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Task 1. Read and translate the text.As you enter information in your books you will always make two entries which exactly balance one another. Each entry has a left side – these are called debitsand a right side – these are calledcredits. For each entry you must enter at least one debit and one credit and the total of the amounts on the right must equal the total on the left. Another “rule” is that debits arepositive and credits arenegativeand if you add them all together the total is “zero”. If you go to the store and buy a drill you are decreasing your cash in the bank by $129.50. You are increasing your expenses by the same amount – and there you have your two entries. Cash gets the negative entry or credit and small tools gets the positive entry or debit. All your asset accounts (1000 series) are debit accounts which means they are positive numbers. An asset is a positive number in the system. The liability accounts (2000 series) are called credit accounts and they are negative numbers but generally when you look at them on the balance sheet you don’t show the minus sign. The 3000 series is sales. Sales are considered a credit account. You sell something and get some cash. Cash is a debit account. Make a sale and you better increase your cash – debit cash. Positive entry. The 4000 and 5000 series the expense accounts are all debit accounts. You enter an expense as a positive number (debit) to increase your record of what you’ve spent. Whenever you make a purchase of an item that goes to one of your expense accounts you always increase your expense which is a debit.
Task 1. Read and translate the text. Of the two traditional types of financial statements the balance sheetrelates to an entity’s position and the income statement – or profit and loss account – relates to its activity. The balance sheet provides information about an organization’s assets, liabilities and owners’ equity on the last day of the accounting or fiscal period. The format of the balance sheet reflects the basic accounting equation: assets equal equities. Assets are economic resources of the organization. Equities consist of the organization’s liabilities together with the equity interest of its owners. (For example, a certain house has assets worth $70,000: its unpaid mortgage is a liability of $45,000 and the equity of its owners is $25,000). Assets are categorized as current or long-lived. Current assetsare usually those that management could reasonably be expected to convert into cash within one year; they include cash, receivables, merchandise inventory and short-term investments in stocks and bonds.Long-lived assetsinclude land, buildings, machinery, motor vehicles, computers, furniture and fixtures. Lon-lived assets also include intangible such as patents and trademarks. The Budget. Taxes
budget – бюджет contain– содержать corporate tax– корпоративный налог customs duty– таможенная пошлина developments– обстоятельства, события direct tax– прямой налог economic performance– экономические показатели excise duties– акцизы expenditure– расходы financial year– финансовый год follow– осуществлять (политику) forecast– прогноз income tax– подоходный налог indirect tax– косвенный налог issue– выпускать издавать (о документе) means– средства objective– цель property tax –налог на имущество revenue– доходы review– рассматривать, делать обзор sales tax– налог с дохода set out– излагать source– источник statement– заявление, официальный отчет tax– налог tax on income– подоходный налог taxation– налогообложение value added tax– налог на добавленную стоимость
Exc. 1. Match the terms with their definitions.
country
7) direct tax g) an amount that is added to the price of goods and services that people buy 8) indirect tax h) a tax that is collected from person’s earnings Exc. 2. Make the phrases, combining given words with the wordstaxandtaxation(e.g., tax accounting, progressive taxation). 1. ..... accounting..... 2. ..... allowance ..... 3. ..... authority ..... 4. ..... avoidance ..... 5. ..... consultant ..... 6. ..... corporation ..... 7. ..... deductible ..... 8. ..... direct ..... 9. ..... evasion ..... 10. ..... free ..... 11. ..... haven ..... 12. ..... income ..... 13. ..... indirect ..... 14. ..... inspector ..... 15. ..... loophole ..... 16. ..... loss ..... 17. ..... payer ..... 18. ..... progressive ..... 19. ..... rates ..... 20. ..... rebate ..... 21. ..... regressive ..... 22. ..... return ..... 23. ..... sales ..... 24. ..... shelter ..... 25. ..... withholding ..... 26. ..... year .....
Task 1. Read and translate the text. The budget is the government’s main economic statement of the year. It is forecast of revenue and expenditure for the coming year. In Great Britain the budget is prepared and usually issued in March. In major speech to Parliament, the Chancellor of the Excheque reviews the nation’s economic performance and describes the government’s economic objectives and the economic policies it intends to follow in order to achieve them. In November 1993 Great Britain introduced the “so-called” Unified Budget. Under this budget the government presents taxation and spending proposals to Parliament at the same time. The Budget now covers both the government’s taxation plans for the coming financial year and its spending plans for the next three years. The proposals are announced to the House of Commons by the Chancellor of the Exchequer in the Budget statement and are published in the Financial Statement and Budget Report. This report also contains a review of recent developments in the economy, together with an economic forecast and sets out the fiscal and monetary policies. The main sources of revenue are:
Vocabulary List Chancellor of Exchequer – канцлер казначейства Taxationandspendingproposals– предложения по налогообложению и расходам The House of Commons – палата представителей Nationalinsurancecontributions– взносы в национальную систему страхования Task 2. Comprehension questions
Task 3. Find in the text English equivalents for the following Russian words and phrases:
Task 4. Match the infinitives in A with the nouns in B. A B to forecast documents to prepare the budget to announce revenue and expenditure to follow plans to achieve the policy to present objectives to publish proposals Task 5. a). Read the text and translate it into Russian. b). Say what you know about the procedure of adopting the federal budget in Russia. Russia began the publication of annual budgets in 1860. At present, draft budgets are prepared by the government and are submitted to the State Duma for consideration and approval in autumn. The draft must pass through 4 readings, during which different amendments are made into the draft. Traditionally, the second reading is the most difficult because it is at the second reading that budgetary expenditures are determined. If the State Duma and the Federation Council approve the draft budget it goes to the President who signs it into law. 
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