Bookeeping accounts

Ex. 1. Read and translate the text.

Bookeeping accounts

Bookeeping accounts is a way of grouping of business operations with the purpose of systematic verification for the presence and changes of means and their sources in the process of business activities. Increase and decrease of the economic resources are reflected on the accounts separately. Therefore, bookeeping accounts are depicted as a two-sided table. The left column is denoted by the term "debit", right is "credit". The account name is written in the middle of the table. Balance sheet, as it is known, is divided into two parts: assets and liabilities. That’s why all of the bookeeping accounts are divided into active and passive. Also accounts are on the economic content and the purpose and structure.

Task. Remember from the discipline «Accounting», what are the active and passive accounts.

Accounts are the important source of necessary information for efficient management and control for the status and movement of the economy funds, the availability and changes of financing sources and their results. For the full reflection of the necessary indicators by accounting it’s necessary to define a system of accounts in advance to reflect business operations. Here is a purpose of the Chart accounts composing.

The Chart of accounts

The Chart of accounts is a systematic list of accounts, which regulates the organization of the whole system of accounting at enterprises, in organizations and institutions which the aim is obtaining the information needed for management and control. Accounts on the economic contents are grouped into 9 classes: 1) non-current assets; 2) inventories; 3) cash, calculations and other assets; 4) owner’s equity and security for liabilities; 5) long-term liabilities; 6) current liabilities; 7) profits and results of operations; 8) articles of expenses; 9) costs of activities; 0) off-balance sheet accounts. The Chart of accounts and instructions on its use is an important means of state management by accounting at enterprises of all branches and forms of ownership. The new concept of the national Chart of accounts is focused on the future development of the market economy, the efficiency of the use of information systems to ensure all levels of management and external users by all the necessary accounting information.

The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, at first needs to define the various accounts to be used by the business. Each account should have a number to identify it. For very small businesses, three digits may suffice for the account number, though more digits are highly desirable in order to allow for new accounts to be added as the business grows. With more digits, new accounts can be added while maintaining the logical order. Complex businesses may have thousands of accounts and require longer account reference numbers. It is worthwhile to put thought into assigning the account numbers in a logical way, and to follow any specific industry standards.

VOCABULARY:

verification ensure

decrease external

separately General Ledger

depict account

a two-sided table accompany

denote define

content suffice

Chart of accounts desirable

regulate maintaining

institution order

articles of expenses assign

off-balance sheet accounts

Ex. 2. Answer the questions.

1. What is bookeeping accounts?

2. Where are bookeeping accounts?

3. Explain the term "debit" and "credit".

4. Where is the account title written?

5. What bookeeping accounts do you know?

6. What is the Chart of accounts?

7. What classes of accounts do you know?

8. What is the purpose of the new concept of the national Chart of accounts?

Ex. 3. Translate the word combinations from the text into English.

Господарські операції, систематичний контроль, відображається на рахунках окремо, у вигляді двосторонньої таблиці, термін "дебет", термін - "кредит", назва рахунку, систематизований перелік рахунків, з метою одержання інформації, необоротні активи, власний капітал, поточні зобов'язання, план рахунків, розвиток ринкової економіки, зовнішні споживачі, необхідна облікова інформація.

Ex. 4. Find the English equivalents in the column “B”.

“A” “B”

головна книга 1. inventories
Плану рахунків 2. profits
облікові записи 3. concept
послідовность 4. cash
запаси 5. the Chart of accounts
доходи 6. institution
витрати 7. decrease
концепція 8. efficiency
перелік 9. General Ledger
грошові кошти 10. increase

11. установа 11. reflection

12. відображення 12. accounts

13. зменшення 13. listing

14. збільшення 14. order

15. ефективність 15. costs

Ex. 5. Finish the sentences on the topic.

1. Bookeeping accounts are depicted as … . 2. Balance sheet, as a rule, is divided into two parts: … . 3. … reveals the economic content of separate accounts. 4. Bookkeeping accounts on purpose and structure are divided into the following groups: … . 5. The chart of accounts is a listing of all the accounts in the general ledger, each account … . 6. To set up a chart of accounts, at first needs to define the various accounts to be used … . 7. Asset accounts represent different types of economic resources, property or … . 8. The account title is written in the … .

Ex. 6. Translate into English.

План рахунків – це систематизований перелік рахунків, який визначає організацію всієї системи поточного бух обліку на підприємствах, в організаціях та установах. Зміна кількості, змісту і призначення рахунків зумовлює зміну плану рахунків. План рахунків згрупований у 9 класів. В окремий клас «0» виділено позабалансові рахунки та субрахунки до них. На позабалансових рахунках має вестися облік активів, які не належать суб’єкту господарювання, а знаходяться на його відповідальному зберіганні або використовуються ним на правах оренди.

Великою перевагою Плану рахунків є те, що його структуру узгоджено зі структурою Балансу і Звіту про фінансові результати, яку встановлено відповідними національними Положеннями (стандартами) бух обліку.

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