Раздел 15
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Accounting Steps
Each time an item is purchased or sold, a bookkeeper performs the first three steps of the cycle and passes on the information to the accountant who carries out the last four steps such as: 1) calculate adjustments; 2) prepare adjusted trial balance; 3) prepare financial statements; 4) close entries (закрытьсчета, свести отчетность). The most common reasons the accountant should consider preparing adjustments are the following: increased revenue (for example, interest earned but not yet received); any government taxes or employee salaries that have not yet been paid; the value of the office supplies that have been used (electricity, water, etc); depreciation of the assets; changes in the inventory (зд. товарно-материальные ценности), etc. As to inventory, it involves the physical measurement, counting and evaluation (оценка) of items for sale. Inventory evaluation is subject to a variety of accounting methods, since many inventory items cannot be specifically calculated. The grain in a grain elevator, for example, comes from different sources and may have been bought at several prices. An accountant must choose between one of several methods for valuing the grain; each will provide a slightly different value figure. On the fifth step when the adjustments are calculated, the accountant prepares an adjusted trial balance that combines the original trial balance with the effects of the adjustments. The balances in the accounts are the data that make up the organization's financial statements as a balance sheet and an income statement. The preparation of these statements is considered to be the main purpose of the sixth step. The final step comprises a series of bookkeeping debits and credits to transfer sums from income statement accounts into owners' equity accounts, and thus into capital. Such transfers reduce to zero the balances of all accounts, therefore the accounting books will be ready for the next accounting period.
Раздел 16
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Auditing
The profession of the auditor is considered to be one of the most prestigious and well-paid ones. Auditors are accountants who analyze financial statements of the company and their responsibility is to express an opinion as to whether the accuracy of the company's financial reporting meets the requirements imposed by the government. In general, auditors deal more with operating efficiency and managerial effectiveness than with the accuracy of the accounting data.
Internal auditors are known to be hired by the company in order to help to identify accounting weakness and correct them before significant errors occur. They are often analytically minded people who make flowcharts of accounting systems and evaluate these flowcharts to suggest improvements in division of labour, paper flow, cash control, or other accounting responsibilities.
Independent auditors are employed by a company's board of directors to supply the stockholders with the results of checking the financial statements, in order to prove that annual reports are fair representations of the financial position of the company. Performing his work the auditor should follow several principles and assumptions: the company's accounts must represent a true financial position; generally accepted accounting principles have been used at all accounting steps and accounts can be compared with those of similar companies; the proper amount of information is disclosed in the financial statements. As a result, the auditor's opinion should be based only on facts and it must be objective. Auditors are expected to maintain a relationship of strict independence and professionalism with the companies for whom they work, so they mustn't hold shares in these companies. On the one hand, the auditor should respect the client's confidence, so having the access to some private information, the auditor must not spread it outside. On the other hand, he should think of public interests, that is why he must publish his opinion in a standard form and the information is to be clear to the stockholders. But he must always carry out his duties under the law and inform authorities about fraud.
Вариант 1
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Вариант 2
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Раздел 15
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Заполните пропуски словами и словосочетаниями из словарного минимума к тексту Bookkeeping as Part of Accounting Cycle.
1. Every company needs some way of keeping systematic ... about all transactions that have taken place, all this information being necessary to prepare further financial … .
2. The most commonly used … … books are known to be called ... and … .
3. … … to the general ledger is usually done in the second step of the accounting cycle.
4. The … … system is based on the equations that should be always kept in ... : payments must equal ..., and credits must balance … .
5. The ... cycle is considered to be completed when the … … has been drawn up.
6. The laboratories are doing some ... experiments before starting work on this project.
7. … and responsibility are sure to be the main qualities of any bookkeeper.
8. Economists expect new computer programmes to be very helpful in detecting possible ... in the accounting system.
9. In accounting and banking a ... is calculated as the difference between the total amount of money coming into (known as ...) and money going out of (known as ...) an account.
10. The balance sheet is known to ... the assets the firm owns and the liabilities for which it is responsible at a given period of time.
6. Вставьте в предложения слова before, after, until, when, since.
1. In every selling transaction, … the payment is made, the seller is considered to be a creditor of the buyer.
2. The real exchange rate measures the relative price of domestic goods to foreign ones … it is measured in a common currency.
3. … starting any business, the owner should think of keeping accurate bookkeeping system.
4. The USA has given almost $150 billion in foreign aid … 1945.
5. … posting the journal into the ledger one should prepare a trial balance.
6. It is interesting that the practice of double-entry bookkeeping is likely to have appeared only … trade relations began rapidly developing among nations in the 14th century. It happened long time a detailed description of this system was published. The profession of accountant is said to have existed … the end of the 17th century, but definite rules regulating the accountant’s work were adopted only … the 18th century. This profession wasn’t recognized (признавать) in Europe or America … the late 19th century.
7. Переведите на английский язык части предложений в скобках, обращая внимание на значения слова balance и сочетаний с ним.
1. At the end of the fiscal year the company bank statement showed (остаток в $15,000).
2. A team of accountants is working now at (составлением сводного баланса компании).
3. After financial crises the government has to take special decisions to achieve (сбалансированной экономики).
4. The country (имеет дефицит торгового баланса с 1982 года).
5. The bank carefully examined (балансовый отчет фирмы) before approving of the loan.
6. In international economies, (платежный баланс) showing the net inflow (приток) of money to the country is considered to be a statistical account.
7. At the end of the year or even monthly a bookkeeper (должен составить предварительный баланс).
8. The main function of the central bank (состоит в том, чтобы подсчитывать каждый день) the sums received against the sums needed (никогда, не позволяя остаткам накапливаться).
9. If the company pays $40 to one of its trade creditors, (кассовая наличность уменьшится на $40, а остаток на счетах к оплате уменьшится на то же количество).
10. As every transaction is listed once as a debit and once as a credit, so (сумма дебетового сальдо должна равняться сумме кредитового сальдо).
11. The example shows that 94 dollars have been taken in and 27 dollars have been paid out. The difference of 67 dollars (называемая денежной наличностью) is added to the outside of the account to make both totals the same. If it is necessary to know whether the ins exceed the outs, one (может подсчитывать остаток на счете) or, as accountants often say, (закрыть счет).