Adults|Accounting and Finance|Pre-Intermediate|Introduction to accounting

Describe the general accounting rules and practices in your country.

pic1_Adults|Pre-Int|Accounting and Finance|L1


🔹What standards are used to prepare financial information?

🔹How is off-balance-sheet accounting treated in your country?

Learn the words

Study the information

pic2_Accounting_L1


🔹The full-disclosure principle states that financial reporting must include all significant information. – Принцип полной открытости означает, что финансовая отчетность должна содержать всю важную информацию.

🔹The principle of materiality, however, says that very small and unimportant amounts do not need to be shown. – Однако принцип материальности гласит, что небольшие и незначительные суммы не нужно отображать.

🔹The objectivity principle says that accounts should be based on facts and not on personal opinions or feelings. – Принцип объективности гласит, что отчеты должны базироваться на фактах, а не на личном мнении или чувствах.

Click on the incorrect word in each sentence


Do the tasks

Time to talk

pic3_Accounting and Finance_L1


1. What is financial accounting?

2. Discuss the role and activities of an accountant.

3. What is the difference between an accountant and a bookkeeper?

4. Briefly list the different types of accountants and what they do.

5. What education is required?

6. What is financial information?

7. What are the various interested parties which use accounting information? How is such information used?

8. List the predictions that creditors and potential creditors want to make.

9. Explain the different types of accounting.

10. How does financial accounting differ from managerial accounting? What do you think?

Watch the video and mark True / False


Four Things Everyone — Yes, Even You — Should Know About Accounting | Michigan Ross

Let’s imagine

pic4_Adults|Pre-Int|Accounting and Finance|L1


You, a CPA (Certified Public Accountant) from the US are meeting Paul Martens, the CFO (Chief Financial Officer) of a company in Belgium. Now you are at the reception talking to Mr Marten’s secretary.

E.g.

A: Mr Martens will be with you in a moment. He’s just finishing a phone call.

B: Thank you.

 

A: Would you like some coffee?

B: Yes, that would be great. Milk no sugar, please.

 

A: Here you are.

B: Thank you. Is this the whole department?


🔹Thank you.

🔹Yes, that would be great. Milk…

🔹Thank you. Is this the whole… ?

🔹Uh-huh. And does everyone work in the… ?

🔹And the office in the corner… ?

🔹And you have office… ?

🔹I see. That’s…

🔹Oh, great! I even couldn’t imagine…

🔹Yes, thanks, Paul. I’m glad so many people here…

🔹A little cultural mix is…

Let’s have fun!

pic5_Accounting and Finance_L1


Translate into English

Study the information

Accounting

Основные задачи

Для начала предлагаем разобраться какие значения в себе содержит слово accounting. Это слово может переводиться как бухгалтерский учет, финансовая отчетность, а также в более обобщенном смысле – как ведение отчетности в целом.

Accounting включает в себя ведение (recording) и анализ всех сделок компании, таких как покупки (purchases) и продажи (sales), в виде финансовых отчетов.

Для того, чтобы рассказать про основные виды деятельности (activities) в сфере accounting, нам понадобятся следующие слова:

Bookkeeping – это ежедневное ведение записей о совершенных сделках. Bookkeeping – это своего рода синоним слова accounting, а это значит, что у него тоже есть много возможных вариантов перевода – бухгалтерия, ведение учета, регистрация данных. В чем же разница? Bookkeping – это подраздел Accounting, который занимается подсчетами и ведением документации на определенном участке, в то время как accounting собирает информацию со всех участков и видит всю картину целиком.

Financial accounting – включает bookkeeping и составление финансовых отчетов (financial statements) для акционеров и кредиторов. Перевести это все можно как финансовая отчетность.

Management accounting – управленческий учет. Он включает в себя использование всевозможной отчетности, собранной менеджерами (managers) для планирования и принятия решений (for making decisions).

🔹Bookkeeping

🔹Financial accounting

🔹Management accounting


🔹Bookkeeping is the day-to-day recording of transactions. – Бухгалтерия – это ежедневное ведение записей о сделках.

🔹Financial accounting includes bookkeeping, and preparing financial statements for shareholders and creditors.Финансовая отчетность включает в себя ведение бухгалтерии и составление финансовых отчетов для акционеров и кредиторов.

🔹Management accounting involves the use of accounting data by managers, for making plans and decisions. – Управленческий учет включает в себя использование всевозможной отчетности, собранной менеджерами для планирования и принятия решений.

Do the tasks

At the start of the course let’s list all the words you know from the sphere of accounting for now.

pic1_Adults|Grammar|Pre-Int|L14


Study the following phrases

🔵 Financial accounting includes bookkeeping, and preparing financial statements for shareholders and creditors.

Финансовая отчетность включает в себя ведение бухгалтерии и составление финансовых отчетов для акционеров и кредиторов.


🔵 Management accounting involves the use of accounting data by managers, for making plans and decisions.

Управленческий учет включает в себя использование всевозможной отчетности, собранной менеджерами для планирования и принятия решений.


🔵 Bookkeeping is the day-to-day recording of transactions.

Бухгалтерия — это ежедневное ведение записей о сделках.


🔵 They closed the purchase with a handshake.

Они скрепили покупку рукопожатием.


🔵 The conditions of sale are printed on the back of the invoice.

Условия продажи напечатаны на оборотной стороне накладной.


🔵 Their fields of activity are so wide apart.

Сферы их деятельности абсолютно разные и никак не пересекаются.


🔵 Think it over carefully before you make a decision.

Тщательно все обдумайте, прежде чем принять решение.


🔵 It was a mistake to appoint him manager.

Ошибкой было назначить его менеджером.


🔵 The financial planning and budgetary process should in their turn be governed by a number of basic principles.

Финансовое планирование и бюджетный процесс должны, в свою очередь, осуществляться в соответствии с рядом основных принципов.


🔵 She created a strategy to boost the company’s earnings.

Она создала стратегию повышения доходов компании.

Read and add new words

pic6_Adults|Pre-Int|Accounting and Finance|L1


Accounting and Finance, What’s the Difference?

By Chris Hooper, CEO at Accodex

Honestly, the terms, ‘accounting ‘and ‘finance’ have been used so, it’s often easy to forget that the two are completely separate disciplines.

As the saying goes, “Your finance major will not be able to separate their debits from their credits in a general ledger — while your accounting major will not be able to manage my stock portfolio.”

All joking aside, there is still plenty of intersection between the two disciplines. I suspect that’s why the two get mixed up so often. For the removal of doubt I’ve dug up the best definitions I could find.

Accountancy Measurement, processing, and communication of financial information about economic entities (Wikipedia)

Financial Services The investment, lending, and management of money and assets. (Dictionary.com)

That said, I believe the simplest way to think about the distinction between accounting and finance disciplines is as follows:

Financiers manage the money, accountants count the money.

Where to go from here?

Navigating tax law can be confusing if you do not know where to start. In these circumstances, it is encouraged that you seek the help of the appropriate expert.

At Accodex we have a team of partners that specialize in the area of tax, covering a range of industries. Whatever your accounting needs, we have a Partner that will help your business get back on track.

“Whatever your accounting needs, we have a Partner that will help your business…”

Keep in mind that this is general information and should ever only serve as a guide. As such it should not be taken as specific advice.

Always remember that legislation around tax is always changing. Chances are that the laws may have been updated since the publishing of the article.

This is why it is always best to consult with your local professional. Better yet, why not contact an expert from Accodex Partners.

Watch and add new words

Урок Homework Курс
  • Warm-up
  • Vocabulary
  • Get to know
  • Let's practice
  • Discussion
  • Life story
  • Role-play
  • Game
  • Vocabulary
  • Get to know
  • Let's practice
  • Write it up
  • Phrasebook
  • Reading
  • Watch it