Governmental Accounting
Date: 2015-10-07; view: 574.
Furnishing governmental services is a vast and complicated operation in which accounting is just as indispensable as in business. Elected and appointed officials must rely on data accumulated by means of accounting if they are to complete their administrative duties effectively. Accountants are responsible for the accumulation of this data. Accountants also review and audit the millions of income, payroll, and sales tax returns that accompany the tax payments on which governmental units depend. Criminal investigation agencies employ accountants to assist in the process of detecting crimes such as fraud. And finally, federal and provincial agencies, such as the Board of Transport Commissioners, Restrictive Trade Practices Commission, and Security Commissions, use accountants in many capacities in their regulation of business.
I. Key terms:
| Audit | - аудит, ревізія, перевірка - a critical exploratory review of the business methods and accounting records of an enterprise, made to enable the auditor to express an opinion as to whether the financial statements of the enterprise fairly reflect its financial position and operating results. |
| Public accountant | - дипломований бухгалтер - an accountant who has met requirements as to age, education, experience, residence and moral character and is licensed to practice public accounting. |
| Management advisory services | - консультативна служба - the phase of public accounting dealing with the design, installation, and improvement of a client's accounting system, plus advice on planning, budgeting, forecasting, and all other phases of accounting. |
| Tax services | - податкова служба - the phase of public accounting dealing with the preparation of the tax returns and with advice as to how transactions may be completed in a way as to incur the smallest tax liability. |
| General accounting | - загальний бухоблік - the phase of accounting dealing with recording transactions, processing the recorded data, and preparing financial statements. |
| Cost accounting | - виробничий бухоблік, калькуляція витрат - the phase of accounting that deals with collecting and controlling the costs of producing a given product or service. |
| Budgeting | - складання бюджету, фінансове планування, складання кошторису - the phase of accounting dealing with planning the activities of an enterprise and comparing its actual accomplishments with the plan. |
| Internal auditing | - внутрішній аудит (ревізія)- a continuing examination of the records and procedures of a business by its own internal audit staff to determine if established procedures and management directives are being followed. |
| Controller | - головний бухгалтер-аналітик, головний бухгалтер-контролер. The chief accounting officer of a large business. |
II. Vocabulary notes:
| employ, v. | - наймати; |
| auditing, n. | - аудит (ревізія); |
| a sizable loan | - значна позика, суттєва позика; |
| apply for, v. | - звертатися за; |
| for sale | - на продаж; |
| lend credibility | - надати довіру; |
| seek to determine | - намагатись визначити; |
| the auditor's report | - звіт аудитора; |
| independent auditors | - незалежні аудитори; |
| making loans | - зробити позику; |
| management advisory services | - адміністративно-консультативна служба; |
| intimate knowledge | - глибокі знання; |
| conduct investigation | - проводити дослідження; |
| by-product, n. | - побічний продукт; |
| engage, v. | - тут – спонукати; |
| render, v. | - надати (допомогу); |
| incur, v. | - зазнати; |
| file, n. | - подання документа; v. подавати документи; |
| costs, n. | - видатки, витрати; |
| be vital | - бути життєво важливим; |
| the objective of budgeting | - ціль складання бюджету; |
| indispensable | - необхідний, обов'язковий; |
| furnishing | - забезпечення, постачання; тут – виконання; |
| fraud | - v. обманювати; n. обман. |
III. Memorize the following terms and their Ukrainian equivalents:
| a. | Tax | - n. податок; v. оподатковувати; обкладати митом; |
| after tax | - після утримання податку; | |
| before tax | - до утримання податку; | |
| tax free | - вільний від виплати податку; | |
| tax in kind | - натуральний податок; | |
| tax on capital | - податок на капітал; | |
| tax on income/tax on profits | - прибутковий податок; | |
| tax services | - податкова служба; | |
| tax returns | - прибутки від податків; | |
| tax liability | - заборгованість по податковим платежам; | |
| b. | Audit | - n. 1) перевірка, ревізія; 2) аналіз господарської діяльності (внутрішній); v. перевіряти, проводити ревізію; |
| audit for quality | - перевірка якості; | |
| audit the accounts | - перевіряти рахунки; проводити ревізію рахунків; | |
| balance-sheet audit | - ревізія балансу; | |
| bank audit | - ревізія банківської звітності; | |
| cash audit | - ревізія банківських залишків; | |
| interim audit | - проміжний аналіз; | |
| outside audit | - зовнішня ревізія; | |
| sampling audit | - вибіркова перевірка; | |
| tax audit | - перевірка вірності начислення податків; | |
| c. | Auditor | - бухгалтер-ревізор; головний бухгалтер; pl. ревізорські фірми; |
| external auditor | - зовнішній бухгалтер-ревізор; | |
| field auditor/travelling auditor | - виїзний бухгалтер-ревізор; | |
| independent auditor | - зовнішній ревізор; | |
| internal auditor | - внутрішній ревізор. |
IV. Find Ukrainian equivalents for the following words and word combinations:
| 1) public accounting | a) гонорар |
| 2) private accounting | b) цінні папери |
| 3) governmental accounting | c) надати довіру |
| 4) auditing | d) бухгалтерські звіти |
| 5) financial statements | e) намагатись визначити |
| 6) sizable loan | f) перевірка |
| 7) a fee | g) суспільний бухоблік |
| 8) securities | h) приватний бухоблік |
| 9) to lend credibility | i) урядовий бухоблік |
| 10) accounting records | j) аудит (ревізія) |
| 11) to seek to determine | k) фінансові звіти |
| 12) examination | l) позика у великих розмірах |
V. Find English equivalents for the following words and word combinations:
| 1) звіт аудитора | a) management advisory services |
| 2) користувачі фінансових звітів | b) intimate knowledge |
| 3) довіра | c) to gain |
| 4) давати позики | d) constructive suggestions |
| 5) надавати кредити | e) by-product |
| 6) дорадча служба для менеджменту | f) the auditor's report |
| 7) глибокі знання | g) the users of financial statements |
| 8) вигравати | h) confidence |
| 9) конструктивні пропозиції | i) to make loans |
| 10)побічний продукт | j) to grant credits |
VI. Translate the following words and word combinations:
приватний бухоблік; головна служба; головний бухгалтер; ревізія фінансових звітів; позика у великих розмірах; службовці аудиторських фірм; цінні папери; працювати за гонорар; висловлювати довіру; бухгалтерські звіти; ретельно; намагатись визначити; відбивати фінансовий стан; правильно представляти; довіра до використання інформації фінансових звітів.
VII. Translate the following sentences into Ukrainian paying attention to the Passive forms and analyze them:
1. Accountants are employed in three broad fields: (1) in public accounting, (2) in private accounting, or (3) in government.
2. Companies whose securities are offered for sale to the public generally must be audited before their securities may be sold.
3. Additional audits must be made periodically if the securities are to continue being traded.
4. The auditors' report is published together with audited financial statements.
5. Banks, investors and other users of financial statements rely on independent auditors to determine that a company's financial statements are fairly presented.
6. Clients commonly engage public accountants to conduct additional investigations for the purpose of determining ways in which their operations may be improved. Such investigations and the suggestions growing from them are known as management advisory services.
7. A professional accountant, through training and experience, is well qualified to render important service in this area. Tax services also include advice as to how transactions may be completed so as to incur the smallest tax.
8. Accountants employed by a single enterprise are said to be in private accounting.
9. The phase of accounting determining and controlling costs and assessing the performance of managers who are responsible for costs is called cost accounting.
10. The process of developing formal plans for future business activity is called budgeting.
11. The objective of budgeting is to provide management with a clear understanding of all the activities that must be undertaken and completed in order to accomplish their objectives for the company.
12. After the budget plan has been put into effect, it provides a basis for evaluating actual accomplishments.
13. It is the responsibility of internal auditing to make sure that established accounting procedures and management directives are being followed throughout the company.
VIII. Answer the following questions:
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