The Field of Accounting

Remember the difference:

Accounting is a comprehensive information system for collecting, analyzing and communicating financial information.

Bookkeeping is just one phase of accounting - the recording of accounting transactions.

Accounting offers the qualified person an opportunity to move ahead quickly in today's business world.

Accounting is a basic and vital element in every modern business. It records the growth or decline of the business.

The field of accounting is divided into three broad divisions: public, private and governmental.

A certified public accountant (CPA)- AmE or a chartered accountant- BrE must pass a series of examinations, after which he or she receives a certificate. The simple fact of having passed the certifying examination gives them an advantage over those who haven't.

CPAs can offer their services to the public on an individual consultant basis for which they receive a fee. Some CPAs perform work for firms, corporations or government offices and receive a salary.

Private accountants, who are employees of individual businesses, handle the financial records of a business. They are responsible for preparing the financial statements and are salaried rather than paid a fee.

Government accountants are employed by governmental agencies. They are responsible for monitoring the receipt and payment of funds. All of these accountants work on a salary basis.

Salaried positions with business or government offer strong security, since salaried accountants are not affected by layoff or seasonal changes in the work load as are industrial or clerical workers.

1 What does accounting offer a qualified person? 2 Why is accounting a basic and vital element in every modern business? 3 What is the field of accounting divided into? 4 What is a certified public accountant? What is the British equivalent? 5 What do CPAs receive fees for? 6 Who can CPAs perform work for? 7 What are private accountants responsible for? Are they paid a fee? 8 What areas does a government accountant deal with? 9 Why do salaried accounting jobs offer security? 10 Do CPAs have any advantages over other accountants?

1 Match words that have a similar meaning:

2 Give the English equivalents for:

бухоблік; дуже важливий елемент в сучасному бізнесі; реєструвати зростання чи занепад бізнесу; дипломований бухгалтер вищої кваліфікації; отримати сертифікат; пропонувати послуги; отримувати гонорар; отримувати заробітну плату; мати справу з фінансовою документацією; готувати фінансовий звіт; одержання; звільнення; зміни у робочому навантаженні.

3 Match the words and phrases in the box with the correct definition:

1) the recording, classifying, summarizing, and interpreting of those business activities that can be expressed in monetary terms; 2) an accountant who has passed examinations required by the state licensing officials; 3) the systematic recording of financial information; 4) a specialized branch of accounting that deals with government agencies; 5) a dismissal from employment, especially

temporary; 6) financial documents or computer files on which information is stored; 7) an amount of work; 8) the profession of or work done by an accountant; 9) a period at the end of which the totals for the money coming into and money going out of a business are calculated.

4 Choose the correct word from the box to complete the gaps. Translate the sentences into Ukrainian:

1 There was... in the US exports overseas last year. 2 … in the stock market scared investors. 3 She... all the financial records for the law firm. 4 The boss... the quality of her employees' work. 5 In a recession, there are often mass... of factory workers. 6 … does the accounting for a business. 7 We calculated the total profit at the end of the... period. 8 My friend got a degree in... 9 The cash register... the purchase and printed a receipt. 10 In Great Britain, the term for CPA is... 11 Private and government accountants usually work on a... basis. 12 CPAs who offer their services to the public on an individual consultant basis are paid …