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Exercises in Word Study

Прочитайте:
  1. Communicative exercises
  2. Ex.1. Study the following definitions. Make sure you understand them and can reproduce from memory.
  3. Ex.l. Study the following definitions. Make sure you understand them and can reproduce from memory.
  4. Exercises
  5. Exercises
  6. Exercises
  7. Exercises
  8. Exercises
  9. Exercises
  10. Exercises

Ex.1. Study the following definitions:

Accounting system The methods used to record and

summarize accounting data into reports

Assets Economic resources owned by a firm,

such as land, buildings, machinery

 

Expenses Costs incurred in operating the business

such as rent, utilities, and salaries

Fundamental Assets = liabilities + owners' equity; it

accounting equation is the basis for the balance sheet

Gross margin(profit) Net sales minus cost of goods sold

Journals Recording devices used for the first re-

cording of all transactions

Ledger Recording device in which information

from accounting journals is categorized into homogeneous groups and posted so that managers can find all the information about one account in the same place

Liabilities Amounts owed by the organization to

others. Current liabilities are due in 1 year or less, long-term liabilities are not due within one year

Liquidity The ease with which an asset can be converted to cash

Net income Revenue minus expenses

Net sales Sales revenue minus discounts, returns,

and other adjustments made for customers

Owners' equity Assets minus liabilities

Private accountant Accountant who works for a single company

Public accountant Accountant who provides services for a fee to a number

companies; he can conduct independent audits

Revenue The value of what is received for goods

sold, services rendered, and other

Income statement Financial statement which reports revenues and expenses

over a specific pe­riod of time, showing the results of

operations during that period.

Trial balance Totaling all the debit balances and all

of the credit balances in the ledgers to be sure debits equal credits

Ex.2. Find the following words and phrases in the text. As you translate them, make up your own sentences using them and their equivalents (synonyms):

decision makers; to identify and communicate financial information; entity, to keep financial records; entries; double-entry system; to achieve smb's goals; to relate to; to be charged with; profitability and liquidity; to conduct; non-business organization; to deal with (smb) in (smth); non-reciprocating basis; valuation; filing system; fee; accounting equation; accrual; public accountant; CPA; accrued expenses (revenues); balance; chart of accounts; credit and debit.

Ex.3. Make up 5 or more sentences with:

a)to provide; to be provided for; to be provided in; to be provided by; provide with
smth; provided

b)due; in due course; duly; overdue; to be due to

c) to relate; related; relative; relating to; relationship; relation; relevant

Model:

1.Debit your account to correct credit entries covering related drafts drawn in US dollars.

2.We posted this entry to the fixed assets account relative to your instructions
contained in the attached letter.

3. On receipt of the relevant instructions we shall not fail to conduct negotiations.
I'm pleased to demonstrate our wish to consolidate the valued relationship between two companies.

Ex.4. Match the terms on the left with the descriptions on the right:

1.Bookkeeping a. Function of accounting

2.Creditors

3.Measurement b. Often confused with accounting

4.Tax authorities

5.Computer c. User(s) of accounting information

6.Communication

7.Investors d. Organization that influences current practice-

8.Processing

9.Management e. Tool that facilitates the practice of accounting-

Ex.5. Tell whether each of the following words or phrases relates most closely to (a) a business transaction, (b) a separate entity, or (c)a money measure:

1. Partnership

2. Payment of an expense

3. Ukrainian hryvna

4. University

5. Sale of an asset

6. Bill of Exchange


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