Text 1. General definition of accounting

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По английскому языку

для специальностей «Экономика и бухгалтерский учет», «Банковское дело»

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РАЗДЕЛ 1. ACCOUNTING

Text 1. GENERAL DEFINITION OF ACCOUNTING

Today, it is impossible to manage a business operation without accurate and timely accounting information. Managers and em­ployees, lenders, suppliers, stockholders, and government agen­cies (органы) all rely on the information contained in two financial state­ments. These two reports — the balance sheet and the income statement — are summaries of a firm's activities during a specific time period. They represent the results of perhaps tens of thou­sands of transaction that have occurred during the accounting period.

Accounting is the process of systematically collecting, an­alyzing, and reporting financial information. The basic prod­uct that an accounting firm sells is information needed for the cli­ents.

Many people confuse accounting with bookkeeping. Book­keeping is a necessary part of accounting. Bookkeepers are re­sponsible for recording (or keeping) the financial data (данные) that the ac­counting system processes.

The primary users of accounting information are managers. The firm's accounting system provides the information dealing with revenues, costs, accounts receivables, amounts borrowed and owed, profits, return on investment, and the like (и тому подобное). This infor­mation can be compiled for the entire firm; for each product; for each sales territory, store, or individual salesperson; for each divi­sion (сектор) or department; and generally in any way (в любой форме) that will help those who manage the organization. Accounting information helps managers plan and set goals, organize, motivate, and control. Lenders and suppliers need this accounting information to evaluate credit risks. Stockholders and potential investors need the information to evaluate soundness of investments, and government agencies need it to confirm tax liabilities, confirm payroll deduction, and approve new issues of stocks and bonds. The firm's accounting system must be able to provide all this information, in the required form.

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VOCABULARY

account- счет

accounting- бухгалтерский учет, ведение счетов

lender – кредитор

stockholder- акционер

statement- отчет

balance sheet- балансовый отчет

income statement- отчет о доходах

summary- обобщенный доход, итоги, сводка

transaction- сделка, деловая операция

accounting period- отчетный период

bookkeeping- счетоводство, ведение бухгалтерских книг, бухгалтерия

revenue- доход

accounts (debt) receivables- дебиторская задолженность, счет дебиторов, счета к получению

amount- сумма

borrow- занимать, брать взаймы

owe- быть должным

profit- прибыль

return on investment- прибыль на инвестированный капитал

soundness- надежность

tax- налог

liability- пассив, задолженность

payroll- платежная ведомость (по зарплате)

deduction- удержание, вычеты

stock- акции, ценные бумаги

bond- облигация

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Задание 2. Выпишите из текста определение бухгалтерского учета и выучите его.