Навчальнометодичний посібник розглянуто та схвалено на засіданні кафедри іноземних мов 25 травня 2006 р., протокол 9
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B: credit, liabilities, outgoing, wrong, giver. Exercise 8. Learn the plural form of the words of Greek and Latin origin. Translate them into Ukrainian: datum –data; analysis –analyses; medium – media; basis – bases; index – indices; phenomenon – phenomena; Use the correct form of the words given above in the following sentences: 1. This event was widely commented in mass … . 2. Employment is one of the most important … of economic activity. 3. Our group performed a thorough … of the Ukrainian steel market. 4. What financial… will you use in preparing income statement? 5. He has been observing these atmosphere … for several years. 6. Accounting provides the … for making correct decisions. Exercise 9. Read and translate the following pairs of words: account-to account; post- to post; rent- to rent; record- to record; show- to show. Use the proper form of the word in the following sentences, translate the sentences. 1. He will … you his last article on interpreting statistical data. 2. She … all the expenses of the family. 3. How much does he pay for the … of this house? 4. This exhibition is a real … of the latest computer technology. 5. With what bank will you open your …? 6. I prefer to … a flat as I intend to stay here only for several months. 7. Service industry … for 65 % of the gross national product in the U.K. 8. Who is in charge of receiving … in your office? 9. Which of your bookkeepers … financial data into the ledger? 10. There are too many mistakes in this …. We cannot publish it. Exercise 10. On the basis of the text define the following terms: accounting; bookkeeping; balance sheet; income statement; the principle of double entry. Exercise 11. Complete the following sentences: Assets is everything … while liabilities is… . Revenues means … money while expenses … . Owner’s equity is … . Exercise 12. Complete the sentences with the proper words from the list below: interpret; to enter; position; bookkeeping; the double entry; by common characteristics 1. Accounting consists of … and accounting itself. 2. In bookkeeping we apply the principle of … . 3. Financial entries grouped together … are called accounts. 4. How would you … these financial transactions? 5. The financial … of their business is very stable. 6. Haven’t you forgotten … this transaction twice? Exercise 13. Translate into English. 1. Ми вирішили відкрити рахунок в цьому банку. 2. У них не має поточних активів, щоб виплатити зарплату. 3. Вони вже виплатили всі свої борги. 4. Ми щойно занесли цю операцію в книгу. 5. Вона заборгувала велику суму грошей і вирішила продати акції, щоб виплатити борг. 6. Фінансові звіти є кінцевим продуктом бухгалтерського обліку. Grammar point: The Past Perfect tense: Active and Passive forms (p.143). The Past Perfect Continuous tense (p.144) * Past Indefinite vs. Past Perfect * Compare the use of Past Indefinite and Past Perfect. We use Past Indefinite to say that something happened in the definite moment in the past. We use Past Perfect to say that something happened before a definite moment in the past. e.g. When I arrived home (a definite moment in the past) mother had already come from work (action happened before this moment). Exercise 14. Use the verbs in brackets either in Past Indefinite or Past Perfect: 1. He (study) economics at school before he (enter) the college. 2. The room (be) empty; everybody (go). 3. I (complete) my report by 7 and (send) it with the evening post. 4. When I (ask) her about the essay she (say) she (complete) it long ago. 5. He (correct) the error he (make) the day before. 6. On my way home I (remember) that I (forget) the documents in the office. 7. He (discuss) the problem with a lot of people before he (make) the decision. 8. The auditor (make) his conclusions only after he (examine) all relevant documents. Exercise 15. I. Read the beginning of these true travellers’ stories and match them to the right endings. 1. Sir Collin Marshall, Chief Executive of British Airways, was having difficulty finding his way in New York. A woman was passing by so he stopped her and asked for directions. The woman pulled down her dark glasses and stared at him angrily. 2. Tom Brown’s Skoda had broken down so he had left it on the motorway and returned home by train. But 73-year-old Tom felt worried. He was sure he had forgotten something. What had he left behind? Half way through tea he remembered. 3. A journalist from The Times newspaper was watching his suitcase vanish into the X-ray machine at Tangier airport when he suddenly remembered he had packed two antique guns inside. Terrified, he rushed to the operator and explained what he had done. A. He had left Mrs Brown sitting on the back seat. B. “Don’t worry, sir,” came the reply. “Our machines will never pick them up.” C. “Do I look like a goddam road map?” she asked. 2. Look at the first story again. Two past tenses are used to tell the story. What tense is used to a) set the scene and describe the circumstances of the story? b) describe the main events in the story? 3. Look at the second story again. Two past tenses are used to tell the story too. What tense is used to describe a) events that happened after Tom returned home? b) events that happened before he returned home? 4. Look at the third story again. Underline the examples of the past indefinite, past continuous and past perfect tense. Explain why these tenses are used. Exercise 16. Make the following sentences passive. 1. He had done everything to save the situation. 2. They had calculated gross income by January,15th. 3. We had provided the relevant information before the beginning of the meeting. 4. Distributors had already supplied these goods to our stores. 5. Accountants had prepared the Income Statement by the beginning of the quarter. Exercise 17. Join two sentences into one using the conjunction before. 1. They examined the accounts. They made a correct decision. 2. We classified all financial transactions. We posted the financial entries into the ledger. 3. He accumulated the data. He interpreted them. 4. I studied accounting. I got this job. 5. The accountants prepared the Balance Sheet. The transaction was completed. 6. She got her first job. She graduated from the institute. Exercise 18. Read the following sentences and compare the use of Past Perfect Simple and Past Perfect Continuous. 1. They had discussed this problem in details before they came to an agreement. They had been exchanging their opinions for several hours. 2. I got this job after I had been interviewed twice. I had been looking for a job for the last two months. 3. She was promoted after she had improved the work at this department. She had been working at this project for several months. Exercise 19. Use the verbs in brackets either in Past Perfect Simple or Past Perfect Continuous. Mind the verbs that are not used in Continuous tenses. 1. The manager (to hold) the staff meeting for two hours when the director entered the room. 2. She remembered that she (to forget) to post the last entry into the ledger. 3. He (to serve) in this house for six years when the incident happened. 4. I was very angry because someone (to ring) all night. 5. She (to see) the news on TV before he told it to her. 6. I was too upset with the result as I (to prepare) this report for so long. 7. She (to be) in her office for nearly three hours when the accountant brought in the information she (to ask) for. 8. He was tired as he (to look) through the documents for the last three hours. Discussion of the text. 1. Speak about accounting and its parts. 2. Characterize the main groups of accounts. 3. Speak about two types of financial statements. UNIT 9 AUDITING Exercise1. Read and learn the following words and word combinations. audit – аудит, перевірка, ревізія; auditor-ревізор, аудитор; auditing –проведення ревізії. to involve –стосуватися чогось, залучати щось, спричинювати (наслідки); review – розгляд, огляд, перегляд; syn. –revision, inspection – перевірка, ревізія, інспекція; evaluation – оцінка; syn. judgment, opinion – оцінка, судження, думка; state authorities – державні органи влади; irregularity – відхилення від норми; opp. regularity- правильність, закономірність, регулярність; regular/ irregular – правильний, звичний/неправильний,незвичний; misappropriation – незаконне привласнення, крадіжка, розтрата; to maintain-підтримувати, зберігати в хорошому стані; procedure- 1)порядок; процес; 2)операція; 3)метод, методика; operating/operational procedure–метод роботи; виробничий процес fiscal affairs- фінансові/бюджетні справи; in regard to – стосовно, що стосується; to complete – завершувати; complete - повний, завершений; completion –завершення; completeness- завершеність, повнота. accuracy- точність, правильність, достовірність; fairness- достовірність; a scope paragraph – пункт/параграф, що стосується обсягу (перевірки); an opinion paragraph – пункт/параграф, що стосується оцінки (висновків); conclusion- висновок; reliable- надійний; opp. unreliable- ненадійний; non-existent- неіснуючий; opp. existent- існуючий; State Treasury- Міністерство фінансів; державна скарбниця; Control and Revision Administration- контрольно-ревізійне управління; Exercise 2. Read and translate the following text. Auditing Auditing is an accounting function that involves the review and evaluation of financial records and financial position of a company. Audits are performed by highly qualified accountants (auditors) ordered by the management of the company or by some state authorities (revision and control). Not so many years ago audits suggested that a company had financial difficulties or some irregularities in the records. At present audit is a normal and regular part of business practice. There are two types of auditing: internal and independent. Internal audit is a system of internal control against errors and misappropriations. Many companies employ their own accountants to maintain an internal audit. They continuously review operating procedures and financial records and report to management on the current state of the company’s fiscal affairs. They check the accounting records in regard to completeness and accuracy, making sure that all irregularities are corrected. Independent auditing is done by certified accountants who are not employees of the organization whose books they examine. Independent auditors review the business’ operating activities; they examine financial statements, the accounting records and other business papers to determine the accuracy and completeness of the records. It is called fairness in the accounting terminology. The accountant’s judgment or opinion on the fairness of the records is written in a document sent to the client upon completion of the audit. It consists of a letter addressed to the client that includes a scope paragraph (list of documents that he has examined and the standards that have been used for the audit), and the opinion paragraph (the auditor’s conclusions). Auditors can help the business to set up a reliable accounting system; they can also discover whether non-existent transactions have been entered into the books. Even in a small business mistakes in the books of accounts can lead to a business failure. Audit and control is a controlling function of some state authorities (e.g. State Treasury, Control and Revision Administration) that involves the review and evaluation of financial records and financial position of the business, as well as managerial skills of the management and financial health of the organization. Exercise 3.Answer the following questions: 1. What function is auditing? 2. What operations does auditing involve? 3. Who performs auditing? 4. Who orders audits? 5. Are audits a normal and regular part of business practice today? 6. What types of auditing do you know? 7. Who performs internal auditing and with what aim? 8. Who performs independent auditing? 9. What documents do independent auditors examine? 10. What is called “fairness” in the accounting terminology? 11. What does the final product of auditing include? 12. How can auditor help a business? 13. What state authorities can order audit and control? 14. What is evaluated in the course of such a control? Exercise 4. Translate into English. фінансовий стан компанії; на замовлення керівництва; нещодавно; нормальна і звичайна практика; постійно; поточний стан; впевнитись; в термінології бух. обліку; достовірність; лист, адресований клієнту; привести до занепаду бізнесу. Exercise 5. Translate into Ukrainian. highly qualified accountants; financial difficulties; internal control; business’ operating activities; upon completion of the audit; to set up a reliable system; to enter a non-existent transaction into the book; managerial skills; business’ financial health; opinion on the fairness of the records. Exercise 6. Match and learn the synonyms. A: evaluation, error, accuracy, fiscal, management, revision; B: financial, auditing, authority, mistake, judgment, fairness. Exercise 7. Match and learn the opposites. A: regularity, existent, appropriation, internal, complete, reliable; B: misappropriation, incomplete, unreliable, irregularity, non-existent, external. Write out prefixes that form the opposite meaning. Use your dictionary to provide 2 more examples of each case. Exercise 8. On the basis of the text define the following terms: audit, internal audit, independent audit, auditor Exercise 9. Complete the sentences using the proper words from the list below: in regard to, current state, irregularities, completeness, to perform, standards, reliable, managerial skills 1. Have you mentioned the … used for the audit? 2. He received the highest mark for the … of his answer. 3. Which of your personnel will you employ … the audit? 4. She discovered some … in the accounting records. 5. Failure of this company was due to poor… of its management. 6. We have sent you the documents … the audit completed last month. 7. You can trust him. He is the most … person I have ever met. 8. We have just received the report on the … of our fiscal affairs. Exercise 10. Translate into English. 1. Аудитор зробить висновки після того, як аудит буде завершеною 2. Фінансова діяльність фірми буде перевірена до кінця березня. 3. Компанія стане прибутковою після того, як буде організована надійна система бух.обліку. 4. Аудитор встановлює, чи було зроблено помилку у записах. 5. Керівництво було задоволено тим, що всі помилки були виправлені. Grammar point: The Future Perfect tense: Active and Passive form (p.145) The Future Perfect Continuous tense (p.146) * We use Future Perfect Active or Passive to say that an action will have been completed by a definite time in the future. e.g. The auditor will have completed the audit by the end of May. The audit will have been completed by the end of May. Exercise 11. Use the verb in brackets in either Future Perfect Active or Passive: 1. I (do) it by that time. 2. Everything (do) by that time. 3. He (write) a letter by 7 o’clock tomorrow. 4. The book (write) by next month. 5. By tomorrow’s evening the report (complete). 6. He (pass) the exam by this time. 7. The auditors promise they (to finish) examining the documents by next Friday. 8. He hopes the results (to review) by our next meeting. 9. All the books (to check) by his arrival. 10. The equipment (to maintain) by the time you come back. Exercise 12. Use the verb in brackets in the Future Perfect Continuous form; translate the sentences as it is shown in the model. Model: I (to work) in this company for three years next April. – I‘ll have been working in this company for three years next April. Наступного квітня буде три роки як я працюю в цій компанії. 1. We (to run) our family business for 20 years next spring. 2. She (to review) their financial documents for a month next Monday. 3. I (to teach) economics for 10 years this summer. 4. They (to check) the accounting records for a week this Friday. 5. Our accounting firm (to perform) independent audit for 15 years this autumn. |