The Accounting Profession
Accounting is the system that measures business activities, processes that information into reports and communicates these findings to decision makers. Financial statements are the documents that report on an individual’s or an organization’s business in monetary amounts.
Is our business making a profit? Should we start up a new line of women clothing? Are sales strong enough to warrant opening a new branch outlet? The most intelligent answers to business questions like these use accounting information. Decision makers use the information to develop sound business plans. As new programs affect the business activities, accounting takes the company’s financial pulse beat. The cycle continues as the accounting system measures the results of activities and reports the results to decision makers.
Bookkeeping is a procedural element of accounting as arithmetic is a procedural element of mathematics. Increasingly, people are using computers to do much of the detailed bookkeeping work at all levels-in household, business and organizations of all types.
Positions in the field of accounting may be divided into several areas. Two general classifications are public accounting and private accounting. Public accountants are those who serve the general public and collect professional fees for their work, much as doctors and lawyers do. Their work includes auditing, income tax planning and preparation, and management consulting. Public accountants are a small fraction (about 10%) of all accountants. Those public accountants who have met certain professional requirements are designated as Certified Public Accountants (CPAs).
Private accountants work for a single business, such as a local department store, the Mc Donald’s restaurant chain, or the Eastman Kodak Company. Charitable organizations, educational institutions and government agencies also employ private accountants. The chief accounting officer usually has the title of controller, treasurer, or chief financial officer. Whatever the title, this person usually carries the status of vice-president.
Some public accountants pool their talents and work together within a single firm. Most public accounting firms are also called CPA firms, because most of their professional employees are CPAs. CPA firms vary greatly in a size. Some are small businesses, and others are medium sized partnership. The largest CPA firms are worldwide partnerships with over 2,000 partners. Such huge firms are necessary because some of their clients are so large and their operations are so complex. For instance, Price Waterhouse, one of the eight largest American CPA firms, has reported its annual audit of one particular client would take one accountant 630,720 hours of effort –that equals 72 years of nonstop work! Another Price Waterhouse client owns 3000 separate corporate entities. All their records are combined into a single set of financial statements. Such time-consuming tasks make a large staff of accountants a necessity.
The eight largest American accounting firms often called the Big Eight are in alphabetic order:
Arthur Andersen& Co. Ernst & Whinney
Arthur Young & Co. Peat Marwick Main & Co.
Coopers & Lybrand Price Waterhouse & Co
Deloitte Haskins & Sells Touch Ross & Co.
Although these firms employ only about 12 per cent of the 200,000 CPAs in the United States, they audit the financial statements of approximately 85% of the 2,600 largest corporations. The top partners in large accounting firms earn about the same amount as the top managers of other large business.
Accountant - бухгалтер
To deal - иметь дело
Tax - налог
To include - включать
Profitability - прибыльность
Account - счет
Fiscal affairs - финансовые дела
To record - регистрировать
Transaction - сделка, банковская операция
Financial condition - финансовое положение
Income statement - отчет о доходах
Balance sheet - балансовый отчет
Efficiency - эффективность, производительность
To evaluate - оценивать
Value - ценность
Ownership - собственность
Overall - всеобщий, полный
Exercise 1. Answer the questions:
What is accounting?
What are public and private accountants?
How are public accounting firms also called?
What are the eight largest American accounting firms?
Exercise 2. Put the missing words and translate the sentences into Russian:
1. Financial statements are the documents that report on an individual’s or an organization’s business in … amounts.
2. Bookkeeping is a … element of accounting as arithmetic is a … element of mathematics.
3. Two general classifications are … accounting and … accounting.
4. Those public accountants who have met certain professional requirements are designated as …
5. Charitable organizations, educational institutions and government agencies also … private accountants.
Topic 6 Travelling
The Russian Federation
The Russian Federation is the largest country in the world. The vast territory of Russia lies in the eastern part of Europe and the northern part of Asia. Its total area is about 17 million square kilometres. Russia is washed by twelve seas and three oceans. The oceans are: the Arctic, the Atlantic, the Pacific, The seas are: the White sea, the Barents sea, the Okhotsk sea, the Black sea, the Baltic sea and others. In the south Russia borders on China, Mongolia, Korea, Kazakhstan, Georgia and Azerbaijan. In the west it borders on Norway, Finland, the Baltic States, the Ukraine. It has a sea-border with the USA.
The land of Russia varies very much from forests to deserts, from high mountains to deep valleys. The main mountain chains are the Urals, the Caucasus and the Altai. The largest mountain chain, the Urals, separates Europe from Asia. There are two great plains in Russia: the Great Russian Plain and the West Siberian Lowland. There are a lot of great rivers and deep Lakes on its territory. The longest rivers are the Volga in Europe and the Ob, the Yenisei and the Lena in Asia. The Amur in the Far East flows into the Pacific ocean. Russia is rich in beautiful lakes. Lake Baikal is the deepest in the world and its water is the purest on earth. It is smaller than the Baltic Sea, but there is much more water in it than in the Baltic Sea. Russia has one-sixth of the world’s forests. They are concentrated in the European north of the country, in Siberia and in the Far East.
A country stretching from the subtropical zone to the Arctic Ocean naturally has an extremely varied climate. The duration and nature of winter and summer vary in different regions but the contrast between the seasons is distinct everywhere. When spring arrives in Moscow it is already summer in the South while in the North it is still winter. In the middle of the country the climate is moderate and continental. In the south-west the weather is usually mild and wet. Northern Asia is one of the coldest places on earth.
The current population of Russia is more than 150 million people. The European part of the country is densely peopled, and most population lives in cities and towns and their outskirts. Russia is very rich in oil, coal, iron ore, natural gas, copper, nickel and other mineral resources.
Russia is a parliamentary republic. The Head of the State is the President, the government consists of three branches: legislative, executive and judicial. The President controls each of them. The legislative power is exercised by the Federal Assembly. It consists of two Chambers: the Council of Federation and the State Duma. Each chamber is headed by the Speaker. A bill may be introduced
in any chamber. A bill becomes a law if it is approved by both chambers and signed by the President. The President may veto the bill. He can make international treaties. The President may also appoint ministers; the Federal assembly approves them. The members of the Federal Assembly are elected by the people for four years. The executive power belongs to the Government, or the Cabinet of Ministers. The Government is headed by the Prime Minister. The judicial power belongs to the system of courts. It consists of the Constitutional Court, the Supreme Court and other courts.
The national symbol of Russia is a white-blue-and-red banner. The hymn of Russia is «The Patriotic Song» by M. Glinka. A new national emblem is a two-headed eagle. It is the most ancient symbol of Russia. It is originated from the heraldic emblem of the Rurikovitches. All these symbols are official.
total area – общая площадь
vast – обширный, огромный
to lie - лежать, находиться
to be washed by – омываться
to border on - граничить
desert - пустыня
valley – долина
mountain chain - горная цепь
pure - чистый
to vary – изменяться; разниться, расходится
duration - продолжительность
nature – характер; природа
distinct – отличный ( от других)
moderate – умеренный
the current population - население в настоящий момент
to be densely peopled – быть густонаселенным
outskirts – пригороды
parliamentary republic – парламентская республика
Head of State – глава государства
branch - власть (как часть правительства)
legislative - законодательный
judicial – судебный
to be exercised by – осуществляться (кем-либо)
the Federal Assembly – Федеральное собрание
chamber – палата
the Council of Federation – совет Федерации
the State Duma – Государственная дума
to be headed by smb. – возглавляться кем-либо
to introduce a bill – внести законопроект
to become a law – стать законом
to approve – одобрять
to sign – подписывать
to veto – наложить вето
to make an international treaty – заключить международный
to appoint – назначать
to elect – избирать
court – суд
the Supreme Court – Верховный суд
banner – знамя
national emblem – национальный герб
to originate (from) – происходить от чего-либо
the heraldic emblem of the Ruricovitches – родовой герб Рюриковичей
Exercise 1. Answer the questions:
1. Where is the Russian Federation situated?
2. What is the total area of the country?
3. What oceans and seas is Russia washed by?
4. What countries does Russia border on?
5. What are the main mountain chains and rivers in Russia?
6. What mountain chain separates Europe from Asia?
7. Which is the longest river in Europe?
8. What do you know about Lake Baikal?
9. Do you know what strait separates Russia from America?
10. What is the population of Russia?
11. What mineral resources is the Russian Federation rich in?
12. What is the climate like in Russia?
13. What is the form of government in Russia?
14. What branches does the Government consist of?
15. What is the legislative power exercised by?
16. How is a law made?
17. What body does the executive power belong to?
18. What does the system of courts consist of?
19. What are the national symbols of Russia?
Exercise 2. Translate into English:
1. Россия расположена в восточной части Европы и северной части Азии.
2. Российская Федерация – одна из крупнейших стран мира.
3. Если вы проедете страну с севера на юг и с востока на запад, то получите общее представление о ландшафте и климате различных географических зон.
4. Россия располагает большим количеством месторождений полезных ископаемых.
5. Форма правления в России – президентская республика.
6. Президент – глава государства.
7. Законопроект должен быть одобрен обеими палатами и подписан президентом.
8. Исполнительную власть представляет кабинет министров, возглавляемый премьер-министром.
9. Судебная власть осуществляется конституционным судом, Верховным судом и другими судами.
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