UNIT 1.

ACCOUNTING AND ACCOUNTANCY.

MODALS

1. Financial Statements.
2. Profit and Loss Account.
3. Financial Statements.
4. Balance Sheet.
5. Financial Statements.
6. Cash Flow Statement.

: 1-6.
11, 12, 13, 14, 15, 17, 21, 24, 27, 26, 30.
- 36, 37, 38, 45, 46, 47, 56.

Task 1. Read the text. Study new words and terms.

FIELDS OF ACCOUNTING
Accounting is the systematic
development and analysis of information
about the economic affairs of an
organization. This information may be
used in a number of ways: by the
organization's managers to help them
plan and control the organization's
operations; by owners and legislative or
regulatory bodies to help them appraise
the organization's performance and
make decisions as to its future. It may be
used by owners, lenders, suppliers, employees, and others to help them decide how
much time or money to devote to the organization; by governmental bodies to
determine how much tax the organization must pay; and occasionally by customers to
determine the price to be paid when contracts call for cost-based payments.
Accounting provides information for all these purposes through the
maintenance of fields of data, analysis and interpretation of these data, and the
preparation of various kinds of reports.
Accountants may be classified by the type of organization for which they work.
For example, business accountants are employed by all types of companies. A small
firm may have one general accountant who handles all financial records. But large
corporation may have many accountants for the various duties involved. Organizations
or individuals may hire professional public accountants for occasional tasks or special
accounting services. Most public accountants have passed a state examination and

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obtained a license to practise as certified public accountants. Such accountants are
called chartered accountants in Canada, the United Kingdom, and some other countries.
Most accountants specialize in a field of accounting. The major fields include
financial accounting, management accounting, tax accounting, auditing, and
management consulting services.
Financial accounting involves the preparation of a business's financial
statements, mainly for users outside the business. These reports are used by owners
and potential owners of a business and by people who have loaned company money.
Management accounting helps managers plan and control a company's
operations. Accountants prepare budgets to express management's goals in financial
terms. After a budget has been adopted, performance reports compare actual results
with the budget. Cost accountants help management keep track of how much it costs a
company to make the product, or provide the service.
Tax accounting consists of preparing tax returns for organizations or
individuals and determining the taxes involved in proposed business transactions. Tax
accountants suggest ways to save money on taxes. They must have a thorough
knowledge of the tax laws that affect their clients or employers. They also must know
the details of court rulings in a wide variety of tax cases.
Auditing involves the examination of an organization's financial statements and
records. CPA auditors from outside the organization provide assurance that the
organization's financial statements present financial information fairly and that follow
generally accepted accounting principles.
Management consulting services consist of a variety of activities that many
accountants perform. These services include the design and installation of
computerized financial information systems, assistance in setting up employee
pension plans, and the planning of an individual's personal finances.

Task 2. Match the word to its definition.

1) investor a) a system or arrangement that supplies public needs,
organized by the government or a private company
2) budget b) a person who is paid for work for sb
3) service c) the place where legal trials take place and where crimes,
etc. are judged
4) court d) a written account of sth that is kept so that it can be
looked at and used in the future
5) record e) the money that is available to a person or an
organization and a plan of how it will be spent over a
period of time
6) employee f) person who puts (money) to use, by purchase or
expenditure, in something offering profitable returns,
interest or income

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Task 3. Complete the sentences with one of the words given below.

Services individuals control money organization

1. Management accounting helps managers plan and … a company's operations.
2. Professional public accountants may be hired by organizations or … for occasional
tasks.
3. Accountants may be classified by the type of … for which they work.
4. Tax accountants suggest ways to save … on taxes.
5. Management consulting … consist of a variety of activities that many accountants
perform.

Task 4. Translate into English.

1.

2.

3. c

4.
5. – -

Task 5. Following are the basic objectives of accounting. Try to define which of
three fields of accounting (Financial, Cost or Management Accounting) is
responsible for each of them.
- Maintaining a proper record of the business.
- Calculating the profit or loss.
- Showing the financial position.
- Providing effective control over the business.
- Making information available to various groups.
- Honouring legal commitments of the business.
ACTIVITY
Task 6. Quiz: Is Accounting Right for You?
Most accountants possess the same sort of skills and aptitudes and enjoy certain
procedures that draw them to the field. To get an indication as to whether you have
similar likes, aptitudes and interests and if you'd be happy with a career as an
accountant, just take the following quiz. Make a note of how many times you answer
"Yes" to the following questions.
1. I enjoy giving advice to others.
2. I would enjoy meeting new people and discussing their business possibilities.
3. I find it satisfying to know that I have helped others succeed.
4. I consider myself a problem-solver.
5. I prefer to work in an organized environment.
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 6. I would like a college degree that will allow me to choose from a variety of career
paths and areas of expertise.
7. I would like a career that has a competitive salary and many opportunities for
advancement.
8. I would like a career that offers security and stability, even in times of economic
hardship.
9. I have a sense of order and focus.
10. I would feel comfortable working with technology such as computers, laptops and
fax machines with the proper instruction.
11. I enjoy seeing the results of my hard work and dedication to a project or
assignment.
12. I feel that details are an important part of my work, and I can remain focused on
various details without losing sight of the big picture.
If you answered "Yes" to eight or more of the questions, the accounting profession
might be a great career choice for you. If you answered "No" to more than six questions
try to understand what a career as an accountant really means, you may have some
different answers to questions on this quiz and you might want to take it again.

Task 7. Choose the right modal verb and translate the sentence.
1. He … (can’t/couldn’t) open the window as it was stuck.
2. Interpreters … (may/must) translate without dictionaries.
3. … (Can/May) I use me your bike for today?
4. … (May/Could) you give me the recipe for this cake?
5. I hardly ever see Jane, she … (may/might) have moved to Africa.
6. Take an umbrella. It … (may/can) rain.
7. You … (could/should) stop smoking. You know you … (cannot/must not) buy
health.
8. You … (may/must) finish the article as soon as possible.
9. Liz doesn’t … (ought to/have to) keep to a diet anymore.
10. Lara … (can/might) get a playstation for her birthday.
11. You … (must not/needn’t) read in the dark.
12. My grandfather is retired, so he … (shouldn’t/doesn’t have to) go to work.
13. The fridge is full, so we … (must not/needn’t) go shopping.
14. Our employees … (can/must) sign this agreement.
15. We … (may/ought to) reserve a table in advance if we want to have dinner there.
16. I … (can’t/needn’t) believe it! You … (have to/must) be joking.
17. Ann … (must/is to) finish school next year.
18. Sorry, I’m late. I … (needed to/had to) wait for the plumber.
19. What time do we … (should/have to) be at the railway station?
20. Don’t wait for me tonight. I … (might/must) be late.

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Task 8. Change the sentences into the future and translate them. Begin with the
given words. Use will be able to, will be allowed to, will have to.
Ex: The baby can talk. ( .) – Soon the baby will be able to talk.

1. He can’t get the tickets. – I’m afraid …

2. You may use my camera. –
Tomorrow …
3. I am to wait for him at the airport.
– Next Sunday …
4. You must tell me the truth. – Very
soon …
5. I have to take these pills 3 times a day.
– Tomorrow …
6. I can read this book in Italian.
– In two years …

Task 9. Make up the sentences and translate them.

Ex.: don’t / to / I / answer / have / questions / your. – I don’t have to answer your
questions. ( .)
1. the party / Linda / to / come / might / tonight.
1. round / work / have to / farmers / the year / all.
2. you / not / hospital / noise / must / make / in.
3. the light / I / switch / may / on ?
4. your / look / could / passport / I / at ?
5. my / cook / can / quite / wife / well.
6. catch / last / able to / we / were / train / the.
7. not / jeans / you / must / wear / to / school.
8. didn’t / you / drink / have to / much / yesterday / so.
9. ought to / bill / Robert / the electricity / pay / today.
10. better / we / find / a / should / job.
11. too much / you / salt / and / eat / sugar / shouldn’t.
12. do / get / to / Turkey / I / have to / a visa ?
13. he / manners / improve / his / needs to.
14. needn’t / you / complain.

1. What is accounting?
2. What fields of accounting do you know?
3. What types of companies employ business accountants?
4. What is the financial accounting?
5. What should the tax accountants know?
6. What does auditing involve?
7. What do management consulting services include?

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 UNIT 2.
COMPANY`S ACCOUNTING PERFORMANCE.
THE PASSIVE VOICE.

1. Company Working with Measurements of Cost, Performance and Risk.

2. Company Accounting Strategy and Control.
3. Transformation from Active to Passive.

: 1-6.
11, 12, 13, 14, 15, 17, 21, 24, 27, 26, 30.
- 36, 37, 38, 45, 46, 47, 56.

Task 1. Complete the sentences with one of the words given below.

master’s degree provide self-employed array internal

1. Accountants and auditors offer an increasingly wide .____. of business services to
their clients.
2. Accountants ____ clients with accounting and tax help, help them develop personal
budgets; manage assets and investments, etc.
3. Checking for mismanagement, waste, or fraud are the ____ auditor’s duties.
4. ____ accountants are able to do part of their work at home.
5. Applicants with a ____ or 2 years of professional experience usually begin at
$35,519.

Task 2. Translate into English.

Task 3. What jobs are mentioned in the following descriptions?

a) budget analysts;
b) cost estimator;
c) loan officer;
d) financial analyst;
e) tax examiner;
f) revenue agent;
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 g) bill and account collector;
h) billing and posting clerk, machine operator;
i) procurement clerk;
j) bank teller;
k) payroll and timekeeping clerk

I
They perform various tasks at the counter of the bank in which they work. The main
duty of them is to receive the payments in the form of cash or checks from the
customers. They also give the money to the customers from their accounts by
completing the formalities and standard procedures. This job also involves checking
and evaluating minor details during deposit or withdrawal transactions made by the
customers. This is done either by the conventional way of counting them, manually or,
with the help of a cash counting machine to which they have a direct access or by both
techniques.

II
They are responsible for taking a project and breaking down all expenses including
materials, labour, and other resources. Because of this, they are crucial in helping
companies make correct buying and hiring decisions. They plan project budgets and
even track expenses through the life of the project. They typically work in an office
setting, though they may have to visit the construction site or manufacturing plant
involved in the project. Because of the criticality of their work to the success of the
business, they often report feeling under pressure or stress.

III
They help public and private institutions to organize their finances. They prepare
budget reports and monitor institutional spending. These workers play the primary role
in the development, analysis, and execution of budgets, which are used to allocate
current resources and estimate future financial requirements. They can be found in
private industry, non-profit organizations, and the public sector. These workers have
many responsibilities in the organizations, but their primary task is providing advice
and technical assistance in the preparation of annual budgets. They examine the budget
estimates or proposals for completeness; accuracy; and conformance with established
procedures, regulations, and organizational objectives.

IV
They compile records of charges for services rendered or goods sold, calculate and
record the amounts of these services and goods, and prepare invoices to be mailed to
customers. They review purchase orders, sales tickets, hospital records, or charge slips
to calculate the total amount due from a customer. They must take into account any
applicable discounts, special rates, or credit terms. After they review all necessary
information, they compute the charges, using calculators or computers. They prepare
itemized statements, bills, or invoices used for billing and recordkeeping purposes.
Computers and specialized billing software allow them to calculate charges and
prepare bills in one step.
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V
They work with businesses and individuals to help them acquire loans for personal or
professional needs. More specifically, they evaluate loans, make necessary
recommendations for clients, and authorize loans for real estate, commercial needs, or
credit. They primarily work for financial institutions such as commercial banks, credit
unions, or savings institutions. They typically specialize in one of three areas:
commercial, consumer, or mortgage. They can work in small or large financial
institutions. Those in smaller branches may be responsible for all loan activity and
specialize in all three areas of loan management. In larger financial institutions, there
may be several such workers, each specializing in only one area of loans.

VI
These workers examine financial information in order to make sound suggestions to
businesses on how to invest money. They often use statistical software and
spreadsheets to analyze the facts they gather. They make reports to their employers on
the results of their research. They work in banks, corporations, stock brokerages,
insurance companies, and government agencies. Many workers specialize in
determining the value of securities, such as stocks and bonds. They study a company's
financial status to see how much the company is earning compared with others in the
industry.

VII
This is administrative work involving the examination, review, assessment, and
collection of various state taxes. Responsibilities include examining tax-related
documents; discovering, assessing, and collecting state taxes that are due; resolving tax
return problems; and responding to taxpayer questions and concerns. These workers
work under minimal supervision. They must have the ability to work independently
and as part of a team. They must deal tactfully and professionally with the public and
their representatives, tax professionals, and legislators.
VIII
Typical duties in this job classification include: reviewing tax returns, applications, and
records for completeness and accuracy; calculates the amount of sales, excise, income,
and/or other taxes due to make assessments; reviewing information from various
sources to identify potential non-filers; establishing ability to pay and collects taxes
through telephone contact or enforced collection measures; interpreting Federal and
State tax codes for personal, business, and corporate taxes.

IX
They conduct independent field audits and investigations of federal income tax returns
to verify or amend tax liabilities, examine selected tax returns to determine nature and
extent of audits to be performed. They analyze accounting books and records to
determine appropriateness of accounting methods employed and compliance with
statutory provisions. They investigate documents, financial transactions, operation
methods, industry practices and such legal instruments as vouchers, leases, contracts,
and wills, to develop information regarding inclusiveness of accounting records and
tax returns.
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X
They are responsible for compiling and posting employee payroll data and manage
hours clocked. They create and distribute pay-checks in accordance with hours worked
and corrects pay-check errors. They compute earnings of workers by referring to their
annual salary or timesheet to discover hours worked and initiate payroll during
appropriate time and print off checks. They also check exempt and non-exempt statuses
of employees, close out pay-check cycle after termination, perform calculations from
worksheets and work tickets and compile employee time, production, and payroll data
from time sheets and other records.

XI
This job function is to complete information and records to draw up purchase orders
for procurement of materials and services. These workers prepare purchase orders and
sends copies to suppliers and to departments originating requests. They determine if
inventory quantities are sufficient for needs, ordering more materials when necessary.
They respond to customer and supplier inquiries about order status, changes, or
cancellations and perform buying duties when necessary. They contact suppliers in
order to schedule or expedite deliveries and to resolve shortages, missed or late
deliveries, and other problems. They review requisitions orders in order to verify
accuracy, terminology, and specifications and prepare, maintain, review purchasing
files, reports and price lists.

Task 4. Write your future job description. Use the example below.
Financial clerks keep track of money, record all amounts coming into or leaving an
organization. Their records are vital to an organization's need to keep track of all
revenues and expenses. While most financial clerks work in offices maintaining and
processing various accounting records, some deal directly with customers, taking in
and paying out money. When bills are not paid on time, financial clerks must contact
customers to find out why and attempt to resolve the problem. They also keep track of
a store's inventory and order replacement stock when supplies are low

Task 5. Watch the video “What Does an Accountant Do?”

(https://www.youtube.com/watch?v=Tn6Mt1rGrDk). What other responsibilities of
an accountant do you know?
Considering a degree in
accountancy, but wondering “What
does an accountant do?” Take a
moment with Kari Grittner from
Rasmussen College to learn why
modern-day accounting is not just
about adding machines.

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Task 6. Open the brackets inserting verbs in Present, Past or Future Indefinite in
the Passive Voice. Translate the sentences.
1. The corporation (to set up) ten years ago. It has limited liability and pays double
or corporate taxes.
2. The wages (to account for) the work done in advance.
3. In small business, as a rule, all areas of the business (to manage) by the owner and
the members of his family.
4. As far as I know this business (to tax) as personal income.
5. Next month stocks and bonds (to sell) by them.

Task 7. Use the Passive Voice as in the Pattern:

Pattern: They distribute cars from the factory to the market-place. – The cars are
distributed from the factory to the market-place. Translate the sentences.
1. According to the agreement signed five years ago this partnership involved eight
people.
2. When Robert started his business, they were reconsidering the regulations.
3. They address the auditor’s report to the members of a company.
4. Before starting a private business the Foxes have acquired deep knowledge in
regulations of their business.
5. He has already made all payments and is now clear of debts.
6. Most of them will receive wages next week.
7. Nick informed that their competent managers had solved most of problems.
8. I shall have sent this letter by October, 2.

Task 8. Put the verbs in brackets into the Passive Voice. Translate the sentences.
1. The printing press (invent) …. in the fifteen century.
2. Gold (mine) …. In mines.
3. Last night we (invite) …. to the restaurant by our friends from Spain.
1. Italy and France (visit) …. by millions of tourists every year.
2. Russia (invade) ….. by Napoleon.
3. The menu in our bar (change) ….. every week.
4. Nowadays oil (transport) …. in large ships.
5. These raspberries are fresh; they (pick) …. in the morning.
6. Today rugby football (play) … in many countries.
7. Many people (kill) …. in road accidents every year.
8. The United Nations Organization (found) …. in 1945.
9. This type of TV sets (produce) … in Japan.
10. Far more money (spend) … on food now than ten years ago.
11. The results of the examination (not know) … for two months.

Task 9. Rewrite the following sentences in the Passive. Translate them.

1 They punished this man for something he hadn’t done.
2. Everyone knows this piece of music quite well.
3. Did the government take any important measures in the past few weeks?

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4. Do they perform this play regularly?
5. I don’t think anyone can help me.
6. The soldiers kept the man prisoner.
7. What should people do in these circumstances?
8. They built this tunnel two years ago.
9. He must finish his work before eight o’clock.
10. His friends will never forget him.
11. No one could possibly have recognized him.
12. The news didn’t surprise us, so it didn’t frighten us.
13. Somebody has stolen my car.
14. Somebody has left the light for all night.
15. Nobody has ever found the secret.

Task 10. Put the following sentences into the Passive.

1. You must do three of these exercises tomorrow.
2. You can find the book you need in the library.
3. We must send these letters at once.
4. You must take the box to the station.
5. You can cross the river on the raft.
6. The workers can finish the building of the house very soon.
7. You must return the books the day after tomorrow.
8. I can easily forgive this mistake.
9. You can find such berries everywhere.
10. You must do this work very carefully.

1. What do accountants offer for broadening the services?

2. What are the major fields of accounting?
3. What accountants perform a broad range of accounting, auditing, and tax activities
for their clients?
4. What role does personal financial adviser fulfil?
5. What is the average accountant’s salary?
6. What are the related occupations of an accountant?

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 UNIT 3.
AUDITING.
SEQUENCE OF TENSES.

1. Auditor’s Report.
2. International Standards on Auditing (ISAs).
3. Sequence of Tenses.
4. Direct speech and reported speech.

: 1-6.
11, 12, 13, 14, 15, 17, 21, 24, 27, 26, 30.
- 36-60.

Task 1. Read the text. Study new words.

AUDITING
Auditing is a systematic process of objectively
obtaining and evaluating the accounts or
financial records of a governmental, business,
or other entity based on established criteria.
While auditing focuses largely on financial
information, the process also may involve
examination of nonfinancial documents that
reveal information about a business's conduct.
Handled by a trained accountant, an audit and
the auditor's report provide additional assurance to users of financial statements that
the information presented in financial statements is accurate, and can help companies
assess their performance and their compliance with applicable regulations.
There are two primary types of auditing: internal and independent.
Internal auditing is an independent, objective assurance and consulting activity
designed to add value and improve an organization's operations.
The major elements of the internal auditor`s task are to determine the reliability
and accuracy of accounting information, determine whether corporate data have been
maintained in accordance with corporate policies and rules, and ascertain the adequacy
of the internal control function. Internal auditing is the "eyes and ears of management."
Internal auditing helps companies by advising them on how to better achieve
there short-term and long-term objectives. Internal auditors are generally employed by
companies Internal auditors are generally employed by companies to perform their
internal auditing activities which may include internal controls such as efficacy of
operations, reliability of financial reporting, safeguarding assets, and compliance
with laws and regulations.

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 An independent audit is an external accounting function conducted by a public
accounting firm or private certified accountant (CPA). Public accounting represents
accounting services offered to clients from small or large firms. Most accountants
working under the public accounting umbrella have a professional license, such as the
Certified Public Accountant (CPA) certification. This is a universal, worldwide license
that indicates an accountant has gone through a rigorous test in order to achieve this
standard.
External auditing plays a major role in the financial oversight of businesses and
governments because it is conducted by outside individuals and therefore provides an
unbiased opinion.
An external auditor seeks to test the underlying transactions that form the basis
of the financial statements. In other words, an external auditor reviews the control
procedures and many other operations as their overall evaluation of internal controls.
It is expected that the auditor would identify significant weaknesses that exist and
make sure that anything material in nature be reported to management and possibly to
higher authority, depending on the company. They provide an opinion on the
adequacy of the company’s financial statements. They review the general controls as
well as the overall financial statement preparation and reporting.
In English-speaking countries, public auditors are usually certified, and high
standards are encouraged by professional societies. Most European and
Commonwealth nations follow the example of the United Kingdom, where
government-chartered organizations of accountants have developed their own
admission standards. Other countries follow the pattern in the United States, where the
states have set legal requirements for licensing. Most national governments have
specific agencies or departments charged with the auditing of their public
accounts - e.g., the General Accounting Office in the United States and the Court of
Accounts (Cour des Comptes) in France.
Commonly, an audit will reveal a simple accounting mistake. In other cases,
more sinister issues may come to light. Companies that are struggling financially may
choose to make unsound financial decisions in an attempt to salvage the company, and
these decisions will be revealed by a close auditing. Sometimes the review will reveal
that a company is on the brink of bankruptcy.

Task 2. Translate into Ukrainian. Mention the words in bold.

1. An auditing of the company showed accumulated losses of $ 1,5 billion.
2. The accounts will need to have an independent audit before they can be
submitted.
3. To taxpayers who have been audited, the Internal Revenue Service is a
frightening organisation.
4. Under the pressure from the auditor, the company had to increase its reported
loss for the year.
5. An Audit Commission study found that councillors spend too much time in
meetings.
6. Each year they audit our accounts and certify them as being true and fair.

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7. The bank first learned of the problem when it carried out an internal audit.
8. We carry out a full internal audit once a year.
9. Internal auditors also make recommendations to managers to help them manage
business risks.
10. There has been no really independent auditing of the effectiveness or progress.
11. Bigger firms either set up their own monitoring departments or hired auditing
firms to check up on their overseas factories.
12. Auditing is largely a clerical task, albeit a pretty high level one in some cases.
13. The accountant was brought in to audit the company's records.
14. The student was allowed to audit a math course related to engineering.
15. The only way to fix the auditors conflict of interest is not to allow the company
being audited to choose their auditor.

Task 3. Math the words with similar meaning.

1. accurate a) to establish
2. to achieve b) to accomplish
3. to ascertain c) impartial
4. to asses d) precise
5. unbiased e) government, state
6. public f) to evaluate
7. to identify g) to recognise

Task 4. Complete the sentences with one of the words given below.

financial report standards

approve examination
accurate internal controls
financial performance identify and assess
organisation's activities judgement
How is the audit conducted?
The organisation's management prepares the (1)_____. It must be prepared in
accordance with legal requirements and financial reporting (2)_____. The
organisation's directors (3)_____ e the financial report. Auditors start their (4)_____
by gaining an understanding of the (5)_____, and considering the economic and
industry issues that might have affected the business during the reporting period. For
each major activity listed in the financial report, auditors (6)______ any risks which
could have a significant impact on the financial position or (7) _____, and also some
of the measures (called (8) _____) that the organisation has put in place to mitigate
those risks. Based on the risks and controls identified, auditors consider what
management does has done to ensure the financial report is (9)_____, and examine
supporting evidence. Auditors then make a (10) _____ as to whether the financial
report taken as a whole presents a true and fair view of the financial results.

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Task 5. Are the following statements true or false?
1. Auditors evaluate other information provided to the members of the organisation,
for example, the directors' report.
2. Auditors check every figure in the financial report.
3. Auditore don’t judge the appropriateness of the organisation's business activities or
strategies or decisions made by the directors.
4. Auditors don’t look at every transaction carried out by the organisation.
5. Auditors comment to shareholders on the quality of directors and management, the
quality of corporate governance or the quality of the organisation's risk
management procedures and controls.
6. CPA is a universal, worldwide license that indicates an accountant has gone
through a rigorous test in order to achieve this standard.
7. Internal auditors are generally employed by companies to perform their internal
auditing activities.
8. In English-speaking countries, public auditors are not usually certified, and high
standards are not encouraged by professional societies
9. Auditing reveals a simple accounting mistake.
10. External auditing is conducted by inside employees.

Task 6. Read and translate jokes:

Employee - "I have been 10 years doing three men's work for one man's
pay. Now I want a raise".
Employer (slightly Scotch) - "I can't give you a raise but if you'll tell me
who the other two men are I'll discharge them".
***
The company commander asked the company.
"Where do you keep your papers?" "In a strong box, sir." "Is it reliable?"
"Yes, it is. You can't open it with any key." "How do you open it then?"
"With a nail", was the reply.

Task 7. Choose the correct form of the verb in these sentences.

1. The student wasn’t able to do the translation because he (not / know) some special
terms.
2. I knew that Mercury (be) the closest planet to the Sun, but I didn’t feel like
answering the question.
3. Mike hoped that his friend (help) him with his car.
4. We didn’t know the score, but we were sure their team (lose).
5. Yesterday Tom heard that his aunt (be ill) for five days.
6. The children were afraid of making any noise – Mom (sleep).
7. He gave all his money to me because he (trust) me.
8. We were told that Andrew (go) to enter that college.
9. The police found out that Bob Slant (live) in London’s suburbs at that time.
10. My parents decided that we (celebrate) my birthday on Saturday.
11. Ann hasn’t been informed that the lecture (not / take place) on Friday.
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Task 8. Correct mistakes in these sentences.
1. He was among the few who want to continue working on the project.
2. It is an accepted custom for a man to open the door when he accompanied a
woman.
3. She closed the door and harries away to class.
4. We receive several applications a day and with them had been copies of transcripts
and degrees.
5. Mr. Davis tried to finish his research, but he found only part of the information that
he needs.
6. Between one thing and another, Charles does not finish typing his paper last night.
7. In 1990, according to statistics from the Bureau of Census, the population of the
US is 250,000,000.
8. We do not receive mail yesterday because it was a holiday.
9. Mary does not finish her homework in time to go with us to the football game
yesterday afternoon.
10. Although there are only two hundred foreign students studying at State University
in 1970, there are more than five hundred now.
Task 9. Change the sentences using reported speech.
1. Where are you going?-asked Tom.
2. Where are you going to spend the holiday?- asked Mike.
3. What will you do when you leave school? -said Jenifer.
4. How did you know my name?- he nurse asked the doctor.
5. Do you have an appointment?- said the clerk.
6. Have you seen my car keys?- said Bernard to his wife.
7. Why didn’t Isabel call me?- asked her brother.
8. Will you carry my briefcase for me please, James?-said Richard.
9. When can I see the doctor?-Charles asked the receptionist.

1. What is the definition of accounting?

2. What do auditor's report provide?
3. What is the main difference between internal and independent auditing?
4. What are the main task of internal auditing?
5. What is independent auditing function?
6. Who can conduct an independent auditing?
7. Do most national governments have specific agencies charged with the auditing
of their public accounts?
8. Is auditing important for business activity? Why do you think so?

86
 UNIT 4.
TAX SYSTEM.
CONDITIONALS

1. Social Security Contributions.

2. Value added tax (Goods and Services Tax).
3. Fees and effective taxes.
4. Taxation Planning.
5. Present and future conditionals

: 1-6.
11, 12, 13, 14, 15, 17, 21, 24, 27, 26, 30.
- 36-60.

Task 1. Read the text. Study new words.

TAXATION
Taxation is a system of raising money
and finance government services and
activities. Governments at all levels –
local, state and national – require people
and businesses to pay taxes.
Taxes are as old as government.
The general level of taxes has varied
through the years, depending on the role
of the government. In modern times,
many governments – especially in
advanced industrial countries – have rapidly expanded their roles and taken on
new responsibilities. As a result, their need for tax revenue has become great.
Money provided by taxation has been used by states and their functional
equivalents throughout history to carry out many functions. Some of these
include expenditures on war, the enforcement of law and public order,
protection of property, economic infrastructure (roads, legal tender, enforcement
of contracts, etc.), public works, social engineering, subsidies, and the operation
of government itself. Governments also use taxes to fund welfare and public
services. These services can include education systems, health care systems,
pensions for the elderly, unemployment benefits, and public transportation.
Energy, water and waste management systems are also common public utilities.
A portion of taxes also go to pay off the state's debt and the interest this debt
accumulates.

87
 Governments use different kinds of taxes and vary the tax rates. This is
done to distribute the tax burden among individuals or classes of the population
involved in taxable activities, such as business, or to redistribute resources
between individuals or classes in the population. Modern social security systems
are intended to support the poor, the disabled, or the retired by taxes on those who
are still working. In addition, taxes are applied to fund foreign aid and military
ventures, to influence the macroeconomic performance of the economy (the
government's strategy for doing this is called its fiscal policy).
A nation's tax system is often a reflection of its communal values or/and
the values of those in power. To create a system of taxation, a nation must make
choices regarding the distribution of the tax burden - who will pay taxes and how
much they will pay - and how the taxes collected will be spent. In democratic
nations where the public elects those in charge of establishing the tax system,
these choices reflect the type of community that the public wishes to create. In
countries where the public does not have a significant amount of influence over
the system of taxation, that system may be more of a reflection on the values of
those in power.
Law establishes from whom a tax is collected. In many countries, taxes are
imposed on business (such as corporate taxes or portions of payroll taxes).
However, who ultimately pays the tax (the tax "burden") is determined by the
marketplace as taxes become embedded into production costs. Economic theory
suggests that the economic effect of tax does not necessarily fall at the point
where it is legally levied. For instance, a tax on employment paid by employers
will impact on the employee, at least in the long run.

Task 2. Find Ukrainian equivalents. Group the word combinations with the
similar meaning. Write 5 sentences of your own:
to abate a tax
to abolish a tax
to be exempt from text
to charge a tax
to collect taxes
to cut a tax
to dodge taxes
to evade taxes
to impose a tax
to increase taxes
to levy a tax
to pay taxes
to raise taxes
to reduce taxes
to remove a tax
to withhold taxes.
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Task 3. Are the following statements true or false?
1. Taxation is a system of raising goods and services and finance government
services and activities.
2. Governments at all levels – local, state and national – don’t require people
and businesses to pay taxes
3. The general level of taxes has varied through the years, depending on the
role of the government.
4. Money provided by taxation has been used by individuals and businesses.
5. Governments use taxes to fund welfare and public services.
6. All taxes go to pay off the state's debt and the interest this debt accumulates.
7. Governments use different kinds of taxes and vary the tax rates.
8. The nobility were not supported by taxes on the poor.
9. A nation's tax system is often a reflection of its communal values or/and
the values of those who have money.
10. Law establishes from whom a tax is collected.

Task 4. Read and translate the following quotations about taxes. Comment
on them.
Taxes and taxes are inevitable (Haliburton).
The art of taxation consists in so plucking the goose as to obtain the largest
amount of feathers with the least possible amount of hissing (Colbert).
In this world nothing can be said to be certain, except death and taxes
(Benjamin Franklin).
The art of taxation consists in so plucking the goose as to obtain the largest
amount of feathers with the least possible amount of squawking (Jean Baptiste
Colbert).
At tax time, it helps to remember that if your tax obligation has increased from
the previous year, it's usually because you're enjoying more income. That's a
situation to which most of us aspire. Higher taxes are a price that we pay for
greater success (Richard Carlson).
They can't collect legal taxes from illegal money (Al Capone).
The best things in life are tax free (Joseph Bonkowski).
In levying taxes and in shearing sheep it is well to stop when you get down to
the skin (Austin O’Malley).
Some taxpayers close their eyes, some stop their ears, some shut their mouths,
but all pay through the nose (Evan Esar).
All taxes are disliked, and the more directly they are imposed, the more hateful
they become(William Waterston).
The difference between tax avoidance and tax evasion is the thickness of a
prison wall (Denis Healey).

89
Task 5. Match the type of tax with the definition.
1. Income tax a. Tax on profits made by selling assets
2. Capital gains tax such as businesses, rented houses and
3. Value Added Tax (VAT) shares.
4. Stamp duty b. A tax on specific transactions. For
5. Wealth tax example, in the UK, it is payable by the
6. Inheritance tax buyer of a house.
7. Corporation tax c. Tax on earnings, profits from
investments and any other sources of
personal income.
d. Tax on goods and services. In the UK it
is charged at 17.5%.
e. In the UK, this is the name for the tax
paid by companies.
f. Tax on assets (such as houses) payable
in some countries, but not in the UK.
g. Tax on the assets of a person who has
died. Used to be called "death duties".

Task 6. Match parts of the sentences:

1. The income tax is normally levied on
2. In most of the countries the capital gains tax is
3. Sales tax is
4. Gift tax is the tax charged on Excise tax is imposed on
5. Estate tax is

a. charged when a product or service is marketed to a final customer.

b. referred to as inheritance tax and are paid by individuals when they inherit
any property or money.
c. The quantity of goods or products bought, as opposed to their total worth.
the earnings of business entities as well as individuals.
d. the property or money gifted by one person to another.
e. regarded as part of the income tax.

Task 7. Study different types of taxes. Translate taxes names into Ukrainian.
amusement tax - tax on movies, plays, and other performances, included in
admission price
capital gains tax - tax on disposition of securities, business assets, or real property
customs duty - tax on goods imported from another country
death tax - inheritance or estate tax
estate tax - tax on assets of deceased person
90
excess-profits tax - special tax on profits over fixed amount
excise tax - tax on the manufacture, use, or sale of certain goods, esp. alcohol,
tobacco, or firearms
federal tax - tax levied by national government
franchise tax - tax levied on corporations for right to do business in state or
locality
gift tax - tax on very large gifts, paid by giver
graduated tax - income tax with rates increasing at higher levels of income
hidden tax - tax paid by manufacturer, supplier, or seller and passed on to
consumer in market price; indirect tax
income tax - federal, state, and local government tax on individual and business
earnings, providing most of government revenues
inheritance tax - state tax on assets of deceased person, usu. paid by beneficiary
land tax - tax on real property
local tax - tax levied by city or county government
luxury tax - excise tax on certain luxury items, such as boats
property tax - tax paid by owner of real property based on assessed value; real
estate tax
sales tax - tax levied by city, county, or state on retail sales of merchandise
school tax - local tax, usu. on property, with revenues used for support of schools
tariff - schedule of taxes on imports
unemployment tax - amount paid by employer, and sometimes by employee, to
be used as unemployment compensation to workers who lose their jobs
value-added tax - sales tax on producer based on value of contribution to final
product
windfall profits tax - federal excise tax on profits from domestically produced
crude oil
withholding tax - tax deducted by employer from wages as income and Social
Security tax

Task 8. Match the terms with the examples. It's not easy – some of the
terms have close meanings.
1. tax relief a. Ms Brown is British, but to save tax she lives
2. tax break in Monaco.
3. tax exile b. No tax is payable on winnings from the
4. direct taxation National Lottery.
5. indirect taxation c. From April 6th next year, theatres will not
6. tax avoidance have to pay tax on profits below .20,000.
7. tax evasion d. VAT
8. tax free b. Ms Smith pays an accountant to find legal
ways to reduce her tax liability.
91
 c. income tax
d. Liability for capital gains is reduced by 7.5%
for each year of ownership of the asset.
e. Mr Jones made a profit of .100,000 from
selling a business, but didn't declare it to the
Inland Revenue.

Task 9. Choose the best word from each pair in bold type.
1. Alan's company is registered in his wife's name for tax reasons / motives.
2. Until last year, some companies paid part of their executives' salaries in
valuable antiques, to save tax.
3. However, the government has now closed this wormhole / loophole.
4. In the UK, food and children's clothes are free / exempt from VAT.
5. Only about 4% of the population are in the highest tax bracket / level.
6. Any company which relocates to Wales will pay not tax for the first two
years.
7. This tax incentive / gift is designed to help reduce unemployment in the
region.
8. Last year I paid too much tax, so this year I received a tax refund / rebate.

Task 10. Complete the sentences with the correct form of the verb given.
1. Manchester wouldn’t have lost the match if the goalkeeper ______better. (PLAY)
2. If John were older, he_______ Susan. (MARRY).
3. If the manager is in the shop, he ______________________ your questions.
(ANSWER)
4. We will go swimming tomorrow if it ______________________. (NOT RAIN)
5. If I ______________________ this car, I wouldn’t even get $1,000 for it. (SELL)
6. The students ________________________ their exams if they had studied
harder. (PASS)
7. Of his mother _________________________ to send the letter, the headmaster
would have received it in time. (NOT FORGET)
8. If the computer breaks down, I ______________________ what to do. (NOT
KNOW)
9. It ______________________ a great help if you had your things ready to go.
(BE)
10.If I ______________________ my house in Knightsbridge, I would buy a new
one somewhere else. (SELL)
11.If you ______________________ harder, the boss might have been pleased with
you. (WORK)
12.If the weather were nicer, I __________________________ to live here. (CAN)
13.If the sun ______________________, would you be happy? (SHINE) 1

92
4.If dad ______________________ too much, he will get a stomach ache again.
(EAT)
15.It ______________________ a lot of fun if you helped me. (BE)
16.If they had visited us, we _________________________ a wonderful evening
together. (SPEND)
17.If I catch some fish, ______________________ them for me? (YOU FRY)
18.If you ______________________ the bell, someone will answer it. (RING)
19.You would have found the tickets if you ______________________ into your
pockets more carefully. (LOOK)
20.If I ______________________ you for a cigarette, would you give me one?
(ASK)

1. What is taxation?
2. How is money provided by taxation used?
3. Do governments use taxes to fund welfare and public services?
4. Do governments vary the tax rates?
5. What does a nation's tax system reflect?
6. Are taxes imposed on business in all countries?

93
 UNIT 5.
THE ROLE OF FINANCING IN INTERNATIONAL TRADE.
NON-FINITE FORMS OF THE VERB

1. International Trade, Risk, and the Role of Banks.

2. Methods of Payment in International Trade.
3. Non-finite forms of the Verb.

: 1-6.
11, 12, 13, 14, 15, 17, 21, 24, 27, 26, 30.
- 36-60.

Task 1. Read the text. Study new words and definitions.

Methods of Payment
To succeed in today’s global marketplace and win sales against foreign competitors,
exporters must offer their customers attractive sales terms supported by the appropriate
payment methods. Because getting paid in full and on time is the ultimate goal for each
export sale, an appropriate payment method must be chosen carefully to minimize the
payment risk while also accommodating the needs of the buyer. As shown in figure 1,
there are five primary methods of payment for international transactions. During or
before contract negotiations, you should consider which method in the figure is
mutually desirable for you and your customer.

International trade presents a spectrum of risk, which causes uncertainty over the
timing of payments between the exporter (seller) and importer (foreign buyer).
For exporters, any sale is a gift until payment is received.
Therefore, exporters want to receive payment as soon as possible, preferably as soon
as an order is placed or before the goods are sent to the importer.
For importers, any payment is a donation until the goods are received.
94
Therefore, importers want to receive the goods as soon as possible but to delay payment
as long as possible, preferably until after the goods are resold to generate enough
income to pay the exporter.
Cash-in-Advance
With cash-in-advance payment terms, an exporter can avoid credit risk because
payment is received before the ownership of the goods is transferred. For international
sales, wire transfers and credit cards are the most commonly used cash-in-advance
options available to exporters. With the advancement of the Internet, escrow services
are becoming another cash-in-advance option for small export transactions. However,
requiring payment in advance is the least attractive option for the buyer, because it
creates unfavorable cash flow. Foreign buyers are also concerned that the goods may
not be sent if payment is made in advance. Thus, exporters who insist on this payment
method as their sole manner of doing business may lose to competitors who offer more
attractive payment terms. Learn more about Cash-in-Advance.
Letters of Credit
Letters of credit (LCs) are one of the most secure instruments available to international
traders. An LC is a commitment by a bank on behalf of the buyer that payment will be
made to the exporter, provided that the terms and conditions stated in the LC have been
met, as verified through the presentation of all required documents. The buyer
establishes credit and pays his or her bank to render this service. An LC is useful when
reliable credit information about a foreign buyer is difficult to obtain, but the exporter
is satisfied with the creditworthiness of the buyer’s foreign bank. An LC also protects
the buyer since no payment obligation arises until the goods have been shipped as
promised. Learn more about Letters of Credit.
Documentary Collections
A documentary collection (D/C) is a transaction whereby the exporter entrusts the
collection of the payment for a sale to its bank (remitting bank), which sends the
documents that its buyer needs to the importer’s bank (collecting bank), with
instructions to release the documents to the buyer for payment. Funds are received from
the importer and remitted to the exporter through the banks involved in the collection
in exchange for those documents. D/Cs involve using a draft that requires the importer
to pay the face amount either at sight (document against payment) or on a specified
date (document against acceptance). The collection letter gives instructions that specify
the documents required for the transfer of title to the goods. Although banks do act as
facilitators for their clients, D/Cs offer no verification process and limited recourse in
the event of non-payment. D/Cs are generally less expensive than LCs. Learn more
about Documentary Collections.
Open Account
An open account transaction is a sale where the goods are shipped and delivered before
payment is due, which in international sales is typically in 30, 60 or 90 days. Obviously,
this is one of the most advantageous options to the importer in terms of cash flow and
cost, but it is consequently one of the highest risk options for an exporter. Because of
intense competition in export markets, foreign buyers often press exporters for open
account terms since the extension of credit by the seller to the buyer is more common

95
abroad. Therefore, exporters who are reluctant to extend credit may lose a sale to their
competitors. Exporters can offer competitive open account terms while substantially
mitigating the risk of non-payment by using one or more of the appropriate trade
finance techniques covered later in this Guide. When offering open account terms, the
exporter can seek extra protection using export credit insurance.
Consignment
Consignment in international trade is a variation of open account in which payment is
sent to the exporter only after the goods have been sold by the foreign distributor to the
end customer. An international consignment transaction is based on a contractual
arrangement in which the foreign distributor receives, manages, and sells the goods for
the exporter who retains title to the goods until they are sold. Clearly, exporting on
consignment is very risky as the exporter is not guaranteed any payment and its goods
are in a foreign country in the hands of an independent distributor or agent.
Consignment helps exporters become more competitive on the basis of better
availability and faster delivery of goods. Selling on consignment can also help
exporters reduce the direct costs of storing and managing inventory. The key to success
in exporting on consignment is to partner with a reputable and trustworthy foreign
distributor or a third-party logistics provider. Appropriate insurance should be in place
to cover consigned goods in transit or in possession of a foreign distributor as well as
to mitigate the risk of non-payment.

Task 2. Comment on the picture below.

Task 3. Define the key-terms to the topic:

• Alternative trading system (ATS) • Broker • Capital market • Closed-end funds •
Common stock • Debt securities • Derivatives • Direct investing • Diversification •
Financial institutions • Financial intermediaries • Financial investments • Financial
markets • Indirect investing • Institutional investors Investment Analysis • Investment

96
• Investment environment • Investment vehicles • Investment management process •
Investment policy • Investment horizon • Investment management • Investment funds
• Investment portfolio • Investment life insurance • Hedge funds • Investment portfolio
• Long-term investments • Money market • Open-end funds • Organized security
exchange • Over-the-counter (OTC) market • Pension funds • Primary market •
Preferred stock • Real investments • Secondary market • Short-term investments •
Speculation • Speculative investment.

Task 4. Complete each sentence with a suitable verb.

Example: Don't forget to post the letter I gave you.
1. Tom refused .................................... me any money.
2. Jill has decided not ............................................... a car.
3. The thief got into the house because I forgot ........................................ the window.
4. There was a lot of traffic but we managed .............................. to the airport in time.
5.I've arranged ............................................................... tennis tomorrow afternoon.
6. One day I'd like to learn ................................................................ an aeroplane.
7.1 shouted to him. He pretended not ..................................... me but I'm sure he did.
8. Why hasn't Sue arrived yet? She promised not ................................................. late.
9. Our neighbour threatened ............................... the police if we didn't stop the noise.
10. Ann offered .................................................. after our children while we were out.
11. The teacher was very strict. Nobody dared ..........,..................... during his lessons.

Task 5. Make sentences with seem and appear.

Examples: Is he waiting for someone? He appear to be waiting for someone
Has she lost weight? She seems to have lost weight
1. Is Tom worried about something? He seems ....
2. Does Ann like Jack? She appears….
3. Is that man looking for something? He appears ….
4. Has that car broken down? It seems ......
5. Have they gone out? They appear.....

Task 6. Complete each sentence using what or how with one of the following
verbs:
do say get use ride cook
Example: Do you know .....how to get .......... to John's house?

1. Have you decided ....... .....what ............ for dinner this evening?
2. Can you show me ......................................... the washing machine?
3. Do you know .......................................... if there's a fire in the building?
4. You'll never forget .......................................... a bicycle once you have learned.
5. 1 was really astonished. I didn't know ......................................... .

97
Task 7. Make your own sentences. Complete each sentence with to + infinitive.
Example: This evening I have arranged to go to the theatre.
1. Not many people can afford ...................
2. I would like to learn .................................
3. One day I hope ...........................................
4. I wouldn't dare ..........................................
5. Sometimes I tend ......................................

Task 8. Use the words in brackets to answer these questions.

Example: Why did you go out? (buy some bread) I went out to buy some bread.
1. Why do you have to go to the bank? (change some money) I have to go.....
2. Why did she knock on your door? (wake me up) She .........................................
3. Why are you saving money? (go to Canada) I ....................................................
4. Why is Ron going into hospital? (have an operation)……………………………...
5. Why are you wearing two pullovers? (keep warm) ..............................................
6. Why did you go to the police station? (report that my car had been stolen)
Task 9. Make up sentences with the given word constructions.
Model: to meet them so often.
I am happy to meet them so often. It is pleasant to meet them so often.
1. to be seen off by my friends.
2. to have met him at the station.
3. to invite nice people to dinner.
4. to be walking along this shady alley.
5. to be invited to an evening-party.
6. to be studying for the medical profession.
7. to have been walking all the morning before breakfast.
8. to be taught by this outstanding teacher.

1. How could you describe the investment environment?

2. Classify the following types of financial assets as long-term and short term: a)
Repurchase agreements b) Treasury Bond c) Common stock d) Commercial paper
e) Preferred Stock f) Certificate of Deposit
3. Comment the differences between investment in financial and physical assets using
following characteristics: a) Divisibility b) Liquidity c) Holding period d)
Information ability
4. Why preferred stock is called hybrid financial security?
5. Describe how investment funds, pension funds and life insurance companies each
act as financial intermediaries.
6. Distinguish closed-end funds and open-end funds.
7. How do you understand why word “hedge’ currently is misapplied to hedge funds?
8. Explain the differences between a) Money market and capital market; b) Primary
market and secondary market.
9. hy the role of the organized stock exchanges is important in the modern economies?

98
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