Complete the sentences with one of the words given in brackets.
1. Crediting another company account such as accounts payable will … its balance. (increase – decrease - slow down)
2. Asset and expense accounts are increased on the … side. (debit –credit - opposite)
3. Debit refers to the left … (paragraph – passage – column)
4. More than two accounts can be used if the transaction is … among them. (limited – spread –declared)
8. Test yourself.
| 1. An example of an economic entity is | a. a town. b. a business. c. a nonprofit hospital. d. a church. |
| 2. The form of a business organization that is not affected by the withdrawal or death of an owner and can continue forever is | a. the sole proprietorship. b. the partnership. c. the corporation. d. the nonprofit organization. |
| 3. The owners are not held responsible for the debts of the form of business organization referred to as | a. the sole proprietorship. b. the partnership. c. the corporation. d. the nonprofit organization. |
| 4. The financial affairs of a business and the financial affairs of the owners should be | a. combined in the firm's accounting records. b. reported in different parts of the firm's accounting records. c. combined only if the owner wants them to be. d. kept totally separate. |
9. In 1996, Warren, Fess, & Revees called accounting the "language of business". Do you agree on this point? Give you reasons.
10. Work in small groups and discuss the following:
Accounting has progressed slowly through the development of the modern double-entry system until the advent of the computer. The microprocessor was listed as one of seven modern wonders of the world (the other six are the hydrogen bomb, the contraceptive pill, the telephone network, Tranquility Base and the off-shore platform).
1. How has it changed our life?
2. What effect has it had on business and accounting?
3. What other recent inventions have changed your life?
4. What was life like before these products?
11. Be ready to tell about an invention that has changed the accounting (paper, ink, pen, computer, telephone, Internet, etc.). Answer these questions.
1. When and where did the invention start? 2. Who was the inventor? 3. How/why did the invention start? 4. What did accountants use before the invention? 5. How did it change accounting?
12. A lot of words that are used in every day life did not exist a century or two ago. Imagine, you have to explain the notions of such words to a person who lived in the beginning of the 19th century. Explain the notions of the words given below. Say what are they for.
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Computer; refrigerator; Internet; CD player; TV set; mobile phone; helicopter; satellite; aqualung, etc.
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Passive
| Put the following sentences into the passive voice. 1. They make presentations in this room. 2. You must not leave these documents on the table. 3. They built new premises for the company in 1934. 4. The accountant will have finished the budget by the end of the week. 5. They make these tools of plastic. 6. They have finished the new product design. 7. They were preparing the sales figures when I arrived. 8. They did not put the call through, although we had asked them to make sure they did. 9. They had finished the preparations by the time the boss arrived. 10. You should take care when working on electrical equipment. 11. Can ordinary staff operate the machine easily? 12. They launch new models to the press at official presentations. Put the following sentences into the active voice. 1. This equipment was manufactured in Japan by Toyota. 2. Why are the figures being calculated in this way? 3. 2,000 new units had been produced by the time we introduced the new design. 4. Casual clothes must not be worn. 5. $400,000 in profit has been reported this year. 6. The results will be given at five o'clock this afternoon. 7. Workers are required to wear uniforms at all times. 8. This rumor must have been started by our competitors. 9. All work will have been completed by five o'clock this evening. 10. Data are recorded and posted on the Internet. 11. The instructions have been changed. 12. Each model was inspected by the quality control personnel. |
4. 2
Language check
Guess the meaning of the prefix - non. Consult the Appendix (Word Formation). Check you know the translation of the words in the box. Use a dictionary if necessary.
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