Task 5 Complete the following sentences with the information from the text.
1. Accounting is …
2. Tax accounting came about in … in …
3. The most perceptive form of accounting was …
4. The ancient hub of world business was …
5. The Europeans borrowed the double entry accounting system from …
6. Scotland played a role in the development of accounting as …
7. The year 1896 is remarkable because …
8. The Keystone Bridge Company was the first enterprise where …
9. The introduction of accounting notions of return on investment and return on equity helped businessmen …
10. Allocation of costs is the concern of …
11. The New approaches to management accounting include …
12. Litigation, investigation and dispute resolution are the fields of …
13. The inglorious part of accounting is … because …
Task 6 Note down:
The four most notable technological advances in accounting of the 20th century.
1
2
3
4
The seven spheres of accounting activities.
1
2
3
4
5
6
7
The 4 most notable auditing firms.
1
2
3
4
The three core documents that reflect a company’s financial position.
1
2
3
VOCABULARY
Collocations
Task 7 Find phrases in the text “The History of Accounting” which mean the same as the following:
1. commercial deals
2. perceptive pattern
3. earliest hub
4. mercenary practice
5. members of a professional accounting body
6. social position
7. burst of growth in railroad building
8. individual measurement of input and fixed costs
9. assessment of workers’ performance
10. the benefit to the investor resulting from an investment of in some resource
11. the rate of return for ownership interest
12. estimation of vouchers
13. settlement of accounts
14. inherent offspring
15. ledger computerized systems
16. intimately twisted
17. a document presenting a company's financial position up to a specified date
18. a document reporting the revenues, gains, expenses, losses, net income and other totals for the period of time shown in its heading
19. a document reporting the sources and uses of cash by operating activities, investing activities, financing activities, and certain supplemental information for the period specified in its heading
20. the main worry
21. a costing model that identifies activities in an organization and assigns the cost of each activity resource to products and services according to the actual consumption by each
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22. a cost management tool for reducing the overall cost of a product over its entire life cycle with the help of production, engineering, research and design
23. inspection of a company’s financial position
24. an accounting system emphasizing accountability rather than profitability
25. the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation
26. the key segment
Task 8 Read the text and complete the gaps with the words from the list below. Look up the definitions of the words you do not know.
| settlement | executive | allegations | profits | admission | brand |
| subsidiary | prosecution | disclosure | fine | source | trust |
The high court has approved a -------1------- between Tesco and the Serious Fraud Office that involves Britain’s biggest retailer paying a £129m --------------2------------ over an accounting scandal.
Tesco and the SFO announced the DPA (differed prosecution agreement) last month. DPAs, which were introduced in the UK in February 2014, allow a company to suspend a ----------3--------- in return for meeting specified conditions, such as paying a fine and demonstrating that its culture has changed. Entering into a DPA does not require an ----------4--------- of wrongdoing.
The DPA relates to ----------5--------- of false accounting between February and September 2014 against Tesco Stores Limited, a -----------6------ of the retailer.
Tesco admitted in 2014 that it had overstated -----------7-------- by £326m, sparking a crisis at the company.
Dave Lewis, the chief -----------8---------- of Tesco, said last month that the settlement allowed the company to move on. “I want to apologize to all those affected. What happened is a huge -------------9---------- of regret to us all at Tesco, but we are a different business now,” he said.
He admitted the Tesco brand had been damaged by the -----------10------ of the accounting scandal. He said the company was “committed to doing everything we can to continue to restore -----------11----- in our business and----------12----------------”.
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