Text 3 fields of accounting

Exercise 3.1

Study the vocabulary:

1	major fields	1	основні галузі
2	governmental	2	урядовий
3	a private business enterprise	3	приватне підприємство
4	To sell	4	продавати
5	white collar	5	білі комірці
6	To grow	6	рости, збільшуватись
7	skilled accountants	7	кваліфіковані бухгалтери
8	junior accountant	8	молодший бухгалтер
9	chief financial officer	9	головний фінансовий службовець
10	to maintain and interpret	10	підгримувати й тлумачити
11	payrolls	11	платежі
12	faced with	12	стикатись з
13	conflicting loyalties	13	конфліктуючи з правниками
14	unique feature	14	унікальна риса
15	paramount responsibility	15	найвища відповідальність

Exercise 3.2

Read and translate the text:

There are three major fields of accounting: governmental, private, and public accounting. In simple terms this means that an accountant may be employed by a unit of government, by a private business enterprise, or by himself or a firm selling accounting to the public.

Governmental units at all levels employ accountants to maintain and check the accounting records. A list of important federal agencies that utilize the services of accountants might include the Internal Revenue Service, the General Accounting Office, the Defense Contract Audit Agency, the Army Audit Agency, and the Air Force Auditor General, among others. States, counties, and municipalities have similar needs for skilled accountants. As the government sector in the economy has grown, this area has become a more significant employer of accountants.

Private accounting includes those accountants who are employed by private business enterprises. These range from the junior accountant maintaining detailed accounting records up to the controller, or chief financial officer. Accountants in industry are required to maintain and interpret all sorts of financial records, including those pertaining to payrolls, receivables, payables, operating costs and revenues, and cash. Generally, these accountants work the same regular hours as other white collar workers. They are paid directly by the party they serve.

Public accountants practice either as individuals or as employees of accounting firms. They are kept busy in much the same manner as attorneys or medical doctors by serving their own independent clients. Public accountants have no single employer as such, but instead make their services available to the public at large. The services rendered include auditing, tax services, and special management consultation.

Public accounting does have at least one unique feature. Unlike most other professional persons, the public accountant is often faced with conflicting loyalties. His first and paramount responsibility is to protect the interests of the public at large; yet he must look to his client for his fee. What may be in the public's interest may not be in the client's interest. This situation creates a triangle that sometimes poses difficulties for the public accountant.

Exercise 3.3

Make up the sentences from the words:

1. Public accounting does have at least one unique feature.

2. Public accountants practice either as individuals or as employees of accounting firms.

3. This situation creates a triangle that sometimes poses difficulties for the public accountant.

4. The services rendered include auditing, tax services, and special management.

5. States, counties, and municipalities have similar needs for skilled accountants.

Exercise 3.4

Fill in the gaps. Then read and translate:

generally enterprises detailed employed private interpret financial payrolls revenues collar

…1… accounting includes those accountants who are …2…by private business …3… . These range from the junior accountant maintaining … 4… accounting records up to the controller, or chief financial officer. Account ants in industry are required to maintain and …5… all sorts of …6… records, including those pertaining to …7… , receivables, payables, operating costs and …8… , and cash. …9… , these accountants work the same regular hours as other white …10… workers. They are paid directly by the party they serve.

Exercise 3.5

Read the text again and put the sentences into a chronological order:

1. There are three major fields of accounting: governmental, private, and public accounting.

2. Governmental units at all levels employ accountants to maintain and check the accounting records.

3. As the government sector in the economy has grown, this area has become a more significant employer of accountants.

4. Private accounting includes those accountants who are employed by private business enterprises.

5. Public accounting does have at least one unique feature.

Exercise 3.6

Read the sentences and mark the statements True or False:

1. There are five major fields of accounting: governmental, private, and public accounting.

a) True

b) False

2. In simple terms this means that an accountant may be employed by a unit of government, by a private business enterprise, or by himself or a firm selling accounting to the public.

a) True

b) False

3. As the government sector in the economy has grown, this area has not become a more significant employer of accountants.

a) True

b) False

4. They are kept busy in much the same manner as attorneys or medical doctors by serving their own independent clients.

a) True

b) False

5. Governmental units at all levels employ accountants to maintain and search the accounting records.

a) True

b) False