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ACCOUNTING AND BOOKKEEPING

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  1. Accounting
  2. Accounting and cash flow
  3. ACCOUNTING AND FINANCIAL STATEMENTS
  4. Accounting Methods
  5. ACCOUNTING PRINCIPLES AND CONCEPTS
  6. Accounting, Payment in Foreign Trade, Insurance
  7. Cost Accounting
  8. THE ACCOUNTING PROFESSION
  9. USERS OF ACCOUNTING INFORMATION
  10. What is accounting?
  11. WHAT YOU WANT FROM YOUR ACCOUNTING SYSTEM

Accounting is the process of identifying, measuring, recording, communicating and interpreting financial activity. Many people think of accounting as a highly technical field which can be used only by professional accountants. Actually, nearly everyone practices accounting in one form or another on an almost daily basis.

Persons with little knowledge of accounting may also fail to understand the difference between accounting and bookkeeping. Bookkeeping means the recording of transactions, the record-making phase of accounting. The recording of transactions tends to be mechanical and repetitive; it is only a small part of the field of accounting and probably the simplest part. Accounting includes the design of accounting systems, preparation of financial statements, audits, cost studies, development of forecasts, income tax work, computer applications to accounting processes, and the analysis and interpretation of accounting information as an aid to making business decisions. A person might become a reasonably proficient bookkeeper in a few weeks or months; however, to become a professional accountant requires several years of study and experience.

 

REVISION TEST

VOCABULARY

II. Choose the most suitable word or phrase:

1.Major ………………………companies have traditionally volunteered their time to public service accounts.

a) advertisement b) advertise c) advertising

2. It is risky to …………………… for huge profits.

a) speculators b) speculate c) speculation

3.The last ……………………. has made a bid.

a) contract b) contractor c) contraction

4. Losses have forced the company to …………….. 500 of its workers.

a) lose out b) lay off c) take away

5. When his computer company was declared bankrupt, all its fixed …………… were claimed by its creditors.

a) liabilities b) assets c) loans

III. Match words from list A with words from list B that have a similar meaning:

A. B.
current assets expenditure
output possess
change alter
remain production
produce short-term liabilities
long-term liabilities deferred liabilities
current liabilities manufacture
fixed assets stay
own capital assets
expenses circulating assets

GRAMMAR

IV. Open the brackets using the appropriate form of the Infinitive:

1. He seized every opportunity (to appear) …………in public: he was so anxious (to talk) …………….about.

2. They seem (to wait) ………..for ages.

3. He seems (to read) …………..now.

4. He seems (to read) …………..all the books in the library.

5. I hate (to bother)……. you, but the students are still waiting (to give) …….books for their work.


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