Task I Matching Match the words and word combinations with their Russian equivalents. Check
to assist in- предвосхищать, предугадывать loan- заем, ссуда to balance- подводить баланс warehouse- товарный склад assets- актив (баланса), средства, фонды net income- чистая прибыль activities- деятельность to owe- быть обязанным, должным account- счет to anticipate- помогать в чем-то
Task II Filling in the gaps. Replace the words in italics with the words used in the text. Pay attention to the word forms. Financial audit Financial audits exist to ensure that the reported financial statements fairly represent the organization's position and performance to the firm's stakeholders. Other parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in ensuring that the financial statements are accurate.
The audit is designed to reduce the possibility of a material misstatement. A misstatement is defined as false or missing information, whether caused by fraud (including deliberate misstatement) or error. Material is very broadly defined as being large enough or important enough to cause stakeholders to alter their decisions.br The exact 'audit opinion' will vary between countries, firms and audited organisations. In the US, the CPA firm provides written assurance that financial reports are 'fairly presented in conformity with generally accepted accounting principles (GAAP).' The measure for 'fairly presented' is that there is less than 5% chance (5% Audit Risk) that the financial statements are 'materially misstated'.
In England and Wales, the Registered Auditors provide 'reasonable assurance' that the financial statements are 'free from material misstatement', and that they give 'a true and fair view' of the state of the company's affairs as at a particular date, and of its profit/loss for the period then ended, and have been 'properly prepared in accordance with the Companies Act 1985' or other relevant legislation.
1. He can guarantee (Guarantee) that this statement is true. 2. All the interested parties (parties concerned) will participate in this business. 3. You should talk to our providor (provider) as it is he who sell us the computers. 4. Tom and you cannot do it as it is deception (deceit). 5. The indices fluctuate (Fluctuate) between 58 and 77. 6. They have to read the books that were adopted (Accepted) by the Committee. 7. He wants to investigate the firm's business state (Business of a company) and to decide what to do next.
Text 3. Прочитайте текст и переведите его.
What Is Accounting?
Nearly everyone practices "accounting" in one form or another on almost a daily basis. Accounting is the art of interpreting, measuring, and communicating the results of economic activities. Whether you are paying your phone bill, balancing your checkbook, preparing your income tax return, or managing an international corporation, you are working with accounting concepts and accounting information. Every investor, manager, and business decision maker - everyone - needs a clear understanding of accounting terms and concepts as assets, liabilities, net income, cash flow and earnings per share.
We live in an era of accountability. An individual must account for his or her income and must file income tax returns, supply personal accounting information in order to qualify for a loan, to obtain a credit card, or to qualify for a college scholarship. That's why the study of accounting should not be limited to students majoring in accounting or finance. Everyone who engages in economic activity - which means everyone - will benefit from understanding the nature, significance, and limitations of accounting information.
The basic purpose of accounting is to provide decision makers with information useful in making economic decisions. These decisions concern the allocation and use of scarce economic resources, such as money, land, and labor. Resource allocation decisions determine prices, wages, the goods and services we produce, the adequacy of our food supplies and the quality of our transportation systems.
Just as there are many different types of economic decisions, there are many types of accounting information. The terms financial accounting, management accounting, and tax accounting often are used in describing the types of accounting information most widely used in the business community.
Financial accounting refers to information describing the financial resources, obligations, and activities of an economic entity. Financial accounting information is designed primarily to assist investors and creditors in deciding where to place their scarce investment resources.
However, many other decision makers also make use of financial accounting information. A company's managers and employees constantly need such information in order to run and control daily business operations. For example, they need to know the amount of money in the company's bank accounts, the types and quantities of merchandise in the company's warehouse, and the amounts owed to specific creditors. Financial accounting information also is used in income tax returns. In fact, financial accounting information is used for so many different purposes that it often is called general-purpose accounting information.
Management accounting involves the development and interpretation of accounting information intended specifically to aid management in running the business. Managers use this information in setting the company's overall goals and so on. Management accounting information often includes evaluations of "non-financial" factors, such as political considerations, the possible effects of various actions upon the environment, the company's public image, and worker productivity. The enormous storage capacity of computers enables large companies to maintain integrated management information systems, which provide decision makers with both financial and non-financial information.
Tax Accounting. The preparation of income tax returns is a specialized field within accounting. To a great extent, tax returns are based upon financial accounting information. However, the information often is adjusted or reorganized to conform with income tax reporting requirements. The most challenging aspect of tax accounting is not the preparation of an income tax return but rather tax planning. Tax planning means anticipating the "tax effects" of business transactions and structuring these transactions in a manner that will minimize the income tax burden.
Работа сдана на отлично! Работа сдавалась один раз