Choose the word or word combination to match the definition. 1. The property of a company, person etc
1. The property of a company, person etc. that has value and can be sold to pay the debts.
| a) liquid profits | b) liquid liabilities | c) liquid assets |
2. Money spent regularly to keep a business running.
| a) overheads | b) costs | c) profit |
3. General term used for all types of stocks and shares.
| a) investment | b) income | c) securities |
4. Reduced in value (about currency).
| a) devalued | b) cheap | c) declined |
5. Money owed by a company; a debt.
| a) assets | b) liabilities | c) costs |
6. Money that is owed to a business.
| a) reception | b) receivership | c) receivables |
7. An amount of money spent.
| a) income | b) expenditure | c) loss |
8. A sum of money paid into a bank.
| a) departure | b) deposit | c) debt |
9. Buildings and the land they occupy.
| a) precaution | b) premium | c) premises |
10. The amount of money moving into and out of a business at a particular point in time.
| a) cash flow | b) cash sale | c) cash deal |
11. A rise in prices and lowering of currency's value.
| a) injunction | b) inflation | c) insolvency |
12. Offering company shares for sale to the public or on a stock exchange for the first time.
| a) share register | b) share splitting | c) share flotation |
13. A person or an organization that lends money and charges interest on the repayments.
| a) tender | b) lender | c) licensor |
14. A market where the general level of share prices is falling.
| a) target market | b) bear market | c) bull market |
15. A person or organization that buys and sells stock and shares.
| a) stockbroker | b) dealer | c) market-maker |
16. Contracts that give the right to buy and sell currencies and commodities at an agreed time in the future at a price agreed at the time of the deal.
| a) options | b) futures | c) swaps |
17. A group of different investments held by a private investor, or a financial organization.
| a) gilts | b) treasury bonds | c) portfolio |
18. A long-term loan from a bank for buying property, which is used as security.
| a) turnover | b) revenue | c) mortgage |
19. A summary list of income and expenses for a business.
| a) cash flow statement | b) income statement | c) balance sheet |
20. A person who examines the accounts of an organization to check they are true and correct.
| a) auditor | b) accountant | c) administrator |
Unit v accounting
Lesson 1
Text: The Field of Accounting
Grammar: Modal Verbs. Obligation and Necessity
Terms to remember:
| record (v) | ™ | реєструвати; фіксувати |
| growth | ™ | зростання |
| decline | ™ | занепад |
| certified public accountant (AmE) /chartered accountant (BrE) | ™ | дипломований бухгалтер вищої кваліфікації; бухгалтер-ревізор |
| private accountant | ™ | приватний бухгалтер |
| handle (v) | ™ | мати справу з (чимось) |
| financial records | ™ | фінансова документація, фінансові звітні матеріали (документи) |
| government accountant | ™ | урядовий бухгалтер |
| monitor (v) | ™ | контролювати, перевіряти, спостерігати |
| receipt | ™ | одержання |
| layoff | ™ | звільнення (звич. під час скорочення виробництва), скорочення персоналу |
| work load | ™ | робоче навантаження |
Remember the difference:
Accounting is a comprehensive information system for collecting, analyzing and communicating financial information.
Bookkeeping is just one phase of accounting – the day-to-day recording of accounting transactions.
The Field of Accounting
Accounting offers the qualified person an opportunity to move ahead quickly in today’s business world.
Accounting is a basic and vital element in every modern business. It records the growth or decline of the business.
The field of accounting is divided into three broad divisions: public, private and governmental.
A certified public accountant (CPA) – AmE or a chartered accountant – BrE must pass a series of examinations, after which he or she receives a certificate. The simple fact of having passed the certifying examination gives them an advantage over those who haven’t.
CPAs can offer their services to the public on an individual consultant basis for which they receive a fee. Some CPAs perform work for firms, corporations or government offices and receive a salary.
Private accountants, who are employees of individual businesses, handle the financial records of a business. They are responsible for preparing the financial statements and are salaried rather than paid a fee.
Government accountants are employed by governmental agencies. They are responsible for monitoring the receipt and payment of funds. All of these accountants work on a salary basis.
Salaried positions with business or government offer strong security, since salaried accountants are not affected by layoff or seasonal changes in the work load as are industrial or clerical workers.
Exercises in Word Study
Ex.1. Form nouns from the following verbs:
qualify, grow, divide, certify, examine, consult, employ.