Level 2

Task 1 Complete the blanks:

1. ___________does not demand the financial training and insights of accounting.
2. Bookkeeping is an essential part of an _________.
3. The accountants suggest __________ for improving the progress of the firm.
4. The accountants are valuable for financial ________.
5. Accounting involves the _______ and _________ of transactions.
6. Transactions are the sale of _________, the _________ of the bill,

Task 2 Divide the following expressions into 2 columns

ACCOUNTING BOOKKEEPING

Recording transactions

Classification of the data

Summarizing the data

Preparation of financial statements

Gathering transactions

Income tax preparation

Improving financial conditio

THE ASSET ACCOUNT

ASSETS are what the business owns, but they are also more than that. Assets include productive items (such as equipment, building, land, furniture, mixtures, and motor vehicles) that contribute to generating income, as well as intangibles of value such as patents and copyrights.

Assets include the following:

- Cash (on hand, “petty” cash, and deposits in bank).

- Accounts receivable (money owed to a business from customers who bought the goods on credit).

- Inventory (goods in storage that could be sold).

- Investments (e.g., stocks and bonds that the company owns).

- Land.

- Equipment.

- Buildings.

- Motor vehicles.

- Patents (the saleable rights to inventions).

- Copyrights (the saleable rights to published materials).

Assets, then, are the things such as property, patents, and machines that have money value, assets are listed to according to their liquidity. Liquidity refers to how fast an asset can be converted to cash. For example, land is considered highly non-liquid because it takes much time and paperwork to sell land. On the other hand, stock is considered highly liquid because it can be sold within minutes. Based on liquidity, assets are divided into three categories:

1. Current assets – items that can be converted to cash within one year.

2. Fixed assets – items such as land, building and fixtures that are relatively permanent.

3. Intangible assets – a catch-all category that includes items such as patent and copyrights that have no real physical form.

Level 1

Task 1

Find the equivalents the following words:

Accounting versus приспособление

Motor vehicles бухгалтерский учет

Inventory оплата

Copyrights авторские права

Assets перечисленный

Tax текущие счета

Payment транспортные средства

Current assets инвентарь

Fixture налог

To be listed активы

Task 2 Classify the following assets into categories they are belonged to: