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Методические подходы к анализу финансового состояния предприятия

Проблема периодизации русской литературы ХХ века. Краткая характеристика второй половины ХХ века

Ценовые и неценовые факторы

Характеристика шлифовальных кругов и ее маркировка

Служебные части речи. Предлог. Союз. Частицы

КАТЕГОРИИ:






Minimum Requirements




Bachelor’s degree with a concentration in accounting. CPA strongly preferred.

Minimum 4 years of accounting experience. Public accounting background and supervisory experience strongly preferred.

Skills required

Strong Excel, MS Word and PowerPoint skills required.

Excellent verbal and written communication skills.

Excellent analytical skills.

Very detail-oriented and organized.

Strong supervisory/coaching skills.

Able to work independently and as part of a team.

Benefits:

In exchange for hard work, we offer a very competitive salary, outstanding benefits and fully paid insurance coverage. We are an equal opportunity employer.

To respond to this opportunity, please send your resume to: resume@indemand.com.

 

1) What position is advertised?

2) Who does this employee report to?

3) What personal characteristics must a candidate possess?

4) What educational background is required?

5) What functions is the Assistant Controller supposed to perform in this company?

6) Are any perks offered?

4. Imagine that you’ve read this ad and decided to apply. Write your CV and cover letter.

5. Suppose you were shortlisted for this position and invited for an interview. Study Interview Tips in Supplementary Reading to Unit 3 and get ready for the interview.

6. Act out the situation of interviewing a candidate for the above given vacancy.


Unit 4 Bookkeeping

GETTING STARTED

1. Scan the passage below and identify its subject.

In attempting to explain why double entry bookkeeping developed in fourteenth century Italy instead of ancient Greece or Rome, accounting scholar A.C. Littleton describes seven "key ingredients" which led to its creation:

Private property, Capital, Commerce, Credit, Writing, Money, Arithmetic

Many of these factors did exist in ancient times, but until the middle ages they were not found together in a form and strength necessary to push man to the innovation of double entry. Nevertheless, the problems encountered by the ancients with record keeping, control and verification of financial transactions were not entirely different than our own today. Governments, in particular, had strong incentives to keep careful records of receipts and disbursements – particularly as concerns taxes. And in any society where individuals accumulated wealth, there was a desire by the rich to perform audits on the honesty and skill of slaves and employees entrusted with asset management.

2. Answer the following questions based on the reading.

1) When did double entry bookkeeping develop?

2) What are the seven "key ingredients" which led to the creation of double entry bookkeeping?

3) What similar reasons for keeping careful records of financial transactions have existed both in the past and at present?

USEFUL VOCABULARY

Make sure you know the following words and word combinations.

accounting cycle цикл бухгалтерского учета
accurate adj точный, правильный; тщательный
receipts n pl. денежные поступления, выручка; приход; доходы
data n pl. (datum sg) данные
record n (records pl) запись; регистрация, записывать; pl. учетные документы; документация
record-keeping ведение учета; учет
statement n отчет; ведомость; смета
financial statements финансовая документация
general journal главный журнал учета
general ledger главная бухгалтерская книга
to balance the ledgers сбалансировать бухгалтерские книги
posting разноска по счетам, перенос в бухгалтерскую книгу; проводка
ledger posting запись в главную бухгалтерскую книгу
to post the journal into the ledger переносить журнальные записи в главную книгу  
draw up составлять
to draw up a balance подводить (составлять) баланс
trial balance пробный, предварительный бухгалтерский баланс
balance n balance v баланс; сальдо; остаток подсчитывать, подытоживать; сводить, заключать, закрывать (счета, книги)
to bring accounts to a balance составлять сводный баланс
favourable balance активный баланс; положительный баланс
unfavourable balance syn. adverse balance пассивный баланс; отрицательный баланс
cash balance кассовая наличность
balance of an account остаток счета
balances with foreign banks остатки на счетах в заграничных банках
balance in hand денежная наличность; наличность кассы
balance of payments платежный баланс (отчетность, характеризующая участие страны в международном обмене, включающая в себя текущий платежный баланс и баланс движения капиталов)
balance of trade торговый баланс (отчетность, отражающая результаты участия страны в международной торговле)
debit ['debit] n дебет (расход)
debit account запись в левой части счета, показывающая задолженность организации
debit of an account дебет счета; списание средств со счета
debit balance дебетовое сальдо, дебетовый баланс, положительное сальдо
debit (to an account) v дебетовать; записывать; вносить в дебет
credit ['kredit] n бухгалтерский кредит; сумма, записанная на приход в правой части счета
credit account запись в правой части счета, отражающая приход актива
credit balance кредитовое сальдо; кредитовый баланс, отрицательное сальдо
credit (to an account) кредитовать счет; записывать сумму в кредит счета

READING

1. Scan through the text to find the answers to the following questions.

● What kind of information is of great importance for proper company management?

● What is the difference between bookkeeping and accounting?

Bookkeeping

For management of any company to be efficient, extensive and accurate information concerning receipts and payments, assets and liabilities, depreciation of assets and other data about company status are required. Such information being obtained mainly from different records, additional funds and time should be invested in bookkeeping and accounting system.

In general, accounting and bookkeeping mean identifying, measuring, recording economic information about any business, bookkeeping being considered the preliminary stage and part of the larger field of accounting.

The task of a bookkeeper is to ensure the record-keeping aspect of accounting and therefore to provide the data to which accounting principles are applied in the preparation of financial statements. Bookkeeping provides the basic accounting data by systematical recording of such day-to-day financial information as income from the sale of products or services, expenses of business operations such as the cost of the goods sold and overhead expenses1 such as a rent, wages, salaries.

Accounting principles determine which financial events and transactions should be recorded in the bookkeeper's books. The analysis and interpretation of these records is the primary function of accounting. The various financial statements produced by accountants then provide managers with the basis for future financial planning and control, and provide other interested parties (investors, the government) with useful information about the company.

d to be a seven-step cycle. The first three steps fall under the bookkeeping function, such as: 1) the systematic recording of financial transactions; 2) the transferring of the amounts from various journals to general ledger (also called "posting step"); 3) the drawing up of the trial balance.

Record keeping of companies is based on a double-entry system, due to which each transaction is recorded on the basis of its dual impact on the company's financial position. To make a complete bookkeeping record of every transaction in a journal, one should consider interrelated aspects of every transaction, and entries must be made in different accounts to keep the ins (receipts) and outs (payments) balanced.

A typical account is known to have two sides: the items on the left side are called debits, while the items on the right side are credits.

Thus, double-entry bookkeeping doesn't mean that the same transaction is entered twice, it means that the same amount of money is always debited to one account and credited to another account, each record having its own effect on the whole financial structure of the company. Certain accounts are increased with debits and decreased with credits, while other accounts are increased with credits and decreased with debits.

In the second step in the accounting cycle, the amounts from the various journals are usually monthly transferred to the company's general ledger − a procedure called posting. Posting data to the ledgers is followed by listing the balances of all the accounts and calculating whether the sum of all the debit balances agrees with the sum of all the credit balances. This procedure known as the drawing up of a trial balance and those that follow it usually take place at the end of the fiscal year. By making a trial balance, the record-keeping accuracy can be checked. The trial balance having been successfully prepared, the bookkeeping portion of the accounting cycle is completed.

The double-entry system of bookkeeping enables every company to determine at any time the value of each item that is owned, how much of this value belongs to creditors, the total profit and how much belongs to the business clear of debt. Thus, one advantage of the double-entry system is that its information is complete enough to be used as the basis for making business decisions. Another advantage is that errors are readily detected, since the system is based on equations that must always be in balance.

Notes:

1. overhead expenses - накладные расходы

2. dual impact – двойное воздействие

2. Read the text again and answer the following questions.

1) What role does bookkeeping play in the accounting cycle? 2) What kind of data is collected by a bookkeeper? 3) Who is interested in obtaining accurate accounting information? 4) What is the modern concept of the accounting system?

5) What tasks should a bookkeeper fulfil at the first three steps of the accounting cycle? 6) What does double-entry bookkeeping mean? 7) What data are recorded in the company's general ledger? 8) When is the bookkeeping cycle considered to be completed? 9) What are the advantages of the double-entry system?

 




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