Economic and Monetary Union

Economic and Monetary Union (EMU) is a key stage towards compete integration, and involves a single economic market, a common trade policy, a single currency and a common monetary policy.

Complete Economic Integration

Complete economic integration involves a single economic market, a common trade policy, a single currency, a common monetary policy, together with a single fiscal policy, including common tax and benefit rates – in short, complete harmonisation of all policies, rates, and economic trade rules.

Text C. ACCOUNTING

At one of the sessions the participants of the Group discussed the subject of Accounting and International Accounting Standards.

Here is a part of fhe lecture:

What is accounting?

Accounting can be defined as the measuring and recording of all relevant financial data concerning a particular entity that is business, government organization, etc.

Financial reporting is the communicating of such information in appropriately summarized form. In the UK such summarised form is called "Accounts". In the USA it is called "Financial statements". These accounts or statements are communicated to interested par­ties both within and outside the organization.

Financial reporting provides information that is useful to present and potential investors, creditors and other users in making rational investment, credit and other economic decisions.Accounting is often referred to as the "language of business" and, as a direct result of the work of accountants and auditors. A wide range of different users of financial reporting are able to an­swer questions such as:

How much profit did the company make last year?

How much should I lend to the company?

Is this company more successful than its competitors?

How much can I withdraw from the company?

Was last year an improvement over the year before? etc.

Accountants are therefore those individuals specialized in the "art" of capturing the correct data, and preparing the most mean­ingful financial reports from that data. They are "producers" of fi­nancial information, which is then made available to "consumers" such as owners and lenders.

Accountants are assisted in their work by bookkeepers, who op­erate some form of accounting system, usually computerized, to help capture, accumulate, categories, summarize and report the many thousands of transactions that affect an economic entity every year.

Vocabulary

 

accounting		бухгалтерский учет и от­четность
account		счет
todefine		определять
It can be defined as...		Это можно назвать ...
tomeasure		измерять
torecord		записывать, учитывать
relevant		соответствующий
data		данные, факты
datum		факт
concerning		касательно
particular		определенный
toreport		составлять отчет о
reporting		отчетность
tocommunicate		сообщать
communication		сообщение
information		сведения
appropriate		соответствующий
appropriately		соответственно
tosummarise		суммировать
summarised		суммированный
insummarisedform		в суммированном виде
tobecalled		называться
statement		заявление, отчет, выписка (по счету)­
party		сторона
interestedparties		заинтересованные стороны ­
within		внутри, в, в пределах
both within and outside the organisation		как внутри, так и вне самой организации
decision		решение
auditor		аудитор
range		диапазон
a widerangeof		широкий круг
profit		прибыль
tolend (lent, lent)		давать кредит
lender		кредитор
successful		успешный
competitor		конкурент
towithdraw (withdrew, withdrawn)		отзывать, отметить, уби­рать (зд снять со счета)
to improve		улучшать (ся)
improvement		улучшение
tocapture		зд. подбирать
capturing		зд. подборка
meaningful		значимый
meaningfully		многозначительно
available		имеющийся в наличии
tobemadeavailable		представить
consumer		покупатель, потребитель
owner		владелец
toassist		помогать
accountant		бухгалтер
accountantsareassisted...		Бухгалтерам помогают …
bookkeeper		учетчик, младший бухгалтер

Exercises

1. Read the following:

at one of the sessions, discussed the subject, a part of the lecture, it is the communicating of information, both within and outside the organisation, other users, withdraw from the company

2. Translate into Russian:

Accounting, accounts, financial statements (Am.), measuring and recording of all relevant financial data, data concerning a particular entity,

1. An entity is a business, government organisation or another or­ganisation. 2. Financial reporting is the communicatinginformation, in an appropriately summarised form. 3. They are communicated to interested parties. 4. Interested parties are within or outside the organizations. 5. This information is useful and informative. 6. It is useful to present and potential investors, creditors and other users. 7. It helps them to make rational investment, credit and other decisions. 8. Accounting is a direct result of the work of accountants and auditors. 9. It helps to answer their questions. 10. Accountants capture the correct data and prepare reports. 11. This financial information is then made available to owners, lend­ers and other users. 12. Bookkeepers operate some form of accounting system.

 

3. Complete the sentences using the text:

1. Accounting can be defined... the measuring and recording ... all relevant financial data. 2. ... the UK such summarised form of financial reporting is called... 4.... the USA it is called... 5.Financial reporting provides information that is useful to... and other users. 6. Accounting is a direct result of the work of... 7. Accountants specialise in the art ... capturing the correct data and preparing reports... that data. 8. This financial information is made available to consumers such as... 9. Accountants are assisted in their work... bookkeepers. 10. Accountants report the many thousands... transactions that affect... every year.

4. Make up sentences using the given tables:

• Accounting can be defined as	measuringrecording	financialdata financialdata
• Financialreportingiscalled	in the UK in the USA	financial statementsaccounts

 

 

• This information is communicated to	owners
	managers
	investors
	creditors
	lenders
	otherusers

 

• It helps them to make rational	investment	decisions
	credit
	other

 

5. Underline the auxiliary and modal verbs in the following questions:

1. How much profit was the company able to make last year?

2. How much can I withdraw from the company?

3. Is this company successful?

4. Was last year an improvement?

6. Match English and Russian equivalents:

⇐ Предыдущая12345678910Следующая ⇒

Поделиться: