My Speciality. Accounting
We are the students of the Private Institute of Management and Business. It is a non-state educational establishment of a new kind. There are 5 faculties (departments) at our institute such as: the Economic Department of Accounting, the Department of Management, the Department of International Economic Relations, the Law Department and the Correspondence Department.
We study at the Economic Department of Accounting and are trained to be specialists for different branches of our economy. I am going to be an accountant.
Accounting is the process of recording, classifying and summarizing economic events in a logical manner. Accounting is often called the language of business. Regardless of the type of business or the amount of money involved, common procedures for handling and presenting financial information are used. Incoming money (revenues) and outgoing money (expenditures) are carefully monitored. Transactions are summarized in financial statements, which reflect the major financial activities of an organization. Two common financial statements are the balance sheet and income statement. The balance sheet shows the financial position of a company at one point of time. The income statement shows the financial performance of a company over a period of time. Financial statements allow the interested parties to compare one organization with another and to compare accounting periods within one organization.
People who specialize in the field of accounting are known as accountants. If you are going to set up your own business, an accountant is the best person to give you financial advice. To run your business well you must know what money you have received, how much money you have spent, and how you spent it. It is legal requirement that proper financial records are kept and the basic principle is to record every single transaction. One of the purposes is to ascertain whether you have made a profit or loss during a given period. Profit could be described as the difference between the value of the business at the start of a trading period and the value of the business at the end of that period. So, the function of an accountant is to provide quantitative information that managers can use to make a decision.
Accountants are usually classified as public, private or governmental. Public accountants work independently and provide accounting services such as auditing and tax computation to companies and individuals. Private accountants work solely for private companies or corporations and governmental accountants work for governmental agencies or bureaus.
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1. a faculty (department) -
2. the Correspondence department
3. an accountant ,
4. accounting
5. the Economic department of Accounting -
6. to be trained
7. to record
8. to classify
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9. to summarize
10. regardless
11. the amount of money
12. to handle ,
13. incoming money (revenues)
14. outgoing money (expenditures)
15. to monitor ,
16. a transaction
17. a financial statement
18. the balance sheet
19. to set (set, set) up ,
20. to run the business ,
21. a single transaction
22. to ascertain , ,
23. profit
24. loss
25. the value of the business
26. to provide
27. quantitative information
28. to make decisions
29. tax computation
30. to work solely for
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III.
1. What faculties (departments) are there at your Institute?
2. How is your Institute equipped?
3. What is accounting?
4. What is carefully monitored in accounting?
5. What do the financial statements reflect?
6. What does the balance sheet show?
7. What must you know in order to run your business well?
8. How are the accountants usually classified in business?
