Exercise 2. Translate the following sentences into Russian

Exercise 1. Answer the questions.

1. When you hear the word 'accountant', what kind of work do you draw in your mind?

2. How old is accounting?

3. What century does it date back?

4. Who wrote the first description of double-entry book­keeping?

5. When was it written?

6. Why has accounting been called 'the language of business'?

7. What do the terms ‘debet dare’ and ‘debet habere’ mean?

8. When did the pace of accounting development increase? Why?

9. Why did the growth of corporations spur the development of accounting?

10. When did the concept of "income" appear?

11. How can accounting standards be defined?

12. What is the role of accounting standards?

13. What are the important issues for the accounting profes­sion?

1. The money that a business spends in order to produce goods or services is its costs.

2. Fixed costs do not vary in relation to the output level of goods or services; variable costs do.

3. Direct costs are directly related to the things produced. In manu­facturing, for example, direct costs include raw materials and wages and indirect costs may include things like social security charges on top of
the wages.

4. Overhead costs or overheads are used to mean different things, but usually cover all the regular non-production costs of running a busi­ness, such as salaries and telephone bills, and can be extended, for exam­ple, to include the cost of marketing and R&D activities.

5. A company's financial performance for a period is its results, which it reports in the form of a profit and loss account, indicating whether it has made a profit or a loss.

6. The equivalent document in the US is the income statement. A pre-tax profit or loss is one calculated before tax is taken into account.

7. The accuracy of accounts such as the balance sheet and the profit and loss account is checked and supposedly guaranteed by auditors, outside accountants who specialize in this.

8. When a company's accounts are presented in a way that makes performance look better than it really is, the company may be accused of window dressing or creative accounting.

9. The bottom line is an informal way of talking about the results of a company:

the so-called bottom line of the profit and loss account. The bottom line also

means the final result or the most important aspect of something.

10. Assets and liabilities are normally shown on a firm's balance sheet: a

"photograph" taken, normally once a year, of its financial situation at that

time. Firms in a good situation are said to have a strong balance sheet and

those that are not, a weak one.

11. Things that are not shown in the balance sheet but in a footnote, for example,

are off-balance sheet.

12.A company's balance sheet may include provisions for potential losses, such as

bad debts, debts that may never be paid.

13.If it looks almost certain that a debt will not be paid, it is consid­ered a write-off

and written off.

14. A company supplying goods or services to another company does not, of

course, usually expect to be paid immediately, but after an agreed period. This is trade credit.

15. Amounts that a business is waiting to be paid by its customers are accounts

receivable or receivables. Customers owing money in this way are debtors.

16. Моnеу that a business owes to its suppliers are accounts payable or payables.

Suppliers waiting to be paid are creditors.

17. The cash flow of a business is the actual movement of money into and out of it,

independently of how much it owes and is owed.

18. Cash flow is also used to refer exclusively to cash flowing into a company

from sales.

19. When sales reach a level where revenues match costs, a company or product

breaks even.

20. This is break even or the break even point, a crucial figure when calculating the

return on investment (ROI) for a given business or product.

Exercise 3. Match each word in column A with its definition in column B.

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