BANKING UNIVERSITY-HCMC Student’s name: ……………………….…….

DEPARTMENT OF FOREIGN LANGUAGES Class: …………......…………………

Reg.No.: ……………………………

END – OF – UNIT REVIEW

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hội đồng hành chính; lập pháp; viện
I. Match the words with their definitions
insolvency chamber
giám định sổ sách forensic accounting tax accounting accountancy profession
1.an accountant working in this areas acts for a person or company that is no longer able to pay their debts or a
company whose liabilities exceed its assets insolvency forensic accounting
2. when a company’s financial records are officially checked because illegal activity is suspected
3. an area of work that needs advanced education and specific training chamber accountancy
4. official body of auditors, who check that a company’s financial report is true and honestprofession
5. prepare for a company’s financial information in order to calculate the proportion of their profit which they
must pay to their government tax accounting

II. Match the words/ phrases with their correct definitions.

tax exempt amortization total liabilities
leasing earnings per share
leasing
1. an agreement where the owner of something allows someone else to use it for a specific time for a sum of money
2. the ratio that calculates the profit made on a per-share basis. This is quoted by U.S. publicly held companies in their
financial statements. earnings per share
3. when you don’t have to pay tax on certain income tax exempt
4. writing an intangible asset off over a number of years amorization
5. the total legal obligations of a company to pay other parties total liabilities

III. Complete the text about looking for work abroad with words from the box.

a. choice d. small g. respected j. goals

b. qualifications e. accountancy h. finances k. hardworking
c. opportunities f. bookkeepers i. accountants l. auditors

IAFP – Your passport to the future

small
All organisations around the world, large or (1)_________, need someone who can understand and
finances
manage their (2)__________. So a career as an accountant will give you excellent job prospects. With the
qualifications you can work in many different countries. Qualified (4)accountants
right (3)____________, ________ are always in
demand from Australia to Azerbaijan. The question is not Where can I go? But Where do I want to go?
goals
Whatever your career (5)_________, accountancy
you need to think seriously about a professional (6) ___________
qualification. There are many to choose from –and the (7) _________ you make now will affect your
choice
opportunities
career options in the future. A good qualification is your passport to a variety of career (8)____________.
 We offer first-class qualifications to ambitious, capable, and (9) ___________
hardworking people who are looking for
respected
a rewarding career in accountancy, finance and management. Our qualifications are (10) __________
worldwide by employers, governments and the accountancy profession itself.

IV. Fill in the numbered blanks with the correct words/ phrases given in the box. Write your answers on the
Answer sheet.

period expenses depreciation generally income it

auditing operating revenues profit making net

The profit and loss account

Companies' annual reports contain a profit and loss account. This is a financial statement which shows the difference
revenues
between the (1)……… and expenses of a period. Non-profit (or not-for-profit) organizations such as charities, public
generally
universities and museums (2)………. produce an income and expenditure account. If they have more income than
profit
expenditure this is called a surplus rather than a (3)………..
At the top of these statements is total sales revenue or turnover: the total amount of money received during a specific
(4)……….
period Next is the cost of sales, also known as cost of goods sold (COGS): the costs associated with (5)………. making the
products that have been sold, such as raw materials, labour, and factory expenses. The difference between the sales
expenses
revenue and the cost of sales is gross profit. There are many other costs or (6)………. that have to be deducted from gross
profit, such as rent, electricity and office salaries. These are often grouped together as selling, general and administrative
expenses (SG&A). depreciation
The statement also usually shows EBITDA (earnings before interest, tax, (7)……….. and amortization) and EBIT
(earnings before interest and tax). The first figure is more objective because depreciation and amortization expenses can
vary depending on which system a company uses.
After all the expenses and deductions is the (8)………… net profit, often called the bottom line. This profit can be distributed
as dividends (unless the company has to cover past losses), or transferred to reserves.

V. Read the article below and answer the questions below.

The future of accounting

The traditional view of accountants as merely “bean counters” is slowly becoming a thing of the past. For
centuries, accountants have been employed to report on the numbers. They have sat there in their little corner,
surrounded by stacks of paper and computer printouts, and have told us whether or not we have made a profit.
But more and more, accountants are finding that management doesn’t need them to report on the numbers. With
today’s technology, management already has access to software programs which do this work for them.
So what will the future accountant do? According to Mr Hamilton-Smythe, the Managing Director f KHZ
Enterprises, the large international manufacturing company, accountants will be employed “to help companies
change the numbers. Their expertise and knowledge of the business will be called upon to prepare strategies.
They will become consultants and advisers. And their skills will need to change accordingly. They will be
involved in international meetings, in giving presentations, running international teams, writing reports, and
making decisions.”
This is going to require a significant change in the general public’s opinion of accountants, who in turn will
need to develop skills not traditionally associated with the job. The image of the guy in the corner with stacks of
paper will change to one of a high flyer, someone who is critical to the success of the organisation.

1. What have accountants done for centuries?

The accountants have been employed to report on the numbers
……………………………………………………………………………………………………………..
 2. With today’s technologies, what can management do without the help of accountants?
……………………………………………………………………………………………………………..
Management has access to software programs which do the report for them

3. What will management need accountants to do in the future?

……………………………………………………………………………………………………………..
Accountants will help companies change the numbers

4. What other jobs will the future accountants do?

They are consultants and advisers
……………………………………………………………………………………………………………..
5. How will the image of the guy in the corner with stacks of paper change?
……………………………………………………………………………………………………………..
The image of the guy in the corner with stacks of paper will change to one of a high flyer, who is critical to the success of
the organisation

VI. Read the following passage and answer the questions briefly.
Accounting
In the past, a company's financial records were kept in real books or ledgers - hence the term bookkeeping – so a
company kept a separate sales ledger for sales made, a purchasing ledger for things bought, a cash ledger, and others.
Today, of course, these records are mostly kept on computers in electronic form.
Even today, the company accountants may use these books to prepare the management accounts. These are
prepared monthly, or even weekly in very big companies. They are not published outside the company, but provide
information for controlling the business by giving an up-to-date statement of the company's current financial trading.
They help to answer questions such as: ‘Are sales going to plan?’ and ‘What is happening to our costs?’
But a modern company is also regulated by laws (e.g. the Companies Acts in the UK), and these laws require
a company to publish official financial statements for regulators and shareholders to inspect. This means that the
accountants have to prepare a second annual summary set of accounts, the Statutory Financial Accounts which include a
balance sheet, income statement, and cash-flow statement, according to recognised accounting standards.
These statutory accounts summarize the financial statements for the last year. But the accountants must make sure that the
company reports its official results according to the accounting standards created by the accounting profession. For
example, the company must follow a principle of ‘consistency’ (it cannot keep changing its accounting systems every
year); it must be ‘prudent’ (careful) in its estimate of the value of things it owns; and the directors must believe that the
company has enough money to continue trading next year as a ‘going concern’.
These basic principles have been incorporated into national accounting standards in different ways in different
countries. But globalization has created a growing pressure for all companies worldwide to use the same reporting
standards developed by the international accounting organization, the IFSA.
1. What information can you find in the books or ledgers of a company?
2. What is the purpose of the management accounts?
3. What is the reason for having the statutory financial accounts?
4. What are accounting standards?
5. What is the role of the IFSA?
1. We can find the information about sales made, things bought, cash flow.
2. It provides information for controlling the business by giving an up-to-date statement of the company's current financial
trading
3. Because laws require a company to publish official financial statements for regulators and shareholders to inspect
4. They are the basic principles have been incorporated into national accounting standard

5. It has created a growing pressure for all companies worldwide to use the same reporting standards developed by the
international accounting organization