The first business records were made by
d) the peoples of the Middle East
e) the Europeans
f) the Romans
The double-entry system developed during ...
d) the twelfth century A.D
e) the Renaissance
f) the fifteenth century A.D
The first systematic presentation of double-entry book-keeping was described in a mathematics book written by ...
d) Goethe
e) Luca Paciolli
f) Leonardo da Vinci
The use of double-entry book-keeping had a positive effect on ...
d) business
e) industry
f) both business and finances
Some researchers think that ...
d) there wasn’t any relationship between the adoption of the double-entry system and economic growth in many countries
e) there was a close relationship between the adoption of the double-entry system and economic growth in many countries
f) there was some relationship between the implementation of the double-entry system and economic growth in many countries
Exercise 7.4
Read the third and fourth part of the text and fill in the gaps. Then read and translate:
| enterprise; introduced; system; describing; confusion; accounting; providing; recording; arithmetic; required |
In Britain the first book on the double-entry …1… was written by one Hugh Old-Castle schoolmaster, who taught …2…. No copy of this first book has survived. Later some more book…3… this new method were published. English businessmen began to employ this…4…device. The primary advantage of double-entry accounting, to many historians of accounting, was that it abolished…5…in the accounts by creating order out of chaos.
In Russia double-entry accounting was …6…to the state administration under Peter I. It was first applied for the Admiralty and the army. Peter I…7…the managers of all the mining and smelting works to maintain records of their operations, thus…8…a basis for the collection of national statistics. The first large…9…to use double-entry was the Demidovs. It had over 50 works, mostly iron-making in the Urals. By the end of the 18th century the Demidov enterprise had acquired sophisticated…10…techniques.
Exercise 7.5
Read the whole text again and choose the best answer:
1. By whom and when were the first business records developed?
a) by the Romans in 1494
b) by the Sumerians, the Egyptians, and other peoples of the Middle East in about 3,000 B.C.
c) by the European peoples in the fifteenth century A.D.
2. When did the double-entry system evolved?
a) during the Roman Empire
b) in the eleventh century A.D.
c) during the Renaissance
5 баллов
3. Who named double-entry book-keeping as «one of the finest discoveries of the human intellect»?
a) Goethe
b) Luca Paciolli
c) Leonardo da Vinci
4. Who wrote the first book on the double-entry system?
a) a schoolmaster
b) a merchant
c) a sailor
5. Who introduced double-entry accounting in Russia?
a) Columbus
b) the Demidovs
c) Peter I
UNIT 2
MAKING A CAREER IN ACCOUNTING
TEXT 1. THE ACCOUNTING PROFESSION
TEXT 2. MAKING A CAREER IN ACCOUNTING
TEXT 3. THE WORK OF THE ACCOUNTANT
TEXT 4. PROFESSIONAL ETHICS OF ACCOUNTANTS
TEXT 5. WHAT SHOULD A MODERN ACCOUNTANT BE LIKE
TEXT 6. WHAT KINDS OF PEOPLE MAKE GOOD ACCOUNTANTS
TEXT 7. ACCOUNTING CONVENTIONS AND PRINCIPLES
TEXT 1
ACCOUNTING PROFESSION
Exercise 1.1
Study the vocabulary:
| independent report | незалежний звіт | ||
| ultimate goal | кінцева ціль | ||
| the appropriateness | відповідність | ||
| financial reports | фінансові звіти | ||
| the examination | ретельне вивчення, розгляд | ||
| to require | вимагати | ||
| obviously | очевидячки | ||
| specialty areas | напрямки спеціальності | ||
| to involve | включати в себе | ||
| charitable | добродійний | ||
| to evaluating | оцінювати | ||
| to relate | стосуються | ||
| to engage | залучати | ||
| tax returns | податкові декларації | ||
| to decide | вирішувати |
Exercise 1.2
Read and translate the text:
To decide to be an accountant is no more descriptive than deciding to be a doctor. Obviously, there are many specialty areas. Many accountants engage in the practice of «public» accounting, which involves providing audit, tax, and consulting services to the general public. To engage in the practice of public accounting usually requires one to be licensed as a CPA (Certified Public Accountant). Auditing involves the examination of transactions and systems that underlie an organization's financial reports, with the ultimate goal of providing an independent report on the appropriateness of financial statements.
Tax services relate to the providing of help in the preparation and filing of tax returns and the rendering of advice on the tax consequences of alternative actions. Consulting services can vary dramatically, and include such diverse activities as information systems engineering to evaluating production methods. Many accountants are privately employed directly by small and large businesses (i.e., «industry accounting») and not-for-profit agencies (such as hospitals, universities, and charitable groups). They may work in areas of product costing and pricing, budgeting, and the examination of investment alternatives. They may focus on internal auditing, which involves looking at controls and procedures in use by their employers. Objectives of these reviews are to safeguard company resources and assess the reliability and accuracy of accounting information and accounting systems.
They may serve as in-house tax accountants, financial managers, or countless other occupations. And, it probably goes without saying that many accountants work in the governmental sector, whether it be local, state, or national levels.
Exercise 1.3
Fill in the gaps. Then read and translate:
| audit auditing engage general practice an accountant specialty involves ultimate transactions |
To decide to be …1…is no more descriptive than deciding to be a doctor. Obviously, there are many …2…areas. Many accountants …3… in the …4…of «public» accounting, which …5…providing …6…, tax, and consulting services to the …7…public. To engage in the practice of public accounting usually requires one to be licensed as a CPA (Certified Public Accountant). …8…involves the examination of …9…and systems that underlie an organization's financial reports, with the …10… goal of providing an independent report on the appropriateness of financial statements.
Exercise 1.4
Make up the sentences from the words:
1) an accountant, a doctor, no more, To, to, decide, be, is, descriptive than, deciding, to, be.
2) as a CPA, To, engage, requires, in the, accounting, practice, of public, usually, one, to be licensed.
3) Many, large, directly, by small, are, accountants not-for-profit, privately, employed, and, businesses, and, agencies.
4) Obviously, areas, there, many, are, specialty.
5) may, accountants, They serve, as, in-house, tax, financial, managers, or countless, other, occupations.
Exercise 1.5
Read the text again and put the sentences into a chronological order:
1. Many accountants are privately employed directly by small and large businesses (i.e., «industry accounting») and not-for-profit agencies (such as hospitals, universities, and charitable groups).
2. They may focus on internal auditing, which involves looking at controls and procedures in use by their employers.
3. Objectives of these reviews are to safeguard company resources and assess the reliability and accuracy of accounting information and accounting systems.
4. They may work in areas of product costing and pricing, budgeting, and the examination of investment alternatives.5
5. Consulting services can vary dramatically, and include such diverse activities as information systems engineering to evaluating production methods.
6. Tax services relate to the providing of help in the preparation and filing of tax returns and the rendering of advice on the tax consequences of alternative actions.
Exercise 1.6
Mach the words with the definition:
| to focus on | a | to lie or be placed under or beneath | |
| to safeguard | b | to give work to (someone) and pay them for it | |
| to underlie | c | to become different or changed | |
| to employ | d | to protect from harm or damage with an appropriate measure | |
| to vary | e | to pay particular attention to… |
TEXT 2