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Exercises in Word Study
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 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 3. On receipt of the relevant instructions we shall not fail to conduct negotiations. 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 Дата добавления: 2015-09-18 | Просмотры: 635 | Нарушение авторских прав |