Text 1. Airline Finance and Accounting Management

The provision of timely financial information and analysis is essential for the achievement of an airline's business objectives. It is often the difference between success or failure in the increasing competitive marketplace. Accounting and control of passenger sales is essential if hard earned revenues are to be protected.

Airlines can no longer afford finance and accounting people who are just bookkeepers. To be truly effective they need to be able to interpret financial data, provide advice for strategic planning, construct capital budgets, allocate assets and exercise financial control.

This course offers airlines an opportunity to have their key people acquire the knowledge and skills needed to perform these functions effectively.

The increasing complexity of our industry has broadened the scope and responsibility of the treasury function.

The airline treasurer is expected to perform at higher levels and in some cases treasury has become a profit centre.

These changes require strategies for effective management of cash flow to minimize the costs of idle or underemployed funds and to unneeded borrowing and to derive maximum income.

Managers in all these fields of financial activity should be trained to know:

- the role of financial departments and relationships with other corporate functions.

- business strategy and corporate financial planning.

- mathematics of finance and the financial analysis.

- funding of corporations and corporate growth and investment.

- ticket inventory and control, registration of ticket use and sales reporting.

-forms of payment, refund procedures and remittance procedures.

Exercise 3. Answer the questions on text 1.

1.Why is the provision of timely financial information and analysis essential for the achievement of an airline’s business objectives? 2. What airlines can be truly effective? 3. What is the sphere of knowledge Finance and Accounting managers should master? 4.What are market requirements for Finance and Accounting people?

 

Exercise 4. Give English equivalents and make-up your own sentences with them.

Забезпечення своєчасною фінансовою інформацією, успіх і невдача, бухгалтерська справа, захищати важко зароблений прибуток, обліковець, тлумачити фінансові дані, складати капітальний бюджет, асигнувати активи, здійснювати фінансовий контроль, провідні спеціалісти, розширювати кругозір, ефективне управління потоком готівки, одержувати максимальний прибуток, фінансування корпорацій, корпоративне зростання та інвестування, процедура відшкодування збитків за невикористаний квиток.

Exercise 5. Match the terms and their definitions.

Terms	Definitions
1. revenue	a) the achievement of a desired aim or of fame, wealth or social position
2. bookkeeper	b) income esp. total annual income of a state or an organization
3. budget	c) a thing, esp. property owned by a person, company, etc., that has value and can be used or sold to pay debts
4. failure	d) a person whose job is keeping a record of the financial affairs of a business
5. success	e) a sum of money paid back
6. asset	f) a lack of success in doing or achieving smth
7. treasury	g) an annual government statement of a country’s income from taxes and how it will be spent
8. refund	h) a sum of money spent in payment for smth
9. remittance	i) the government department that controls public money

Exercise 6. Match the verbs in the first column with the most likely phrases in the second column. More than one combination may be possible.                       

to provide                        financial control

to construct                      scope and responsibility

to allocate                        financial data

to interpret                       advice

to exercise                       hard earned revenues

to perform                       maximum income

to broaden                       capital budget

to protect                         functions

to derive                          assets

Exercise 7 . Complete the sentences according to the text.

1. The provision of timely financial information and analysis is … 2. Accounting and control of passenger sales is essential if … 3. To be truly effective finance and accounting people need to be able…   4. This course offers airlines an opportunity … 5. Managers in all fields of financial activity should be trained to know…

 

Exercise 8. Find all infinitives in text 1 and analyze them.

Exercise 9. Learn the following words and word combinations.

equity	– активи, звичайна акція, чиста вартість капіталу за вирахуванням зобов’язань
externality	– економічний ефект, що є результатом економічного вибору
outweigh	– переважувати, бути більш впливовим
consensus	– погодженість, одностайність
proliferate	– розповсюджуватися, швидко збільшуватися
leveraged operations	– операції з позиковими коштами
reliance	– надія, опора
defunct	– неіснуючий, зниклий
slots	– право аеропортів мати позначені місця для зльоту і посадки літаків в певний час дня чи ночі
tradable asset	– активи, що можуть бути легко продані чи куплені, або обміняні на гроші чи товари
hedge	–    страхувати ризик

Exercise 10. Read, translate and give the gist of text 2.

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