In a free-market environment, accounting provides a means for transmitting information about the performance of enterprises to those with an interest in it.

 The basic functions of accounting in a market economy are to measure economic activity of an enterprise and its profit, to show changes in its financial position and ensure that a fair report of the economic status and performance is made available to all those concerned. These functions are performed at two different levels.

 The accountants in the US communicate financial information to many people. What users need financial information?

 One branch of accounting, called managerial accounting, provides information that manager's use in making decisions within the firm. Other accountants prepare financial reports for outside users. This branch of accounting is known QS financial accounting.

 American accounting standards and objectives of financial statements fully meet the users' needs for useful information. The following basic principles ensure the provision of such information in the manner the market requires. First of all, accounts must be prepared on a going-concern basis. It means accounting is based on the assumption that the business will continue to operate. Besides, accounts must reflect the economic substance of the situation rather than simply its legal form. Other characteristics that make information useful for the users are relevance, timeliness, prudence, reliability, materiality, consistency and comparability.

 Though these concepts are recognized internationally, users of information often fail to get a true and fair view of business operations. In the present conditions, there is need to work harder to harmonize national accounting systems so as to make it easier for users to assess financial information, particularly taking into account growth of transnational corporations and increasing interdependence of financial markets.

 At a bank

Mr. Creed: Good morning. What can I do for you, sir?

Mr. Milton: Good morning. My name's Milton. I've got a small account in your bank, but I need some money. What I have in my deposit account is not enough.

Mr. Creed: What's the balance of your account at the moment?

Mr. Milton: About 3 thousand dollars. But I need 5 thousand to make a down payment for a car I'm going to buy. I've had a car accident - not through my fault - but my car's been completely written off. I need a car for my job.

Mr. Creed: And what's your profession?

Mr. Milton: I'm a salesman in a firm of electric home appliances. I have to travel around my sales, area, and I have to visit local salesmen. I'm planning to buy a car in installments. My question is this: can the bank give me a loan to cover the down payment?

Mr. Creed: And was the last one your own car?

Mr. Milton: Yes, I'd just finished paying for it. Mr. Creed: And isn't your employer prepared to help you in this particular case?

Mr. Milton: Maybe he would be ... but I'd prefer to avoid asking him.

Mr. Creed: How much is the car you plan to buy?

Mr. Milton: 15 thousand dollars. Now I have to give a down payment of 5 thousand.

Mr. Creed: And how must you pay the balance?

Mr. Milton: In monthly installments of 500 dollars.

Mr. Creed: How would you pay back the 5 thousand dollars to the bank?

Mr. Milton: Monthly ... at the rate of, say, 250 dollars a month. I could probably manage larger payments in a few months. At the moment, however, things are a bit tight.

Mr. Creed: Well, I'm afraid we wouldn't be able to give you a personal loan of this type. Nevertheless, we have an affiliated firm called Fin loan who deal with matters like this. They can organize a loan against a monthly deduction from your salary.

Mr. Milton: That's fine. I had hoped to do it directly with you, but I'll go to Fin loan.

Mr. Creed: We could probably have given you an overdraft of 2 thousand dollars since your salary is, as I see, paid regularly into your account. Alternatively we might have given you a short-term loan for 2-3 months. However, Fin loan would be more appropriate and Mr. Wilkinson, the director of Fin loan, can help you. You can mention our talk.

Mr. Milton: Well, thank you ... Good morning.

Mr. Creed: Good morning, sir.

B) 1. Она радовалась, потому что нашла новую работу.

    2. Как стремительно летят годы!

    3.Они не придут домой до полуночи.

    4. Я был дураком.

    5. О ней говорили.

    6. Я немного похудею, прежде чем куплю это платье.

   7. Он звонил час назад.

    8. Шел дождь, когда я вышел на улицу.

    9. Она всегда задает глупые вопросы.

  10. Я буду ждать тебя в 9 часов завтра.

ВАРИАНТ 7

A)  

My plans for the future

When you are about to leave school you understand that the time to choose your future profession has соmе. It's not an easy task to make the right choice. I have known for a long time that leaving school is the beginning of my independent life, the beginning of a far more serious examination of my abilities and character.

I've asked myself a lot of times what I want to be when I leave school. A few years ago it was difficult for me to give a definite answer. As the years passed I changed my mind a lot of times about which science or field of industry to specialize in. It was difficult to make up my mind and choose one of the hundreds of jobs to which I might be better suited.

Of course there are some factors you must consider when you choose your future profession. First of all, it must be interesting for you, because I'm sure that an exciting job is a component of happiness in life. Then, you must consider the problem of earning a living. The most fascinating job will bring no satisfaction if you starve or can't make both ends meet. And there is another very up-to-date problem - the problem of unemployment. So, you must choose a profession that will give you the opportunity of getting a good job in future.

One more factor to be considered is stress. Stress is the mental strain which we feel when we have to cope with difficult, unpleasant or dangerous situations. And so, when we choose a profession we must take into account the health hazard. Some jobs involve a lot of stress because of the nature of the work. A construction worker, for example, working on a new building high above the ground, is in constant danger. Other jobs are much more relaxing. It's hard to imagine a gardener suffering from serious stress. All these factors have to be taken into account when choosing a future profession. But in spite of all this, there are people who choose harmful and stressful professions because, as a rule, they are better paid.

A must for a well-paid job today is the knowledge of a foreign language. Several years ago, good knowledge of a foreign language allowed you to become a specialist - a translator or interpreter. But times have changed. Nowadays the knowledge of a foreign language is just a precious addition to a profession. And it's better if you know two or more foreign languages and a computer, as well. Then you have a very good chance of getting a good job with reasonable wages.

After graduating school I'd like to continue my education in the (institute), and study economics. It's very interesting to study economics today because Russia is in a state of transition to a market economy. Economics as a science attracts me because it allows us to understand the rules society is governed by. I'd like to know how banks are arranged and function, and also what inflation and deflation are, how international trade is arranged and how the rate of exchange is determined, what demand and supply are and what gives rise to economic crises. Many subjects are studied at the economics department and among them are microeconomics and macroeconomics, fiscal policy and credit, the money market and international trade.