396.умк по английскому языку часть 2 accounting issues

МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РФ ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ БЮДЖЕТНОЕ

ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ

«ВОРОНЕЖСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ»

УМК ПО АНГЛИЙСКОМУ ЯЗЫКУ ДЛЯ СТУДЕНТОВ, ОБУЧАЮЩИХСЯ

ПО НАПРАВЛЕНИЮ 080100 «ЭКОНОМИКА», БЛОК ДИСЦИПЛИН «БУХГАЛТЕРСКИЙ УЧЕТ,

АНАЛИЗ И АУДИТ»

Часть 2 ACCOUNTING ISSUES

Составитель А.В. Малюгина

Издательско-полиграфический центр Воронежского государственного университета

2012

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

2

Утверждено научно-методическим советом факультета романо-германской

филологии 17 января 2012 г., протокол № 1

Рецензент канд. филол. наук, доц. кафедры английского языка естественно-

научных факультетов ВГУ Н.М. Шишкина

Учебно-методическое пособие подготовлено на кафедре английского языка

гуманитарных факультетов факультета романо-германской филологии

Воронежского государственного университета.

Рекомендуется для студентов 2-го курса экономического факультета, а

также для специалистов в области бухгалтерского учета и аудита.

Для направления 080100 – Экономика


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Пояснительная записка

Учебно-методическое пособие “Accounting Issues” представляет

собой вторую часть учебно-методического комплекса, предназначенного

для подготовки студентов-экономистов в области бухгалтерского учета и

аудита. В комплекс также входят учебно-методические пособия “Introducing

Accounting” – часть 1 и “Practice Vocabulary & Reading Tests (Accounting)” –

часть 3.

Цель данного пособия состоит в дальнейшем развитии языковых

навыков учащихся в рамках 5 профессиональных тем в области бухгал-

терского учета: «Активы, пассивы, балансовый отчет», «Отчет о прибылях

и убытках», «Издержки, снижение затрат», «Налогообложение», «Осущест-

вление платежей». В каждой теме представлены тексты, которые снабжены

системой заданий, обеспечивающих многократное повторение лексического

(в том числе и терминологического) материала. Предтекстовые задания

снимают терминологические трудности и способствуют накоплению сло-

варного запаса, необходимого для работы над текстами по данной тематике.

Каждый раздел заканчивается заданиями, при выполнении которых

студенты работают самостоятельно, в парах или группах, развивая ком-

муникативные навыки. Работа с каждой частью пособия рассчитана на 6–8

часов аудиторной и внеаудиторной работы.


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Contents Unit 1. ASSETS, LIABILITIES AND THE BALANCE SHEET ....................... 5 Unit 2. PROFIT AND LOSS ACCOUNT .......................................................... 14 Unit 3. COSTS AND COST-CUTTIING ........................................................... 18 Unit 4. TAXATION ............................................................................................ 30 Unit 5. GETTING PAID ..................................................................................... 37 Follow-up activities ............................................................................................. 47


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Unit 1

ASSETS, LIABILITIES AND THE BALANCE SHEET

Lead-in

Read the key information about assets, liabilities and the balance sheet

and study the examples afterwards

Assets

An asset is something that has value, or the power to earn money. These

include:

– current assets: money in the hank, investments that can easily be turned

into money, money that customers owe, stocks of goods that are going to

be sold.

– fixed assets: equipment, machinery, buildings and land.

– intangible assets: things which you cannot see. For example, goodwill: a

company's good reputation with existing customers, and brands:

established brands have the power to earn money.

If a company is sold as a going concern, it has value as a profit-making

operation, or one that could make a profit.

CURRENT ASSETS

FIXED ASSETS

INTANGIBLE ASSETS

A


6

Depreciation

Joanna Cassidy is head of IT (Information Technology) in a publishing

company:

‘Assets such as machinery and equipment lose value over time because

they wear out, or are no longer up-to-date. This is called depreciation or

amortization. For example, when we buy new computers, we depreciate them

or amortize them over a very short period, usually three years, and a charge for

this is shown in the financial records: the value of the equipment is written down

each year and written off completely at the end.

The value of an asset at any one time is its book value. This isn't

necessarily the amount that it could be sold for at that time. For example, land or

buildings may be worth more than shown in the accounts, because they have

increased in value. But computers could only be sold for less than book value.'

Liabilities

Liabilities are a company's debts to suppliers, lenders, the tax authorities,

etc. Debts that have to be paid within a year are current liabilities, and those

payable in more than a year are long-term liabilities, for example bank loans.

Balance sheet

Assets and liabilities are normally shown on firm’s

balance sheet: a ‘photograph’ taken, normally

once a year, of its financial situation at that time.

Firms in a good situation are said to have a strong

balance sheet and those that are not, a week one.

Things that are not shown in the balance sheet but

in a footnote, for example, are off-balance sheet.

balance sheet off-balance sheet strong balance sheet weak balance sheet

provision bad debts write off

B

C

D


7

A company’s balance sheet may include provisions for potential losses,

such as bad debts, debts that may never be paid. If it looks almost certain that a

debt will not be paid, it is considered a write-off and written off.

A company's balance sheet gives a picture of its assets and liabilities at the

end of a particular period, usually the 12-month period of its financial year. This

is not necessarily January to December.

Examples

a) Total has a strong balance sheet: debt has fallen from 37% of equity to

25% since 1989.

b) Unlike Toyota, which is known as the ‘Toyota Bank’ because of the

huge pile of cash on which it sits, Nissan still has a weak balance sheet.

c) Another frequently quoted term in modern accounting is ‘off-balance

sheet’. Assets as well as liabilities are removed from the balance sheet of the

company concerned, and there may also be some impact on the profit-and-loss

account. But the usual aim is to reduce a company’s apparent gearing.

d) At Lloyd’s Bank, bad debt provisions fell by almost £100 million to

£329 million, helped by an improvement in Third World country debts.

e) Bankers Trust New York Corp reported a third-quarter loss of $1.72

billion following its $1.6 billion boots in reserves for losses on loans to less-

developed countries.

f) The ministry is allowing banks to pretend that bad debts remain good,

in order to keep their profits up. In time though, many bad loans will have to be

written off, further depleting capital.

LANGUAGE NOTE

Off-balance sheet is also spelled off-balance-sheet.

Provisions are reserves in America English. Do not confuse this with the British English meaning of reserves.


8

Vocabulary Practice

Match the words or phrases on the left with the correct definition (a – i). Use

the grid below. (See example):

1. intangible assets

2. fixed assets

3. liquidity

4. depreciation

5. current assets

6. dividend

7. liabilities

8. liquid assets

9. overdraft

a) The money paid to shareholders out of

profits.

b) Regular costs and money owed.

c) Any investments, cheques, bank deposits, stock or

work-in-progress that can easily be converted into

cash.

d) Assets which can be used to make immediate

payments.

e) Property, land and equipment which is not

normally intended for immediate sale.

f) Brand names, patents, rights, trade marks and

licences which may be the major part of a

company’s wealth.

g) The total amount borrowed from a bank.

h) The ability of a company to pay suppliers,

employees, shareholders, tax authorities, etc.

i) The national fall in value of equipment over time.

1 2 3 4 5 6 7 8 9

f


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Decide what kind of asset is each of the following? Which three are not

assets?

1) Vans which a delivery company owns and uses to deliver goods.

2) Vans for sale in a showroom.

3) A showroom owned by a company that sells vans.

4) A showroom rented by a company that sells cars.

5) Money which customers owe, that will definitely be paid in the next 60

days.

6) Money which a bankrupt customer owes, that will certainly never be paid.

7) The client list of a successful training company, all of which are successful

businesses.

8) The client list of a training company, with names of clients that have all

gone bankrupt.

Fill in the balance sheet with the missing terms.

Balance Sheet

£m

1. Fixed assets

Plant and machinery 12,925

Premises 5,100

18,025

2. ____________________

Stock 9,125

3. ____________________ 180

Prepayments 365

Bank balance 1,175

10,845

4. ____________________


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5. ____________________ (5,480)

Accrued expenses (1,725)

Bank loans (285)

(7,490)

21,380

Grammar

Use the correct forms of words in brackets to complete these sentences.

1) The bank had lent too much and was left with a mountain of bad debts:

£4.3 billion was _______ (write off / wrote off / written off) last year.

2) Most highway building programs in the US are _______ (amortization /

amortize / amortized) over 30 years or more.

3) The company reported a record income of $251.2 million, after a $118

million _______ (charge / charged / charges) for reduction in the _______

(book value / books value / booked value) of its oil and gas properties.

4) Under the new law, businesses face five different _______ (depreciate /

depreciation / depreciations) rules for different types of equipment.

5) The company reported a loss of $12.8 million, partly due to a special

charge of $1.5 million to _______ (write down / wrote down / written

down) the value of its spare parts inventory.

Look at this example of a balance sheet. Replace the underlined words or

phrases with a word or phrase from the box with a similar meaning.

bank overdraft land preference shares tax

capital reserves ordinary shares share capital working capital

creditors plant stock


11

BOGUS INDUSTRIES Balance sheet as at 31 December 19.

ASSETS $000 Fixed assets

1. Property 420

Buildings 180

2. Equipment and machinery 100

Total fixed assets 700 Current assets

Raw materials } 3. goods

Work-in-progress } held in 200

Finished goods } storage

Debtors 90

Cash in bank 60

Total current assets 350 Current liabilities

4. People owed money 80

5. Money owed to the bank 50

6. Money owed to the government 35

Total current liabilities 165

7. Net current assets 185

Net assets 885

CAPITAL

8. Money invested in the company and represented by shares

9. Shares paying a variable dividend to shareholders 500

10. Shares paving a fixed dividend to shareholders 300

11. Shares held in a special fund used to pay off creditors if the company goes into liquidation

85

Total 885


12

Fill in the missing entries in the Balance Sheet below. Choose from the

following:

Amounts owed by related companies Called up share capital Creditors: amounts falling due after one year Development costs Fixtures and fittings General reserve Net current assets Profit and loss account Stock Tangible assets

£OOO’s Fixed Assets £ £ £Intangible Assets 1. ____________________ 180 Goodwill 40 220 2. ____________________ Land and buildings 600 3. ____________________ 20 620 Investments Shares in related companies 4,100 Loans to related companies 59 4,159 4,999 Current Assets 4. ____________________ Raw materials 600 Finished goods 800 1,400 Debtors Trade debtors 1,200 5. _____________________ 400 Called up share capital not paid 500 Prepayments 400 2,500 Creditors: amounts falling due within one year Debentures 600 Bank overdrafts 50


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Bills of exchange payable 50 700 6. ____________________ 3,200 Total assets less current liabilities 8,199 7. ____________________ Debentures 100 Bank loans 100 200 7,999 Capital and reserves 8. ____________________ 6,000 Other reserves: Capital redemption reserve 300 9. ____________________ 599 899 10. ____________________ 1,100 7,999

Decide if these statements are true or false.

1) Money that a company has to pay to a supplier in less than a year is a long-

term liability.

2) A loan that a company has to repay to a bank over five years is a long-term

liability.

3) A company's financial year can run from 1 May to 30 April.

Discussion points

Discuss together

a) Who reads the balance sheet;

b) The limitations of the balance sheet.

Project task

Obtain a copy of the balance sheet of a company you are interested in. What

are its main assets and liabilities?


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Unit 2

PROFIT AND LOSS ACCOUNT

Lead-in

Read the key information about the profit and loss account and study the

examples afterwards

A company’s financial performance for a period

is its results, which it reports in the form of a

profit and loss account, indicating,

unsurprisingly, whether it has made a profit or a

loss. The equivalent document in the US is the

income statement. A pre-tax profit or loss is

one calculated before tax is taken into account.

The accuracy of accounts such as the balance

sheet and the profit and loss account is checked

and supposedly guaranteed by auditors, outside

accountants who specialize in this.

When a company’s accounts are presented in a way that makes

performance look better than it really is, the company may be accused of window

dressing or creative accounting.

Examples

a) French Connection, owner of the fashion retailer of that name and of

Nicole Farhi, the designer, has reported disastrous results for the year to end-

January.

b) Gieves Group made a pre-tax loss of £105,000 in the 26 weeks to 31

July as a result of £250,000 costs incurred in the redundancy programme at

Redwood.

results report results

profit loss

pre-tax profit pre-tax loss

profit and loss account income statement accounts accountants auditors creative accounting window dressing


15

c) Substance should triumph over form in situations of window-dressing

and off-balance-sheet financing. It is argued that assets and liabilities should be

brought together on the balance sheet if this is necessary to give a true and fair

view, whether or not the information involved is specifically required by

legislation.

d) If companies are so defensive and embarrassed about creative

accounting, now is the time for auditors to toughen up and insist that as much of

it as possible is stripped out of reported figures.

e) Mr Tweedie says: ‘We looked at the three basic elements in accounts:

sources and application of funds, the profit and loss account and the balance

sheet and decided that they all had to change. We tore up the profit and loss

account’. A completely new cash flow account, which identifies inflows and

outflows previously hidden, was introduced.

f) The income statement shows the amount that the company earned

during the year. After deducting the costs of goods sold and other expenses,

International Paper had total earnings before interest and taxes of $1610 million.

Vocabulary Practice

Fill in the missing words in the sentences below. Choose from the following:

administrative expenses cost of sales distribution dividend

extraordinary ordinary retained turnover

1. As A. Z. Designs Ltd is a small printing company, all their printing

contracts are known as ___________ activities.

2. Recently, a film company paid A. Z. Designs a large amount of money to

use the company's premises when they were making a film. This was

recorded in the P&L Account as ___________ income.


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3. Income which the company makes in its normal activities is known as

___________ .

4. At the end of the year, some of the profits may be shared out among the

shareholders who will receive a ___________ .

5. The costs of getting the goods to the customers are shown as ___________

costs in the P&L Account.

6. Materials which are used up in manufacturing and workers' wages are

recorded as___________ .

7. The secretary's salary, and expenses incurred in the office are shown as

___________ .

8. The company may decide to keep some of the profits at the end of the year

and the amount is shown as ___________ profits.

Read a profit and loss account. Fill in the missing words (1-7). Choose from

the following:

cost of sales expenses overheads sales income

depreciation gross profit margin pre-tax profit

RBH plc

PROFIT AND LOSS ACCOUNT

for the year ending 31 December 20..

£000

1. ____________________ 2,450

2. ____________________

Materials 870

Labour 790

1,660


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3. ____________________ (profit) 790

4. ____________________

Salaries 220

Capital expenditure 120

Distribution 140

Advertising 85

Administration 80

Bank loans, interest payments 38

5. ____________________

Rent 12

Heat, light, telephone 11

Miscellaneous 8

6. ____________________ 55

769

7. ____________________ 21

Note: Depreciation shows loss of value in capital equipment. It is not a real

cash expenditure, but is usually shown this way in profit and loss accounts.

Project task

Obtain a copy of the annual report of a company you are interested in. Look

at its profit and loss account (or income statement). What is the bottom line?


18

Unit 3

COSTS AND COST-CUTTING

Lead-in

Read the key information about costs and cost-cutting and study the

examples afterwards:

The money that a business spends in order to produce

goods or services is its costs. Businesses of different

kinds have different cost structures and define,

calculate, and refer to their costs in different ways.

Fixed costs do not vary in relation to the output level of

goods or services; variable costs do, as the example

illustrates.

Direct costs are directly related to the things produced. In manufacturing,

for example, direct costs include raw materials and wages and indirect costs may

include things like social security charges on top of the wages.

Overhead costs or overheads are used to mean different things, but

usually cover all the regular non-production costs of running a business, such as

salaries and telephone bills, and can be extended, for example, to include the cost

of marketing and R&D activities.

Examples

a) Lufthansa’s cost problem is illustrated in a comparison with British

Airways, where personnel costs amount to about 24 per cent of revenues against

Lufthansa’s 33 per cent. Lufthansa insists that the agreement contributes

considerably to making the cost structure of Lufthansa internationally more

competitive.

cost structure costs

fixed costs variable costs direct costs indirect costs overhead costs

overheads


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b) Mr Shilling contends that in its guest to get ‘lean and mean’, US

industry has exchanged variable costs for fixed costs. Many of the blue-collar

workers who used to make things have been replaced by more productive

machines, usually financed by debt. But while blue-collar workers could be laid

off when recession occurred, machines can’t be fired, and interest payments don’t

go away.

Reading

COST ACCOUNTING

The following sentences make up a short text about cost accounting. Decide

which order they should go in:

a. But to this have to be added all the factory's overheads – rent or

property taxes, electricity for lighting and heating, the price of the machine used,

the maintenance department, the stores, the canteen, and so on.

b. Finally, where a company does not want to calculate the price of

specific orders or processes, it can use full costing or absorption costing, which

allocates all fixed and variable costs to the company's products.

c. For example, if you produce 500 wooden door knobs, each one

requiring 100 grams of wood and taking the machine operator two minutes to

make, you can easily calculate the direct cost.

d. It is fairly easy to calculate the prime cost or direct cost of a

manufactured article.

e. One of these is job-order cost accounting, which involves establishing a

price for an individual item or a particular batch (a quantity of goods assembled

or manufactured together).

f. There are also lots of other expenses of running a business that cannot

be charged to any one product, process or department, and companies have to


20

price their products in such a way as to cover their administration and selling

expenses, the finance department, the research and development department, and

so on.

g. This is the sum of the direct costs of the raw materials or components

that make up the product and the labour required to produce it, which, of course,

vary directly with production.

h. This is impossible where production involves a continuous process as

with steel, flour, or cement. In this case companies often use process cost

accounting, which determines costs over a given period of time.

i. Various methods can be used to allocate all these expenses to the selling

price of different products.

1 2 3 4 5 6 7 8 9

Vocabulary Practice

Complete the following sentences:

1. Manufacturers have to find a way of __________ all fixed and

__________ costs to their various products.

2. They have to cover the factory’s __________ and things like

administration and selling __________ .

3. The direct cost of __________ and labour is easy to calculate.

Fill in the missing words in the terms below. Choose from the following:

apportionment centre conversion direct fixed

integrated indirect interlocking labour marginal


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Term Definition

1. __________ costs Costs which are directly related to

making a product (e.g. materials, labour

and expenses).

2. __________ costs Costs of changing materials into

products.

3. __________ costs

Costs which are not directly related to

making a product e.g. rent,

administration.

4. costs __________

This could be a location, a function, a

piece of equipment or a group of

employees where you can identify and

allocate costs for control purposes.

5. costs __________

You divide the common overhead costs

between the various activities which use

them according to how much they use.

6. __________ costs Costs which always stay the same even if

the number of items produced changes.

7. __________ costs The cost of paying workers to make the

product.

8. __________ costs The cost of making a single extra unit

above the number already planned.

9. __________ costs accounts You don't separate financial and cost

accounting.

10. __________ costs accounts Separate cost and financial accounts

which are reconciled sometimes.


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Put the terms in the box under the correct heading, then match them to the

correct picture (1 – 7).

labour costs production costs advertising costs distribution costs

storage costs selling costs administrative costs

Fixed costs Variable costs

_____________________________

_____________________________

_____________________________

_____________________________

_____________________________

_____________________________

_____________________________

1 2

3 4


23

Read the definitions below, then complete the phrases that follow by

combining an appropriate word from the box with cost(s).

price fixed variable centre analysis

manufacturing operating labour selling sales

1. Usual expenses such as rent, heating, lighting,

which are not changed by the volume of

production.

__________ costs

5 6

7


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2. Expenses which increase with increased

production, e.g. labour, raw materials.

__________ costs

3. All costs directly related to production. __________ costs

4. All costs directly related to getting someone to

buy a product.

__________ costs

5. The cost of employing workers and staff. __________ costs

6. The costs for the day-to-day running of a company

or business.

__________ costs

7. Selling at a price which is exactly what the

product has cost to make.

costs __________

8. The study of all likely costs associated with a

product.

costs __________

9. A business in a chain, or a subsidiary, but treated

as independent for accounting.

costs __________

10. The total costs for all products sold. costs of ________

Take one word from the left-hand column and one from the right to compete

each of the following sentences. (See example):

financial facilities

prime analysis

functional decisions

consumable process

maximum data

business profit

arbitrary materials

manufacturing cost


25

1. Accountancy provides financial data which is used to make future business

decisions.

2. In order to succeed, company managers try to make ____________

because this is where capital growth comes from.

3. Because accountants rely on estimates rather than ‘true costs’, they often

have to make ____________ .

4. ____________ are used up in the manufacturing process but are not part of

the final product.

5. All the direct costs of manufacturing are referred to as___________ .

6. Overhead is the cost of providing ____________ which you need to

produce goods.

7. The management accountant should understand the ____________ used to

make a product in the factory.

8. Cost accounting uses ____________ which looks at where each transaction

comes from.

Comprehension Check

Read the following article about ‘Go-Fast’, a cost-saving programme

introduced by the car manufacturer General Motors, and the questions

below. For each question mark one letter (А, В, С or D).

Somewhere today, a group of staff from General Motors will meet as part

of the ‘Go-Fast’ programme, and hammer out a new initiative to cut costs and

bureaucracy. They may focus only on wiper-blades, or staff appraisal, or

showroom design. But by this afternoon, there should be an outline savings plan,

which will, when implemented, be measured carefully for signs of success. The

aim is to transform GM from a lumbering leviathan into the corporate equivalent


26

of a sports car. The intention is not just to be big – GM is one of the biggest car

manufacturers in the world – but to be fast, particularly in its responsiveness to

the market. The success of the programme is reflected in the large number of

suggestions being introduced – far more than in the old days, when every change

had to come from senior managers focusing on the “big picture”.

The progress made has transformed investor perceptions of GM. Before the

Go-Fast programme was introduced, the conventional wisdom was that GM’s

market share was in permanent free fall and its organisation incapable of doing

anything about it. Now the decline has been turned around, and the senior

managers change of approach has led to the company being energised with a

winning spirit that has unlocked long-dormant capabilities. That it took a firm of

consultants to help devise the programme is perhaps a sad reflection of the danger

of corporate thinking becoming inflexible.

The shareholders’ support of GM’s strategy to become more outward-

looking and innovative is something of a luxury, though in the long run success

would convince even the most sceptical shareholders. The strategy includes

bearing down on costs and extracting maximum synergies from GM’S numerous

alliance partners, such as its tooling suppliers, and exchanging ideas and

management tools with other corporations of widely differing sizes, sectors and

nationalities. Having such input is one thing, but its value would be undermined

without a coherent mechanism to put ideas into practice, and this is where the

consultants proved invaluable.

In the car industry, however, there was plenty of scepticism about the

programme when it was first announced, with many convinced that only much

smaller organisations stood a reasonable chance of making such a transformation,

particularly when it involved changes to the company culture. Surprisingly,

perhaps, this fear was not shared by the consultants who helped senior

management to design the programme and, crucially, effect a change in


27

leadership skills; rather, they were more concerned about the impact that pockets

of opposition within GM might have.

The results of the scheme so far give rise to cautious optimism. No aspect

of GM’s work can hide from scrutiny, and initial fears of a lack of ‘joined-up

thinking’ about the impact of one change on other areas soon dissipated, as the

‘leadership panels’ responsible for approving and implementing changes took a

broader view. But while internal management has improved dramatically, many

analysts are sceptical that the initiatives can outweigh GM’s mountainous

pension obligations. The company is still suffering the effects of poor decisions

in the past, such as the choice of certain alliance partnerships, and a major change

of strategy might be necessary to recover from these. If this were to take place,

the company’s core car manufacturing would need to be much more firmly

rooted than it is at present, to ensure it didn’t suffer from lack of focus. However,

the architects of the scheme are confident that GM will be far more outward-

looking and innovative in the near future.

1. What point is made in the first paragraph about GM's ‘Go-Fast’

programme?

A. The intention behind it is to increase GM's market share.

B. Suggestions need to be agreed by senior managers.

C. All areas of business are examined for possible improvements.

D. Senior managers are excluded from the initial discussions.

2. In the second paragraph, the writer regards it as positive that

A. the programme allows improvements to come from within.

B. certain senior managers have left the company and been replaced.

C. the consultants developed the ideas oh the basis of company

proposals.

D. investors' continued confidence in the company has been justified.


28

3. In the third paragraph, the writer claims that the ‘Go-Fast’ process is

successful because of

A. the company's alliances with many business partners.

B. the method of implementing changes.

C. the positive attitude of investors.

D. the exchange of management thinking with other companies.

4. When starting to set up the programme, the consultants expected that

A. the size of the company might make it difficult to introduce changes.

B. senior managers might be unwilling to change their work style.

C. it might be difficult to change the company culture.

D. some of the workforce might resist the changes.

5. What concern is expressed in the last paragraph about the ‘Go-Fast’

programme?

A. It may not save enough to meet the company's financial demands.

B. Management is being distracted from the company's core activities.

C. It has led the company to make unwise strategic decisions.

D. The company is focusing on changes in the wrong areas.

6. What would be the best title for the article?

A. Improving internal and external communications

B. Choosing the most suitable consultants

C. Making a company more adaptable

D. Changing a company's management structure


29

Word Formation

Use the words in bold at the end of each of the following sentences to form a

word which fits in the blank space. (See example):

1. There will always be some inaccuracy in calculating

product costs of multiple products

accurate

2. You need product costs to make a ____________ between

products.

compare

3. Management may wish to expand the sales of the more

____________ products.

profit

4. Process costing looks at the ____________ of costs in a

department over a period of time.

accumulate

5. Operating costing is the way of calculating the cost of the

____________ of services.

provide

6. Material losses which result from the nature of the

operating method are usually ____________ .

avoid

7. Losses caused by inefficient operations are

____________ .

prevent

8. The disposal of waste might incur ____________ . expend

9. Some costs may be ____________ by the sale of scrap. recover

10. Bookkeepers normally don't make a ____________

between scrap and waste.

distinct

11. ____________ may be possible on some products which

fail the quality control.

rectify

12. In jobbing production there is little or no ____________

in design from previous orders.

repeat


30

Collaborative task

Work in a small group. Consider each of the following discussion points:

Question 1

Costs involved in running your department have recently risen

sharply. You have been asked to consider how these costs could be reduced.

Discuss and decide together:

– What reasons there might be for the sudden increase.

– How staff can be encouraged to help reduce costs.

Question 2

How to keep overheads to a minimum in a large company?

Unit 4

TAXATION

Lead-in

Work in a group. Ask your partners:

1. Why is taxation necessary in modern

society?

2. Should everyone pay the same tax

irrespective of his income?

Reading

Read the key information about taxation and kinds of taxes.


31

TAXATION

Everyone knows that taxation is necessary in а modern state: without it, it

would not be possible to pay the soldiers and policemen who protect us; nor the

workers in government offices who look after our health, our food, our water, and

all the other things that we cannot do for ourselves, nor also the ministers and

members of parliament who govern the country for us. By means of taxation we

pay for things that we need just as much as we need somewhere to live and

something to eat.

Objectives of taxation. Tax is a compulsory levy on individuals and

companies by the state to meet the expenses of the government. Taxation is

imposition of compulsory levies on persons or other entities by governments.

Taxes are levied in almost every country of the world, primarily to raise revenue

(money that a business or organization receives over a period of time, especially

from selling goods or services) for government expenditures. One useful way to

view the purpose of taxation is to distinguish between objectives of resource

allocation, income redistribution, and economic stability. Economic growth or

development and international competitiveness are sometimes listed as separate

goals. In the absence of a strong reason for interference, such as the need to

reduce pollution, the resource allocation objective is furthered if tax policy does

not interfere with market-determined allocations.

Principles of taxation. Though everyone knows that taxation is necessary,

different people have different ideas about how taxation should be arranged.

Should each person have to pay a certain amount of money to the government

each year? Or should there be a tax on things that people buy and sell? If the first

kind of taxation is used, should everyone pay the same tax, whether he is rich or

poor? If the second kind of taxation is preferred, should everything be taxed

equally?

There are three general canons of taxation. I. The subjects of every state

ought to contribute towards the support of the government in proportion to their


32

respective abilities, that is, in proportion to the revenue which they respectively

enjoy under the protection of the state. II. The tax which each individual is bound

to pay ought to be certain, and not arbitrary. The time of payment, the manner of

payment, the quantity to be paid, ought all to be clear and plain to the contributor,

and to every other person. III. Every tax ought to be levied at the time, or in the

manner, in which it is most likely to be convenient for the contributor to pay it.

Although they need to be reinterpreted from time to time, these principles,

especially the first, retain remarkable relevance. These are the belief that taxes

should be based on the individual’s ability to pay, known as the ability-to-pay

principle, and the benefit principle, the idea that there should be some

equivalence between what the individual pays and the benefits he derives from

governmental activities.

Tax return is the form on which you have to give information -so that

your tax can be calculated. The definition of the amount subject to taxation

requires an analysis of the taxpayer's situation and of the legal provisions that

apply to him. With the income tax (and also some taxes on the transfer of

property, such as the inheritance tax), the taxpayer submits a tax return providing

information as to his occupation, his real and personal property, his professional

expenditures, and other pertinent matters; a corporation supplies, additionally,

copies of the balance sheet, profit and loss statement, and minutes of the general

meeting that approved these financial reports. The return, with the attached

reports and statements, is meant to provide such complete information that the

assessing tax official can rely on it to compute the correct tax. In examining tax

returns, the basic principle is that a return is assumed to be correct until the

assessing official determines otherwise.

Classes of taxes. Taxes are most commonly classified as either direct or

indirect, an example of the former type being the income tax (inheritance tax,

real estate tax) and of the latter the sales tax (value-added tax, excise tax). Direct

taxes are taxes on persons; they are aimed at the individual's ability to pay as


33

measured by his income or his net wealth. Income taxes are levied on total

personal net income in excess of some stipulated minimum. Income taxes are

often levied at graduated rates, that is, at rates that rise as income rises.

Inheritance taxes are taxes on the money or property that you give to someone

else after you die. Real estate taxes are taxes imposed upon immovable property

consisting of land, any natural resources, and buildings. Countries with direct

taxation nearly always have indirect taxation, too. Indirect taxation is a system of

collecting taxes by adding an amount to the price of goods and services that

people buy. Sales tax is a tax that you have to pay in addition to the cost of

something you are buying. Value-added taxes are taxes on the rise in value of a

product at each stage of manufacture and marketing. Sales tax levied on the

manufacture, purchase, sale, or consumption of a specific commodity is known as

an excise tax. Many things imported into the country have to pay taxes or

"duties". Of course, it is the men and women who buy these imported things in

the shops who really have to pay the duties, in the form of higher prices. In some

countries, too, there is а tax on things sold in the shops. If the most necessary

things are taxed, а lot of money is collected, but the poor people suffer most. If

unnecessary things like jewels and fur coats are taxed less money is obtained, but

the tax is fairer, as the rich pay it.

Probably, this last kind of indirect tax together with a direct tax on income

which is low for the poor and high for the rich is the best arrangement.

Vocabulary Practice

Word Partnerships – Tax

EXERCISE 1

All the words below can be combined with tax or taxation in a two-

word partnership (e.g. tax accounting, progressive taxation). Add tax and/or

taxation before or after the following words:


34

1. __________ accounting _______ 14. __________ inspector _________

2. __________ allowance _______ 15. __________ loophole _________

3. __________ authority _______ 16. __________ loss ____________

4. __________ avoidance _______ 17. __________ payer ____________

5. __________ consultant _______ 18. __________ progressive _______

6. __________ corporation _______ 19. __________ rates ___________

7. __________ deductible _______ 20. __________ rebate ___________

8. __________ direct ___________ 21. __________ regressive ________

9. __________ evasion __________ 22. __________ return __________

10. __________ free _____________ 23. __________ sales __________

11. __________ haven __________ 24. __________ shelter __________

12. __________ income __________ 25. __________ withholding ______

13. __________ indirect __________ 26. __________ year ____________

EXERCISE 2

Now use the correct form of these verbs in the following sentences:

avoid be liable deduct evade

levy lower pay raise

1. If you inherit a lot of money, you __________ for capital transfer tax.

2. In some countries, employers have to __________ tax from your pay and

__________ it direct to the tax authorities, so employees have no

possibility of __________ income tax.

3. Some people hire expensive accountants to tell them how to __________

taxes – legally, of course!

4. The government always tries to __________ taxes in the year before

elections.


35

5. The government has a huge deficit and is going to have to __________

either the rate of VAT or income tax.

6. The government __________ special taxes on petrol, alcohol and tobacco.

Choose the correct words to complete each sentence:

1. The tax on wages and salaries (and business profits in the US) is called

__________ In Britain the tax on business profits is called corporation tax.

2. A tax that is levied at a higher rate on higher incomes is called a

__________ tax.

3. Property taxes, sales taxes, customs duties on imports, and excise duties on

tobacco, alcohol drinks, petrol, etc. are __________ taxes.

4. Most sales taxes are slightly __________ because poorer people need to

spend a larger proportion of their income on consumption than the rich.

5. A sales tax collected at each stage of production, excluding the already-

taxed costs from previous stages, is called a __________.

a. sales tax b. value-added tax c. added-value tax

6. Profits made from the sale of assets are liable to a __________ tax.

a. capital gains b. capital transfer c. wealth

a. direct tax b. income tax c. wealth tax

a. progressive b. regressive c. value-added

a. direct b. indirect c. value-added

a. progressive b. regressive c. repressive


36

7. Gifts and inheritances are usually liable to __________ tax.

a. capital gains b. capital transfer c. wealth

8. Reducing the amount of tax you pay to a legal minimum is called

__________.

a. fiscal policy b. tax avoidance c. wealth

9. Making false declarations is called __________ and is obviously illegal.

10. Bringing forward capital expenditure (on new factories, machines, and so

on) so that at the end of the year all the profits have been used up is known

as making a __________ .

a. mistake b. tax haven c. tax loss

11. Multinational companies often set up their head offices in low-tax

countries such as Liechtenstein, Monaco, the Cayman Islands, and the

Bahamas, known as __________ .

a. tax havens b. tax heavens c. tax shelters

12. Criminal multinationals such as the Mafia tend to pass money through a

series of companies in very complicated transactions in order to disguise its

origin from tax inspectors and the police; this is known as __________

money.

a. cleaning b. laundering c. washing

a. creative accounting b. tax avoidance c. tax evasion


37

Discussion points

Discuss together

1. How is income tax arranged?

2. Who has to pay the duties that are collected on imported goods?

3. Why is it fairer if unnecessary things are taxed?

4. Which of the two systems of indirect taxation is fairer?

5. What part of our income do we pay in taxes?

Unit 5

GETTING PAID

Lead-in

Read the key information about getting paid and study the examples

afterwards

Shipping and billing

When you ask to buy something, you order it, or place

an order for it. When the goods are ready, they are

dispatched or shipped to you. An invoice is a

document asking for payment and showing the amount

to pay. The activity of producing and sending invoices

is invoicing or billing.

If a customer pays for goods before they are shipped or

dispatched, they pay up front.

Ship has an additional meaning in American English. If

a product will ship at a specified time, it will become available for customers at

that time.

A

order place an order

trade dispatch ship invoice bill invoicing billing pay up front


38

Examples

a) The future of the former Leyland DAF truck plant in Lancashire looked

more secure last night after British Telecom announced that it had placed an

order worth £8.2 million for 206 trucks.

b) You consult the electronic brochure, place your order and it is billed to

your credit card. The goods are automatically dispatched from the US, which at

current exchange rates can be extremely cost-effective.

c) ‘Harvey started billing me four times more than he should have’,

MrTrump says. ‘The bills were too high and I wasn’t satisfied’.

d) In one of a series of expensive errors a government department

received a bill for £6,100 instead of £61 for the toilet repair. The errors in

invoicing for work at public offices have cost millions of pounds.

e) When he was contacted by a Taiwanese firm interested in his products,

he thought it was a joke. ‘I invoiced them expecting to hear nothing more’, he

said. ‘But they wrote back and paid £30,000 for part of the deal up front.

f) ... continental brick producers, who shipped bricks to Britain during the

boom of the late 1980s.

g) IBM announced version 2.2 of OS/2 this week. It will ship late next

month.

LANGUAGE NOTE

Dispatch is also spelled despatch in British English.

The verb ship does not necessarily indicate the use of a ship to transport goods.

Invoice and bill are also nouns


39

Trade credit

A company supplying goods or services to another

company does not, of course, usually expect to be paid

immediately, but after an agreed period. This is trade

credit.

Vaclav is talking about his furniture business:

“Of course, we don't expect our business customers to pay immediately.

They are given trade credit, a period of time before they have to pay, usually 30

or 60 days. If a customer orders a large quantity or pays within a particular time,

we give them a discount, a reduction in the amount they have to pay.

But with some customers, especially ones we haven't dealt with before, we

ask them to pay upfront, before they receive the goods.

Like all businesses, we have a credit policy, with payment terms: rules

on when and how customers should pay. This is part of controlling cash flow, the

timing of payments coming into and going out of a business”.

The cash flow of a business is the actual movement of money into and out

of it, independently of how much it owes and is owed. Cash flow is also used to

refer exclusively to cash flowing into a company from sales.

Accounts

Amounts that a business is waiting to be paid by its customers are

accounts receivable or receivables. Customers owing money in this way are

debtors. Money that a business owes to its suppliers are accounts payable or

payables. Suppliers waiting to be paid are creditors.

trade credit accounts payable accounts receivable payables receivables creditors debtors cash flow

C

B

LANGUAGE NOTE

Cash flow is also spelled with a hyphen or as one word.


40

Jennifer and Kathleen are businesswomen. Jennifer has her own

company in Britain and Kathleen owns one in the US.

Examples

Examples

a) ‘There’s nothing strange about the reaction of suppliers, because this

company hasn’t been the best corporate citizen in terms of payment’, said

Sanford Sigoloff, the new chief executive of L J Hooker. ‘Our job is essentially to

work with the trade, give them cash before delivery, and then develop a

relationship that allows them to give us trade credit’.

The people and organizations we sell to are our customers or accounts. The most important ones are key accounts.

The customers that I'm waiting to be paid by are my accounts receivable or receivables.

The suppliers and other organizations that I owe money to are my accounts payable payables. I must remember pay tax to the Inland Revenue Service on time!

There are some companies that owe me money, but I get the feeling I'm never going to get paid: they're bad debts and

I've written them off.

The suppliers and other organizations that I owe money to are my creditors. I must remember to pay tax to the Inland Revenue on time!

I'm waiting to be paid by some of my customers. These are my debtors. They owe me money.

Jennifer Kathleen


41

b) Intent on controlling costs, Friedsam instituted a strict accounts-

receivable system, cutting average collection time by more than half, to 40 days.

c) Mr Derita said his company is waiting to receive payment on

September payables before it allows any of its manufacturers to ship new

merchandise to Federated and Allied.

d) Small businesses would routinely tell her they had receivables of

thousands of dollars but no accounts payable.

e) The latest of the Small Business Research Trust’s authoritative reports

shows that the problem of cash flow, payments and debtors remains the most

serious one for small firms, after low turnover and lack of business.

f) Wall Street analysts generally estimate that Time Warner can generate

cash flow of $2 million a year.

Vocabulary Practice

Put these events in the correct order.

1) Messco dispatched the goods to Superinc.

2) Superinc ordered goods from Messco.

3) Superinc eventually settled the invoice.

4) Superinc did not pay the invoice on time.

5) Two weeks later, Superinc had still not received an invoice, making them

think Messco's invoicing was not very efficient.

6) Someone in accounts at Messco chased the invoice by phoning the

accounts department at Superinc.

7) When the goods arrived, Superinc noticed there was no invoice and asked

Messco to issue one.

8) Messco's accounts department raised an invoice and sent it to Superinc.


42

Complete these sentences using expressions from В section.

1. __________ __________ is a constant problem. I get materials from

suppliers on a 30-day payment basis, but I'm supplying large companies

who pay me on a 60-day payment term.

2. With some types of new wine, you can pay a special price __________

and wait for it to be delivered in about ten months' time.

3. Small businesses complain that larger companies abuse __________

__________ by paying invoices too slowly.

4. We offer a two per cent __________ for payment within ten days.

5. We have a very strict __________ __________: our __________

__________ are that everyone pays within 30 days.

Replace the underlined words with expressions from С section, using British

English.

My name's Saleem and I own a clothing company. Our (1) most important

customers are department stores. Getting paid on time is very important and we

have an employee whose job is to chase (2) people who owe us money. Of

course, we pay (3) suppliers and other people we owe money to as late as

possible, except the (4) tax authorities, who we pay right on time! Luckily, I

haven't had much of a problem with (5) people who don't pay at all, so we haven't

had to (6) decide not to chase them any more.

Complete the gaps in the text. The first one (0) is given as an example.

ACCOUNTS RECEIVABLE

Accounts receivable is (0) one of series of accounting transactions

dealing with the invoicing of customers (1) __________ owe money to a

person, company or organization (2) __________ services or goods that have


43

been (3) __________ to the customer. In most firms, this is usually (4)

__________ by issuing an invoice and (5) __________ it to the customer to

be paid within an agreed timeframe and payment (6) __________. One

example of a common payment term is “net 30”, meaning payment due in

the amount of the invoice 30 days from the (7) __________ of invoice.

While booking a receivable is accomplished by a (8) __________

accounting transaction, the process of maintaining and collecting payments

on the accounts receivable subsidiary account balances (9) __________ be

time-consuming.

Accounts receivable payments can be received (10) __________ to ten

to 15 days after the due date has been reached. On a (11) __________

balance sheet, accounts receivable is the amount that customers (12)

__________ to that company. Sometimes referred to as trade receivables,

they are (13) __________ as current assets.

Comprehension Check

Read this article from The Times and match the listed trading documents to

their descriptions.

1. purchase order

2. invoice

3. banker's order

4. shipping

advice or

dispatch note

5. remittance

advice

a. payment document issued by customers bank

b. confirmation from supplier to customer that

goods ha been sent

c. confirmation that payment has been made, giving

form of payment

d. details from customer of goods sent, the sum

owed by the supplier, and conditions of payment

e. request for goods from a customer to a supplier


44

HEY PRESTO FOR BUSINESS

Electronic data interchange could change the face of trading in Britain.

Anyone who has been promised that ‘the cheque is in the post’ knows the

problems of paper-based trading. Even when the cheque finally arrives it may be

payable to the wrong person or filled in for an incorrect amount. From invoices

and shipping advices to remittances and banker’s orders, the problems are the

same: paper can be slow, unwieldy and prone to error.

Now technology is coming to the rescue, with a computerised trading

technique known as Electronic Data Interchange (EDI), which is faster, cheaper

and more accurate. The idea emerged in the mid 1980s, when computers and

telecommunications equipment had been installed in companies for a wide range

of activities, from production and distribution to accounts and marketing.

Extending computer links beyond the company was the next logical step.

This enables a retailer to place electronic orders with a supplier, who can then

transmit a shipping advice note when the goods are dispatched. Invoices can also

be generated automatically. …

Speed is a big bonus. Data sent by post and processed manually can take

days or even weeks. EDI takes less time than sealing an envelope, so orders can

be placed and confirmed in seconds. By eliminating manual processes, EDI

reduces the possibility for mistakes. Research shows that around 70 per cent of

information being entered into computers has previously been printed out by

other computers. At each stage, inaccuracies may creep in. Some 40 per cent of

the invoices sent or received by European companies contain errors, and the

statistics for inaccurate purchase orders and dispatch notes are just as bad. …


45

Writing

Complete the letter demanding payment by underlining the correct

alternative in italics. Where necessary, use a dictionary to help you.

DEKADENS SUPPLIES LTD

3 The Moors, Plymouth, PL6 7HY

Our Ref: PX 667325/3

P. Cranshaw

Frog Pond Inn

Nr. Cheltenham

30 December

Dear Mr Cranshaw

1Re / cc: Invoice 66732

I am writing to 2asking / ask why you have still not 3balanced / settled your

account. I have already written to 4request / require payment on two occasions, 1

December and 1 November. According to our records we have not received a

reply from you and 5debt / payment for tire above-mentioned invoice is still 6outstanding / missing.

You 7expected / undertook to pay within thirty days of receiving goods when we

agreed the 8words / terms of the contract, but the payment of this invoice is now

three months 9due / overdue. I am extremely disappointed that you have not at

least contacted us with an explanation as to why you have failed to 10clean / clear

your account. As a small businessperson yourself, you are surely aware of the

effects that late payments have on our 11cash flow / bank.


46

I am 12preparing / prepared to give you a further seven days to send your 13remittance / invoice. If I do not receive your payment within that period, you

will leave me no 14instruction / alternative but to take legal action.

Yours sincerely

Jane Dekker

Find other words in the letter which mean the same as the following:

1) pay __________ ; __________

2) payment __________

3) late __________

4) have still not __________

Discussion points

1. What are the normal payment terms in your company or the company you

are interested in?

2. Do small companies have problems getting paid in your country?

3. Do some businesses offer discounts to the public?

Collaborative task

Work in a small group. Discuss together

a) What is important when asking a customer to settle an overdue payment:

Details of the amount owing, Being firm but polite, Deadlines for

payment?

b) What do you need to remember when finding new suppliers of products:

Research, Costs, Service?


47

FOLLOW-UP ACTIVITIES

In the wordbox below you should be able to find - horizontally (left to

right), vertically (top to bottom), or diagonally (top left to bottom

right) - at least 20 words used in accounting and auditing.

D C R E D I T F A I R

A D O W E N R L C N E

T S E W B P U O C C V

A O S B I A E W R O E

B J Y E T C L C U M N

F U N D T C O A E E U

A N D K A O S S N U E

P R O G X U S H T C V

V A L U E N V I E W E

L A U D I T D E F E R

Complete the following sentences, using words from the wordbox

above:

1. According to British law, a company's accounts have to give a

___________ of its financial situation.

2. An amount entered by a bookkeeper in the left-hand side of an

account is a ___________.

3. I'm not going to spend the interest, but will let it ___________ in my

bank account.

4. Since we can't afford it now, we are going to ___________ payment

of this debt.

5. The amount of tax a company has to pay is included in the profit

and loss ___________.


48

6. The firm's assets and liabilities are listed in the two columns of the

___________ sheet.

7. We've got half a dozen people from head office coming in next

week, to ___________ the accounts.

8. We've worked out how much we expect to spend and to earn next

year, and written it all down in the ___________.

Classify the following 24 words into four groups of six, according to the

headings below:

accounts

payable

net profit amortization posting

annuity system prudence below the line reducing

balance

consistency reserves deferred liabilities scrap value

double-entry separate-entity going-concern straight line

method

income

statement

trial balance journal unit-of-measure

ledger writing off matching voucher

Bookkeepping Accounting Principles Depreciation Financial Statements

____________

____________

____________

____________

____________

____________

__________

__________

__________

__________

__________

__________

_________

_________

_________

_________

_________

_________

___________

___________

___________

___________

___________

___________

________

________

________

________

________

________

_________

_________

_________

_________

_________

_________


49

Which of the words in the exercise above do the following sentences

define?

1. _______________

A term to describe “extraordinary” items placed after the net profit

total in a profit and loss account, which perhaps make the profit appear

higher than it really is.

2. _______________

A way of depreciating an asset which involves estimating the number

of years it will be used, and then dividing its historical cost by this

number.

3. _______________

Money that a company will definitely have to repay in the future, but

not during the current financial year.

4. _______________

The accounting principle that requires multinational companies to

produce consolidated balance sheets in a single currency.

5. _______________

The accounting principle which assumes that a business will still be

functioning next year and thereafter.

6. _______________

The American name for the entry on a balance sheet that shows how

much money a business owes its suppliers for purchases made on credit.

7. _______________

The American name for what in Britain is usually called a profit and

loss account.

8. _______________

The part of a company's profit that is retained for future

reinvestment, rather than distributed as a dividend.


50

Discussion points

Ask and answer these questions about financial performance with a

partner.

– How would you describe the balance sheet and profit-and-loss

account?

– What is a statement of accounting policies?

– What is the difference between financial accounting and management

accounting?

– What is an acid test?

– What are SSAPS?

– What is SOX legislation, and what does it mean for the world of

accounting?

– Why is the balance sheet important to entrepreneurs?


51

ИСТОЧНИКИ

1. Mackenzie I. Financial English / I. Mackenzie. – EMEA British English,

1995 – 160 p.

2. Mascull B. Key words in business / B. Mascull. – London. – HarperCollins

Publishers 1999. – 206 p.

3. Mascull B. Business Vocabulary in use / B. Mascull. – Cambridge

University Press, 2002. – 171 p.

4. Pratten J. Absolute Financial English / J. Pratten. – Delta Publishing, 2008.

–250 p.

5. Sweeney S. Test your business English. Accounting / S. Sweeney. – Series

editor : Brieger N. – Pearson Education Limited in association with

Penguin Books Ltd, 2000. – 102 p.

6. Sweeney S. Test your business English. Finance / S. Sweeney. – Series

editor : Brieger N. – Pearson Education Limited in association with

Penguin Books Ltd, 2000. – 104 p.

7. http://www.financialenglish.org/downloads/icfe_info_for_candidates.pdf


52

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УМК ПО АНГЛИЙСКОМУ ЯЗЫКУ ДЛЯ СТУДЕНТОВ, ОБУЧАЮЩИХСЯ

ПО НАПРАВЛЕНИЮ 080100 «ЭКОНОМИКА», БЛОК ДИСЦИПЛИН «БУХГАЛТЕРСКИЙ УЧЕТ,

АНАЛИЗ И АУДИТ»

Часть 2 ACCOUNTING ISSUES

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Малюгина Анна Владимировна

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Подписано в печать 23.05.2012. Формат 60×84/16. Усл. печ. л. 3,02. Тираж 25 экз. Заказ 532.

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Воронежского государственного университета. 394000, г. Воронеж, пл. им. Ленина, 10. Тел. (факс) +7 (473) 259-80-26

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394000, г. Воронеж, ул. Пушкинская, 3


396.умк по английскому языку часть 2 accounting issues

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