Career in Public Accountant

There is no typical day in the life of a public accountant. If you go into this profession,
what your workday looks like will depend on the size of the firm you work for, where
you are in your career, the aspects of accounting you specialize in and whether it's tax
season. Like many financial careers, a career as a CPA offers numerous possibilities for
the types of industries and companies you can work for. "There are no other
professions, trades or licensed occupations that are as flexible and structured as the
public accounting profession."
What are technical words in this text underline?

Read the text and traduce

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Write the new technical vocabulary
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TECHNICAL WORDS
An Accountant is a practitioner of Accountancy.
Classifications of Accountants. There are two broad classifications of accountants: those
in public practice and those in private industry.
Fundamental Accounting Equation:
Assets = Liabilities + Equity
Rearranging it in another way, we find the following expression:
Assets — Liabilities = Equity
This equation is the most important one of all the accounting identities, and it is the
basis on which the whole accounting system is constructed
Assets are the things of value owned by a business. They consist not only of cash,
furniture, trucks, and merchandise (if the business is engaged in selling merchandise)
but also of claims for sums of money owed to the business, known as receivables.
 Assets:________________________________________________________
 Current Assets:__________________________________________________
 Cash and Cash equivalents:________________________________________
 Short-term investments:___________________________________________
 Accounts receivable:______________________________________________
 Inventories:_____________________________________________________
 Prepaid Expenses:________________________________________________
 Other current assets:______________________________________________
 Non Current Assets:______________________________________________
 Fixed Assets:____________________________________________________
 Property, plant and equipment:______________________________________
 Less: Accumulated Depreciation:____________________________________
 Goodwill, Patents, Trade Marks:_____________________________________
 Other Intangible Assets:____________________________________________
 Investment in associates:___________________________________________
 Long-term investments:____________________________________________

Liabilities are the sums of money owed to those outside the business from whom assets,
services, or loans have been obtained and for which payment has not been made. Such
sums are referred to as payables and those to whom they are payable are the creditors of
the business.
Liabilities
Creditors: Current Liabilities
 Accounts payable:_________________________________________________
 Current income tax liabilities:________________________________________
 Current portion of bank loans payable:_________________________________
 Short-term provisions:______________________________________________
 Other current liabilities:_____________________________________________
Creditors: Long-Term Liabilities
 Bank loans:______________________________________________________
 Issued debt securities:______________________________________________
 Provisions:___________________________________________
 Minority interest:_________________________________________________

Current Liabilities: are those amounts falling due within one year.
Long-Term Liabilities: are those amounts falling due more than one year
The difference between Assets and Liabilities is called Stockholders´ Equity and
consists of Contributed capital, Retained earnings, and Capital reserves.
 Stockholders´Equity:_____________________________________________
 Contributed Capital:______________________________________________
 Capital reserves:_________________________________________________
 Revaluation reserve:______________________________________________
 Retained earnings:_______________________________________________
Stockholders' equity is often referred to as the book value of the company, and it comes
from two main sources. The first and original source is the money that was originally
invested in the company, along with any additional investments made thereafter. The
second comes from retained earnings that the company is able to accumulate over time
through its operations.

TASK
1. What is a Liabilities?
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2. Indicate the fundamental accounting equation.
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3. Write two examples of assets.

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4. WATCH THE VIDEO THEN COPY OTHER TECHNICAL WORDS.

https://www.youtube.com/watch?v=fZdR4QvETzQ

5. Remember to underline the technical words.

DESCRIBING THE LABORATORY
https://www.youtube.com/watch?v=G0wC5i-G5wQ

What is the field of your career?

TASK
1. What is accounting?
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2. Why is accounting important?
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3. How many fields of accounting are there?
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4. What are the four major accounting fields?

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5. What are your career goals?

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WATCH THE VIDEO

https://www.youtube.com/watch?v=VYNTBWBqncU
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Watch the video
https://www.youtube.com/watch?v=1H862V4xuDI
TECHNICAL VOCABULARY

Now write short email to your partner explain about Stockholders equity.
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What standards are used to prepare financial information?
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How is leasing reported in accounts?
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