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»

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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

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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

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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.

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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

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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

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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

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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.

16
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?

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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

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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

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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
1
Re / cc: Invoice 66732
I am writing to 2
asking / ask why you have still not 3
balanced / settled your
account. I have already written to 4
request / require payment on two occasions, 1
December and 1 November. According to our records we have not received a
reply from you and 5
debt / payment for tire above-mentioned invoice is still
6
outstanding / missing.
You 7
expected / undertook to pay within thirty days of receiving goods when we
agreed the 8
words / terms of the contract, but the payment of this invoice is now
three months 9
due / overdue. I am extremely disappointed that you have not at
least contacted us with an explanation as to why you have failed to 10
clean / clear
your account. As a small businessperson yourself, you are surely aware of the
effects that late payments have on our 11
cash flow / bank.

46
I am 12
preparing / prepared to give you a further seven days to send your
13
remittance / invoice. If I do not receive your payment within that period, you
will leave me no 14
instruction / 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
Учебное издание
УМК ПО АНГЛИЙСКОМУ ЯЗЫКУ
ДЛЯ СТУДЕНТОВ, ОБУЧАЮЩИХСЯ
ПО НАПРАВЛЕНИЮ 080100 «ЭКОНОМИКА»,
БЛОК ДИСЦИПЛИН «БУХГАЛТЕРСКИЙ УЧЕТ,
АНАЛИЗ И АУДИТ»
Часть 2
ACCOUNTING ISSUES
Составитель
Малюгина Анна Владимировна
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396.умк по английскому языку часть 2 accounting issues

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