Text 2. Accounting systems

TEXT 3. FIELDS OF ACCOUNTING

TEXT 4. FUNCTIONS OF ACCOUNTING

TEXT 5. AREAS OF ACCOUNTING

TEXT 6. BUDGETING

TEXT 7. WHAT ACCOUNTING TASKS CAN BE DONE WITH A HELP OF A COMPUTER

TEXT 1

ACCOUNTING

Exercise 1.1

Study the vocabulary:

	crucial		рушійний, ключовий
	to compare		порівнювати
	trend		тенденція, загальний напрямок
	a great impact		великий вплив
	the boundaries		межі, кордони
	new dimensions		нові напрямки
	favourable conditions		сприятливі умови
	uniformity		однаковість, єдинство
	comparatively new		порівняно нові
	accounting practices		бухгалтерська діяльність
	dincreaseynamically		динамічно
	to increase		зростати
	to raise the quality		підвищувати якість
	to establish		запроваджувати
	requirements		вимоги

Exercise 1.2

Read and translate the text:

Accounting is the process of identifying, measuring and communicating economic information. A user of the information may make informed economic judgments and decisions based on it. Accounting plays a crucial role in the development of human society. The medium of accounting itself is thought to have a great impact on economic thinking and economic activity in all countries of the world. The enormous growth of industry in the twentieth century has expanded the boundaries of accounting and, as a result, the needs for accountants have increased. Some accounting experts believe that this trend will continue in the 21_st century as well. New dimensions of accounting will be recognised and its comparatively new fields will be dynamically developing. The very terminology of accounting will be changed to bring forth «social accounting», «green accounting», «tax accounting», etc.

In the 21_st century the world will continue to move slowly towards a single economy. As trade and investment flows expand, this tendency will certainly contribute to an open global economy. As a result, there may appear more favourable conditions in the future for developing the uniformity of international accounting standards. Harmonising accounting standards internationally will improve the comparability of accounting information throughout the world. It will bring greater international understanding of accounting practices. In turn, more comparability will improve the analysis of financial statements. A single set of financial accounting standards will also save corporations' time and money since they will no longer have to multiple sets of financial statements. In a word, establishing international standards, accepted in many countries, is believed to raise the quality of accounting throughout the world.

At present, however, there are many problems on the way of setting such international standards. One is that accountants and users of accounting information have not been able to agree on the goals of financial statements. Another problem is certainly the differences in the way in which the accounting profession has developed in different countries, not to speak about differences in the laws regulating businesses, differences in the requirements of governments and other bodies. And still other differences are the ones that exist among countries in the basic economic factors affecting financial reporting, and inconsistencies in practices recommended by the accounting professions of different countries.

Exercise 1.3

Fill in the gaps. Then read and translate:

human impact process expanded countries terminology dimensions continue fields increased

Accounting is the …1… of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it. Accounting plays a crucial role in the development of …2… society. The medium of accounting itself is thought to have a great …3… on economic thinking and economic activity in all …4…of the world. The enormous growth of industry in the twentieth century has …5…the boundaries of accounting and, as a result; the needs for accountants have …6… . Some accounting experts believe that this trend will …7…in the 21_st century as well. New …8… of accounting will be recognised and its comparatively new …9…will be dynamically developing. The very …10… of accounting will be changed to bring forth «social accounting», «green accounting», «tax accounting», etc.

Exercise 1.4

Make up the sentences from the words:

1. and, information, accounting, is communicating, measuring of identifying, the process, economic.

2. the development, plays, human, in, a, crucial, accounting, role of society.

3. economy, the, continue, move, in, the 21_st, world, will, century, to slowly, towards, a, single.

4. problems at present, however many, there, are, on, the, way, of, such, international, setting, standards.

5. certainly, tendency, as, trade, and, flows, economy, investment, expand, this, will, to, an, open, global, contribute.

Exercise 1.5

Decide whether they are true or false: