Accounting. The purpose of accounting

Ex.1. Read and translate the text.

Accounting

Accounting in any country reflects the level of its economic development to some extent. As a dynamic system, accounting is being constantly improved in response to changes in the practice of managing economic activities and informational needs of users.

In times of command economy the main purpose of accounting was to control the safety of state property. Since the State was almost the sole owner, accounting was subordinated to the State as to the main user.

Transition to the market economy has created new targets and assigned other functions to accounting. This resulted in accounting reforms in Ukraine as a result of bringing the economy into compliance with market requirements.

A new phase of accounting development in Ukraine began on January 1, 2000 when the Law “On Accounting and Financial Reporting in Ukraine” and the Accounting Standards (Provisions) of Ukraine (ASU) came into force. The Verkhovna Rada of Ukraine adopted the Law on July 16. This day is now celebrated as a professional holiday, the Accountant’s Day.

The Law of Ukraine “On Accounting and Financial Reporting in Ukraine”, dated July 16, 1999, No. 996-XIY (hereafter – the Law on Accounting) determines legal foundations for regulating, organizing and performing the accounting and preparing financial statements in Ukraine. It applies to all legal entities founded in compliance with the legislation of Ukraine, irrespective of their organizational and legal forms, as well as forms of ownership. It also relates to representative offices of foreign economic entities, which are liable to perform the accounting and present financial statements in accordance with the legislation.

In compliance with the Law, the purpose of accounting and financial reporting is to provide full, true and unbiased information on financial situations, activity results and cash flow of an enterprise.

VOCABULARY:

accounting adopt

reflect determine

sole owner improve

constantly organizing

transition performing

target preparing

into compliance with financial statement

requirements legislation

work out cash flow

Ex.2. Answer the questions.

What does accounting reflect?
What has created new targets of accounting?
When did a new phase of accounting development in Ukraine begin?
When the Accountant’s Day is celebrated?
What is the purpose of the Law on Accounting in Ukraine?
What is the purpose of accounting and financial reporting in Ukraine?

Ex.3. Ask the questions to the underlined words.

1. In times of command economy the main purpose of accounting was to control the safety of state property. 2. A new phase of accounting development in Ukraine began on January 1, 2000.3. This day is now celebrated as a professional holiday, the Accountant’s Day.

4. The Law of Ukraine “On Accounting and Financial Reporting in Ukraine”, dated July 16, 1999. 5. The Law of Ukraine “On Accounting and Financial Reporting in Ukraine” now is called “ The Law on Accounting”.

Ex.4. Match verbs in “A” to the phrase in “B”.

“A”“B”

1. to reflect a) information on financial situations

2. to create b) financial statements

3. to adopt c) a professional holiday

4. to celebrate d) legal foundations

5. to determine e)the level of its economic development

6. to prepare f) the Law on Accounting

7. to provide g) new targets

Ex.5. Find the English equivalents of the following word combinations.

У відповідь на зміни; ринкові вимоги; результати діяльності; правова основа; юридична особа; мета бухобліку; у практиці; економічний розвиток; безпека державного майна; приводити у відповідність з; вступати в силу.

Come into force; in the practice of; in response to changes in; the purpose of accounting; legal entities; activity results; market requirements; legal foundation; bring into compliance with; economic development; safety of state property.

Ex.6. Translate into English.

Перехід до ринкової економіки поставив нові цілі перед бухобліком.
Бухоблік будь-якої країни відображає рівень її економічного розвитку.
Раніше бухоблік був підпорядкований державі як головному користувачеві.
Нова фаза розвитку бухобліку України почалася 1 січня 2000 року.
Метою бухобліку та фінансової звітності в Україні є забезпечення повної, правдивої та неупередженої інформації по фінансовим ситуаціям, результатам діяльності і руху грошових коштів підприємства.

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