 3rd and the 4th year great emphasis is given to the study of financial and business accounting, internal and external auditing, law and economic analysis. Much time is spent on expanding students' conceptual knowledge, and they are also taught how to use valuation techniques in assessing the results of business performance. Much attention is paid to the study of computer technologies. Computer skills are very important for future accountants. At the end of the course of studies the students take state final examinations and those who pass these exams successfully get a diploma. After graduation they work as accountants or assistant auditors in different businesses, firms, government agencies, auditing companies and the like.
The accounting faculty at the MUCC enjoys popularity with the young people who would like to be accountants. The students of the faculty come from different parts of Russia and CIS countries.
Exercise 4.3
Read the text again and choose the best variant:
1. The faculty of accounting offers…
a) a course in bookkeeping
b) a course in psychology
c) a course in accounting, auditing and IT systems in business
2. The level of training at the MUCC…
a) is high
b) is usual and reflects the knowledge in practice only
c) is low
3. The faculty entry requirements are…
a) low
b) high
c) not so high
4. Much attention is paid the study of…
a) cybernetics technologies
b) mathematical technologies
c) computer technologies
5. The students of the faculty come from…
a) Ukraine
b) Russia
c) different parts of Russia and CIS countries
Exercise 4.4
Fill in the gaps from the table then read and translate:
| applicants training exceeds extramural entry level shortage offers requirement course |
The faculty of accounting at the MUCC …1…a course in accounting, auditing and IT systems in business. The …2…of studies lasts for five years for full-time students and six years for the students of the …3… department. …4… are done by lectures and seminars. The …5… of training is high thanks to a combination of theoretical knowledge and practice.
The faculty dates from the 20s of the last century. It was created in the first years of soviet power, when there were an acute …6… of qualified accountants in this country. Since those days the faculty has trained thousands of accountants for different branches of the economy. It gradually grew in size and at present it is one of the largest at the University. The …7…,…8… are high, but still the number of …9… generally …10…the number of places available.
Exercise 4.5 Read the text again and choose the best answer:
1. What course does the accounting faculty at the MUCC offer?
c) a course in accounting
d) a course in auditing
e) a course in accounting, auditing and IT systems in business
2. How long is the course of studies?
c) lasts for four years
d) for five years
e) for five years for full- time students and six years for the students of extramural department
3. What is the training based on?
c) training is based on seminars
d) training is based on lectures and seminars
4. When was the accounting faculty created?
c) it was created in 2001
d) it was created in the first years of soviet power
5. What is the accounting faculty like at present?
c) doesn’t enjoy a wide popularity
d) enjoys popularity with young people
6. What do the students of the accounting faculty study in the first year?
a) the basic economic subjects
b) marketing and management
7. Where do the graduates of the accounting faculty work?
a) in different branches of agriculture
b) in the sphere of medicine
c) in different spheres of business, firms, government agencies, auditing companies
TEXT 5
SOME LEADING ACCOUNTING ORGANIZATIONS
OF GREAT BRITAIN
Exercise 5.1
Study the vocabulary:
| 1. | Аccounting Standards Committee | 1. | комітет зі стандартів бухгалтерського обліку |
| 2. | auditing Practices Committee | 2. | комітет з аудиторської практики |
| 3. | apart from | 3. | окрім |
| 4. | appropriate | 4. | відповідний |
| 5. | Association of Certified Accountants | 5. | асоціація дипломованих бухгалтерів |
| 6. | authority | 6. | повноваження, права |
| 7. | emergence | 7. | поява, виникнення |
| 8. | eventually | 8. | кінець кінцем, у результаті |
| 9. | exceptionally | 9. | винятково |
| 10. | charter | 10. | хартія, ліцензія |
| 11. | to imply | 11. | означати, мати на увазі |
| 12. | consultative Committee of Accountancy Bodies | 12. | консультативний комітет бухгалтерських інституцій |
| 13. | the Institute of Cost and Management Accountants | 13. | інститут бухгалтерів, зайнятих у сфері виробництва і управління |
| 14. | to serve | 14. | служити, сприяти, бути придатним |
| 15. | syllabus | 15. | програма |
| 16. | separate | 16. | окремий |
| 17. | occupation | 17. | заняття, професія |
| 18. | to qualify | 18. | навчати. кваліфікувати |
| 19. | valuation | 19. | оцінка, визначення вартості |
Exercise 5.2
Read the text to find out what exactly unites 3 Institutes of Chartered Accountants of Great Britain:
Accountancy is an exceptionally old occupation. The emergence of the profession with a code of ethics was followed by the formation of accounting bodies. The oldest professional bodies of accountants were first formed in Edinburgh and Glasgow in the 1850s. In 1854 the Royal Charter was granted to a society of accountants in Scotland. Some years later in 1880, the Institute of Chartered Accountants in England and Wales was formed. Shortly afterwards there were similar activities throughout the English-speaking world and eventually everywhere else. For example, the American Institute of Certified Public Accountants was created in the US in 1887 under the influence of British accounting practices.
At present there are some major organizations for accountants in the UK. Each of these professional bodies has a charter from which its authority is derived. The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from one another. Apart from that, each of these institutes has got its own rules, examination syllabus and students. However there is one important rule that unites them. According to this rule, all student members are to serve a fixed period of time under a training contract with a member of the Institute. Thus they gain the appropriate experience before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and commerce.
The fourth body of accountants is the Association of Certified Accountants. The members of this Association are found mainly in industry and commerce. A significant number of them can be also found in practice. The students of this association must undergo a period of training to gain experience before they qualify.
The fifth body of accountants is the Institute of Cost and Management Accountants. As the name implies, the members of this organization are mainly found in industry. So before qualifying they must gain experience by working in an accounting office in industry.
There is also a Consultative Committee of Accountancy Bodies which coordinates the rulemaking of the profession for its own members. It has two committees. The first one is known as accounting Standards committee. This committee sets the detailed rules of valuation and measurement to be used by accountants when preparing accounts. The other committee is called auditing practices committee. It deals with the standard procedures to be followed by auditors.
Exercise 5.3
Match the English words with their Ukrainian equivalents:
| 1. | apart from | a) | програма |
| 2. | association | b) | асоціація |
| 3. | authority | c) | оцінка, визначення вартості |
| 4. | emergence | d) | досвід |
| 5. | syllabus | e) | утворення, формування |
| 6. | occupation | f) | професійна організація |
| 7. | valuation | g) | заняття, професія |
| 8. | formation | h) | окрім |
| 9. | professional body | i) | повноваження, права |
| 10. | Experience | j) | поява, виникнення |
Exercise 5.4
Read the text once again and choose the correct variant:
1. Accountancy is an exceptionally …
a) old occupation;
b) new occupation;
c) weird occupation.
2. The oldest professional bodies of accountants were first formed in …
a) Liverpool;
b) Edinburgh and Glasgow;
c) London.
3. Each of professional bodies has…
a) a certificate from which its authority is derived;
b) a charter from which its authority is derived;
c) a grant from which its authority is derived.
4. According to the rule, all student members are …
a) to pay money under a training contract;
b) to study abroad;
c) to serve a fixed period of time under a training contract with a member of Institute.
5. Consultative Committee of Accountancy Bodies has…
a) two committees;
b) three committees;
c) four committees.
Exercise 5.5
Fill in the gaps then read and translate the passage:
| experience number syllabus one another contract organizations rule commerce bodies training |
At present there are some major 1… for accountants in the UK. Each of these professional 2… has a charter from which its authority is derived. The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from 3… …. Apart from that, each of these institutes has got its own rules, examination 4… and students. However there is one important 5… that unites them. According to this rule, all student members are to serve a fixed period of time under a training 6… with a member of the Institute. Thus they gain the appropriate 7… before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and 8… .
The fourth body of accountants is the Association of Certified accountants. The members of this Association are found mainly in industry and commerce. A significant 9… of them can be also found in practice. The students of this association must undergo a period of 10… to gain experience before they qualify.
Exercise 5.6
Read the following fragment of the text and focus on the major organizations for accountants in the UK:
Ø At present there are some major organizations for accountants in the UK. Each of these professional bodies has a charter from which its authority is derived.
Ø The first three are the Institutes of Chartered Accountants in England and Wales, Scotland and Ireland. These are quite separate from one another. Apart from that, each of these institutes has got its own rules, examination syllabus and students. However there is one important rule that unites them. According to this rule, all student members are to serve a fixed period of time under a training contract with a member of the Institute. Thus they gain the appropriate experience before they qualify. As a rule, chartered accountants work in professional accounting bodies, industry and Commerce.
Ø The fourth body of accountants is the Association of Certified accountants. The members of this Association are found mainly in industry and commerce. A significant number of them can be also found in practice. The students of this association must undergo a period of training to gain experience before they qualify.
Ø The fifth body of accountants is the Institute of Cost and management Accountants. As the name implies, the members of this organization are mainly found in industry. So before qualifying they lust gain experience by working in an accounting office in industry.
Exercise 5.7
Put the jumbled words into a correct order:
1.of, the profession, was followed, The emergence, with, a code, the formation, by, of, bodies, accounting, of, ethics.
2.these, Each, has, a charter, of, bodies, from, professional, its, is, which, derived, authority.
Each, these, has, its, rules, own, examinations, and, students, syllabus, of, institutes, got.
3.work, professional, industry, in, As a rule, accountants, and, commerce, charted, accounting, bodies.
4.this, must, association, The students, a period, of, to gain, they, before, qualify, of, undergo, training, experience.
TEXT 6