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

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