Translate the following sentences, paying attention to the grammatical constructions

1. It is necessary to take into account that depreciation means the cost during the period of using a capital good but not purchase price of the good.

2. While bookkeepers and accountants are interested in describing the actual receipts and payments of a company, the economists are known to study the role of costs and profits for allocating resources to particular activities.

3. To obtain accurate information about financial transaction both small companies and large corporations hire bookkeepers to record and keep the data.

4. One should do preliminary inquiries before depositing a large sum of money with a new commercial bank.

5. Proper business decisions made by the manager depend mainly on the financial statements the accountant regularly prepares for him.

6. The posting of the data into the ledger to be done by a bookkeeper is known as the third step in the accounting cycle.

7. Until the bookkeeper calculates the sum of all debits and credits, the trial balance is unlikely to be prepared properly.

8. Everybody believes the double-entry system to be of great value in business activity and has several advantages.

9. If a large portion of the firm's business concerns cash transactions, a separate cash journal can be used instead of the general journal for all those transactions affecting the cash account (касовий рахунок).

10. Since the financial statements are prepared for the use of management rather than for the bookkeeping department, they contain neither debit nor columns.

SUPPLEMENT

Read the text and answer the questions to it.

Accounting steps

Each time an item is purchased or sold, a bookkeeper performs the first steps of the cycle and passes on the information to the accountant who carries out the last four steps such as: 1) calculate adjustments; 2) prepare adjust trial balance; 3) prepare financial statements; 4) close prepare entries (закрити рахунки). The most common reasons the accountant should consider preparing adjustment are the following: increased revenue (for example, interest earned but not yet received); any government taxes or employee salaries that have not been paid; the value of the office supplies that have been used (electricity, water, etc); depreciation of the assets; changes in the inventory (товарно-матеріальні цінності), etc. As to inventory, it involves the physical measurement, counting and evaluation (оцінка) of items for sale. Inventory evaluation is subject to a variety of accounting methods, since many inventory items cannot be specifically calculated. The grain in a grain elevator, for example, comes from different sources and may have been bought at several prices. An accountant must choose between one of several methods for valuing the grain; each will provide a slightly different value figure. On the fifth step when the adjustments are calculated, the accountant prepares an adjusted trial balance that combines the original trial balance with the effects of the adjustments. The balances in the accounts are the data that make up the organization’s financial statements as a balance sheet and an income statement.

The preparation of these statements is considered to be the main purpose of the sixth step. The final step comprises a series of bookkeeping debits and credits to transfer sums from income statement accounts into owner’s equity accounts, and thus into capital. Such transfers reduce to zero the balances of all accounts; therefore the accounting books will be ready for the next accounting period.

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