Giáo trình English for Economics and accounting - Volume 1
VIETNAM MARITIME ADMINISTRATION
MARITIME COLLEGE No. 1
ENGLISH
FOR ECONOMICS AND ACCOUNTING
VOLUME 1
(Issued in accordance with the decision No. ... QD / dated on ...... /........ /....
/2017 by the rector of Maritime College No. 1)
2017
COPYRIGHT DECLARATION
This teaching material is in the form of textbooks, so sources of
information may be available in original or excerpts for educational and
reference purposes.
Any other purpose that is distorted or used for business purposes is strictly
prohibited
ACKNOWLEDMENTS
In the current industrialization and modernization of our country and
the explosion of information in the global context, English plays an important
role in the education and training, the development of the country in general
and the maritime in particular. English is a compulsory subject for students in
economics and accounting.
To help students of Maritime College I after graduation meet the
English requirements in shipping companies , "English for Students of
Economics and Accounting Department" was edited for the college level
second-year students speciliazing in Economics and Accounting.
The textbook consists of 4 units with the following structure:
1. Vocabulary
2. Language focus
3. Skills
4. Practice
The curriculum has been compiled with the assistance of colleagues in
English Faculty and Accounting and Economics department, some experienced
accountants in private and public companies, and other colleagues in the
college.
While compiling, editors have also used some marine-language
materials published locally, abroad, and through web-sites. However, there
are inevitably shortcomings and limitations, the team is looking forward to the
comments of faculty and students throughout the school as well as everyone
interested to help the book more complete.
Any comments or suggestion, please send to the following e-mails:
1. phtqtkhcn@cdhh.edu.vn
3. ntmy@cdhh.edu.vn
Finally, we would like to show my warm thank to my collegues and
students.
Authors:
1. Tran Thi Thanh Nga. M.A
2. Nguyen Thi My. P.G
TABLE OF CONTENT
Content
No.
1
Pages
Introduction
3
4
7
2
Table of contents
3
List of symbols, abbreviations, terms
Contents
4
8
8
Unit 1: Introduction to accounting
1. Vocabulary: Jobs in accounting
2. Language focus
10
2.1. Modal verbs
2.2. Useful phrases: Meeting people & Offering hospitality
3. Skills
11
3.1. Reading: Four principles of accounting
3.2. Writing: Creative accounting
3.3. Listening to the conversation
3.4. Speaking: Agreement or Disagreement
4. Practice
17
23
23
27
Unit 2: Financial statements and ratios
1. Vocabulary: Types of financial statements
2. Language focus
2.1. Saying numbers in English
2.2. Saying equations/ formulas
3. Skills
29
3.1. Reading: Understanding a balance sheet
3.2. Writing: Terms in a balance sheet
3.3. Listening: ratio analysis
3.4. Speaking: numbers and equations
4. Practice
35
40
43
43
Unit 3: Tax accounting
1. Vocabulary: some basic types of tax
2. Language focus
2.1. The simple present tense in passive voice
2.2. Polite language
3. Skills
45
3.1. Reading: Taxation
3.2. Writing: Taxes
3.3. Listening: Five methods of depreciation
3.4. Speaking:
4. Practice: Further exercises
Unit 4. Auditing
47
52
52
55
1. Vocabulary: Auditors’ activities
2. Language focus
2.1. Telephone phases & making appointments
2.2. Explaining causes and results
3: Skills
55
3.1. Reading: Auditing and auditors
3.2. Writing: describing graphs or trends
3.3. Listening: the dialogue between a partner in an audit firm
with the CEO of a French company.
3.4. Speaking: describing graphs or trends
4. Practice: Further exercises
References
58
62
63
63
78
5
6
Appendices
Appendix 1: Word list
Appendix 2: Common basic accounting terms, acronyms and
abbreviations
Appendix 3: Answer keys
Appendix 4: Transcript
Appendix 5: Table of irregular verbs
83
97
103
List of symbols, abbreviations, terms
Parts of speech
Abbreviations
adjective
adj.
adverb
adv.
aux.
conj.
n.
auxiliary
conjunction
noun
noun phrase
object
n phr
obj.
preposition
somebody
something
subject
prep.
sb
sth
subj.
v.
verb
verb + “-ing”
verb in past participle
verb phrase
V-ing
V-pp/PII
v phr
UNIT 1: INTRODUCTION TO ACCOUNTING
Code: MD.6340302.13.01
Introduction:
This module aims to help students understand the names of accounting jobs in
English.
Objectives: After finishing this lesson, students will be able to:
- Present some basic vocabularies relating to accounting professions and generally
accepted accounting principles in English;
- Use vocabularies on the subject of accounting and modal verbs to listen, read, write
and communicate in English;
- Be aware of the importance of English to future career as well as practicing accuracy,
fluency and carefulness when practicing pronunciation, listening, speaking, reading and
writing and conversation in English.
Main content:
1. Vocabulary: Accounting jobs
Vocabulary
account
Transcription
Speech Vietnamese meaning
/ə'kaunt/
v
n
tꢀnh toꢁn
account
sꢂ sꢁch, chꢃng tꢄ kꢅ toꢁn, tꢆi
khoꢇn
/ə'kaunt/
accountant
accountancy
accounting
analyze = analyse
asset
/ə'kauntənt/
/əˈkaʊnt(ə)nsi/
/ə'kauntiη/
/ˈænəlaɪz/
n
nhân viên kꢅ toꢁn
nghꢈ kꢅ toꢁn
n
v
n
sự thanh toꢁn, kꢅ toꢁn
phân tꢀch
/'æset/
tꢆi sꢇn, vật thuộc quyꢈn sở
hữu
auditor
/'ɔ:ditə/
n
kiꢉm toꢁn viên
back-office
manager
/ˌbæk ˈɒfɪs
ˈmænɪdʒə(r)/
n phr
bookkeeper
/ˈbʊkkiːpə/
/ˈbʊkkiːpɪŋ/
n phr thꢊ quꢋ
bookkeeping
n phr kꢅ toꢁn ghi sꢂ
cost accounting
cost accountant
/ˈkɒst əkaʊntɪŋ/
n phr hꢌch toꢁn giꢁ thꢆnh
n phr kꢅ toꢁn chi phꢀ
/ˈkɒst
ə'kauntənt/
cost accounting
/ˈkɒst əkaʊntɪŋ/
n phr hꢌch toꢁn giꢁ thꢆnh
n phr kꢅ toꢁn sꢁng tꢌo
creative
/kri:'eitiv
accounting
ə'kauntiη/
entry
/ˈentri/
n
sự vꢆo sꢂ
external auditor
/eks'tə:nl 'ɔ:ditə/ n phr kiꢉm toꢁn viên bên ngoꢆi
financial
accountant
/fʌɪˈnanʃ(ə)l
ə'kauntənt/
n phr nhân viên kꢅ toꢁn tꢆi chꢀnh
financial
/fʌɪˈnanʃ(ə)l
n phr kꢅ toꢁn tꢆi chꢀnh
accounting
ə'kauntiη/
internal auditor
inventory
/ɪnˈtəːn(ə)l/
/in'ventri/
n phr kiꢉm toꢁn viên nội bộ
n
n
hꢆng tꢍn kho
liabilities
/,laiə'bilitiz/
nꢎ phꢇi trꢇ,tꢆi sꢇn nꢎ, nꢎ
management
accoutant
/ˈmanɪdʒm(ə)nt
ə'kauntənt/
n phr nhân viên kꢅ toꢁn quꢇn lꢏ
management
accounting
/ˈmanɪdʒm(ə)nt
n phr kꢅ toꢁn quꢇn trꢐ
ə'kauntiη/
off-balance-sheet /ɔ:f 'bæləns ∫i:t
n phr tꢀnh toꢁn ngoꢌi bꢇng
accounting
ə'kauntiη/
tax accountant
/taks ə'kauntənt/ n phr kꢅ toꢁn thuꢅ
tax accountanting /taks ə'kauntiη/
n phr
trainee
/treɪˈniː
n phr kꢅ toꢁn viên tập sự
accountant
ə'kauntənt/
Task 1. Here are some jobs in accounting and definitions. Fill in the gaps in the
definitions with words from the box below.
a. specializing
b. studying
d. processing the records
e. giving administrative support
c. for inspecting its accounts
1. Trainee accountants
f. to inspect its accounts.
Accountants who are ……………………….. for professional examinations.
2. Bookkeepers
Administrative staff responsible for ……………………….. of a business’s financial
activities.
3. Tax accountant
An accountant ……………………….. in a company’s tax affairs.
4. Back office manager
Person in charge of the staff responsible for ……………………….. to the Finance
department.
5. Internal auditors
Employees of a company who are responsible ………………………... .
6. External auditors
People employed by an outside firm of accountants and hired by a company
……………………….. .
2. Language focus
2.1. Modal verbs
Mục tiêu: Cung cấp cho người hꢑc mꢒu lời nꢓi đꢉ đưa ra lời khuyên, sự cꢔn thiꢅt vꢆ bꢕt
buộc (mang tꢀnh chất nghꢖa vụ, bꢂn phận)
a. Advice
* We can use should and shouldn’t to give or ask for advice
What should managers do when planning for an expansion or
launching a new product?
* For strong advice we can use must or mustn’t
You mustn’t refuse an invitation to dinner in Italy. It may cause offense.
b. Obligation/ necessity
* We often use must when the obligation comes from the person speaking
or writing.
Accountants must make sure that current transactions are recorded
promptly and completely.
* We use mustn’t to say something is prohibited or is not allowed
You mustn’t use a mobile phone in an aeroplane.
2.2. Useful phrases
Meeting people
Offering hospitality
Hello, Mr/ Ms ...........
I'm ..........
Can I take your coat?
Please come in and take a seat.
Can I get you a cup of coffee/tea?
Would you like something to drink?
It's nice to meet you.
- (it's nice to meet you, too)
May I introduce you to .....?
I'd like to introduce you to ....
Have you met ...?
- Yes, please./ Yes, that would be
great.
- No, thank you. / No, thanks.
Task 2: Choose the most appropriate verb. There are some situations where both verbs
are possible.
1. Visitors must/ should carry an identify card at all times when travelling.
2. Passengers mustn’t/ don’t have to smoke anywhere on the aircraft.
3. All personnel should/ must wear their badge while in the building.
4. The visitors don’t have to/ mustn’t enter the radioactive zone unless authorized.
5. I think you should/ must learn how to negotiate in Chinese. It would be a good skill if
you had the time to learn it.
6. My boss doesn’t have to/ shouldn’t travel so much-he is looking ill.
7. When going to a new country to do business, you should/ must do some research on
the etiquette and taboos of the host country.
8. Monday is a public holiday. I mustn’t/ don’t have to work.
3. Skills:
3.1. Reading: Four principles of accounting
Task 3: Match the words in column A to the words in column B to make word
partnerships before you read the text. Then match them to the definitions in column C.
C ( Definitions )
A
B
1. outside
a. company - A firm that sells its shares to anyone who
wants to buy them.
2. accepted
b. practice
- For example, Australia, the U.K., and the
U.S.A.
3. English-speaking c. standards - The way that most people do something.
4. local accounting d. parties
- The rules and regulations which state
how accountants operate in a particular
place.
5. publicly-traded
e. countries - People or groups who are not involved
with the company.
Task 4: Now read the text and decide whether the following statements are True (T) or
False (F).
International companies can choose how they present financial information to outside
parties. The rules and regulations between countries vary significantly. Accountants
worldwide are familiar with the words ‘Generally Accepted Accounting Principles
(GAAP)’. Some of the basic principles are:
-
-
-
-
the going concern principle
the prudence principle
the matching principle
the consistency principle.
The development of these principles has greatly differed between countries. For
example, in most English-speaking countries it is often accepted practice to offset
unrealized gains from unrealized losses, or to re-value long term assets upwards, provided
sufficient proof of the current value can be shown. This means that accounts can have very
different values, depending on whether the company chooses to follow local accounting
standards, (IFRS) - formerly the International Accounting Standards (IAS) - or U.S.GAAP.
Whether the company can choose is governed by the laws of the country where it is
registered. For example, the U.S.A. and Japan currently allow publicly- traded companies to
prepare their financial statements using the standards of the International Accounting
Standards Committee (IASC), but they must also include a reconciliation to domestic
GAAP.
True False
1. It is illegal for international companies to present their
financial information to outside parties.
2. The rules and regulations are different from this country
to another.
3. Only some professional accountants are aware of the
words ‘Generally Accepted Accounting Principles
(GAAP).
4. There are 4 basic principles mentioned in the reading.
5. The development of these principles are the same
between countries.
6. The values of accounts depend on the standard
organization the company chooses to follow.
Task 5: Task 4 mentions four basic principles of accounting. Match them to the
definitions below.
A. the going concern principle
B. the prudence principle
C. the matching principle
D. the consistency principle.
1) ………………………………..
This principle is concerned with the timing of the recognition of transactions in the
accounts. Items are recorded when the income or expense arises, and are not
dependent on the movement of cash.
2) ………………………………..
When preparing accounts, one must assume that the enterprise will still be viable in
the years to come. Practically all accounting items are affected by this assumption,
such as the carrying value of fixed assets and inventories, and the ability to repay
debts and other obligations
3) ………………………………..
What value should be given to the numbers in the accounts? It is normal to act
pessimistically, so that profits and assets are not overstated, and expenses and
liabilities realistically valued.
4) ………………………………..
Accounts should be produced using the same principles from one year to the next.
Deviations from this principle must be noted, and the effects on the accounts shown.
3.2. Writing:
Task 6: Re-arrange the following groups of words to form meaningful sentences.
1. and / a/ business/ Accounting/ essential/ is/ basic/ in/ every modern/
element.
……………………………………………………………………………….
2. records / the/ Accountants/ a/ financial/ of / handle/ business.
……………………………………………………………………………….
3. provide / for/ Who/ information/ accounting/ does/ main / the/ source?
……………………………………………………………………………….
4. the / are/ maintaining/ responsible/ company’s/ records/ operations/ for/
Accountants/ of.
……………………………………………………………………………….
5. are / What/ of/ duties/ the/ accountants?
……………………………………………………………………………….
6. keeping/ is/ of/ clear/ and/ accurate/ the/ What/ accounts/ purpose?
……………………………………………………………………………….
7. how/ much/ Accounting/ also/ a/ for/ is/ determining/ made/ profit/
important/ company/ has.
……………………………………………………………………………….
8. a/ of/ accountants/ a/ very/ a/ necessary/ are/ part/ Why/ business?
……………………………………………………………………………….
Task 7: What do these following abbreviations stand for? What do they mean in
Vietnamese?
Full form
Vietnamese meaning
1. GAAP
2. IFRS
…………………………….. ……………………………..
…………………………….. ……………………………..
3. IAS
…………………………….. ……………………………..
…………………………….. ……………………………..
…………………………….. ……………………………..
…………………………….. ……………………………..
4. IASC
5. CPA
6. CFO
3.3. Listening:
Task 8: Michael Rogers, a CPA (Certified Public Accountant) from the US is
meeting Paul Martens, the CFO (Chief Financial Officer) of a company in Belgium.
Listen to Michael’s conversation with Mr Martens’ secretary then fill in each blank with
a right word.
Secretary:
Mr Martens will be with you in a moment. He’s just finishing a phone
call.
Michael:
Secretary:
Michael:
Secretary:
Michael:
Secretary:
Thank you.
Would you like some coffee?
Yes, that’s would be great. Milk no sugar, please.
Here you are.
Thank you. Is this the (1)……………. department?
No, no, not at all. On this floor we have the (2)……………. accountants
and the (3)…………….
Michael:
Uh-huh. And does everyone work in the open-plan area?
Secretary:
No, some of the (4)……………. have individual offices. The two big
offices on the left are for the company treasurer and for our senior
(5)……………. accountant. The offices on the right are for our cost
accountant and for our (6)……………. manager.
Michael:
Secretary:
Michael:
Secretary:
And the office in the corner of the open-plan area?
That’s used by our (7)……………. manager.
And you have offices downstairs as well?
Yes, that’s correct. Downstairs are the (8)……………. auditors and at
the moment we have a team of (9)……………. auditors. They’re in one
of the conference rooms at the end of the (10)…………….
Michael:
I see.
3.4. Speaking:
Task 9: Here are some ways to agree or disagree with someone. Put a tick (✓)
Agreement or Disagreement and then practise saying them.
Statements
1. You’ve got a point there.
2. I see what you mean.
3. Me neither.
Agreement
Disagreement
4. No way.
5. lt’s just not on.
6. Fair enough.
7. Point taken.
Task 10: Now work in pairs, use the expressions in task 9 to respond to the following
statements. Note that more than one answer is possible.
1.
"I think we should work fewer hours. I mean, almost everyone else in this
company now works 35-hour weeks, and look at us!"
"……………………."
2.
3.
"Can you come in next weekend?’ ‘What again? ……………………."
" I'd like you to prepare the figures for next week’s presentation. But this time
could you make sure that you put our current client’s name on the slides."
"……………………."
4.
department party?
There’s no other way.’ "……………………."
"We need to finish this by next Wednesday. How about if we postpone the
5.
"Have you had a look at this? It’s a disaster, a catastrophe!" "Hang on, it can’t be
that bad.
Ah ……………………."
6.
"Look, we really need to convince the boss that some of the transactions have been
wrongly booked. I don’t want problems later."
"……………………."
7.
"They want us to take a pay cut this year."
"Are you kidding? ……………………."
4. Practice
Task 11: Read this email on Creative accounting, and then decide if the statements below
are True or False.
Hi Javier,
At our meeting yesterday you asked me to send you some background info on
Creative accounting, and in particular off-balance-sheet accounting.
Basically there’s quite a bit of flexibility in the way we can interpret the standards
and principles of accounting. For example, we may want to report bigger profits so that
we can attract investors on the Capital markets. On the other hand, smaller profits may be
better so that we pay less tax. The problem is that the line between truthful and
misleading representation of figures is sometimes very thing, and this is where people get
into trouble.
Off-balance-sheet accounting is seen by some as one type of Creative accounting.
(People have been arguing about it for years, though!) The key point to remember is that
the accounting treatment of legitimate business transactions can vary greatly. For
example, many companies are involved in leasing for business reasons, and the question
for the accountants is how to present the financial implications of such leases in the
accounts. In theory, the idea is that leasing an asset (instead of buying it) allows the
company to exclude the liability from its accounts.
Hope this helps - give me a call if you have any more questions.
Best wishes
Rupert
True False
1.
2.
3.
4.
Accountants agree that creative accounting is a good
thing.
Off-balance-sheet accounting is one way of creative
accounting - there are others.
Creative accounting is sometimes used to try and
attract more investors.
Accountants are allowed some flexibitity in the way
they present accounts
5.
6.
7.
Leasing is actually illegal.
Big profits mean paying less tax.
When a company leases an asset, the accountant
doesn’t have to include it in the accounts
Task 12: Match these words with their meanings.
1. debt
a. an agreement between two or more parties, often
written
2. lease
b. the opposite of assets
c. buying or selling something
d. someone who owns parts of a company
e. money that is owed
3. gearing
4. liabilities
5. contract
6. transaction
f. an agreement where the owner of something allows
someone else to use it for a specific time for a sum of
money
7. shareholder
g. the proportion of own capital to borrowed funds
when buying an asset or financing a company
Task 13: Choose the best answer.
1. Calculating an individual's or a company's liabilitiy for a tax.
a. tax accounting b. cost accounting c. accounting
d.
accounting
2. Writing down the details of transactions (debits and credits).
a. bookkeeping b.. accounting c. managerial d. auditing
accounting
financial
3. Keeping financial records, recording income and expenditure, valuing assets
and liabilities, and so on.
a.
financial b. bookkeeping
c.
creative d.
managerial
reporting
accounting
accounting
4. Preparing budgets and other reports necessary for management.
a. auditing b. cost accounting c. accounting d.
managerial
accounting
5. Inspection and valuation of accounts by a second set of accountants.
a. bookkeeping
b. accounting
c. tax accounting d. auditing
6. Using all available accounting procedures and tricks to disguise the true
financial position of a company.
a.
financial b. cost accounting c.
creative d.
managerial
accounting
accounting
accounting
7. Working out the unit cost of products, including materials, labour and all
other expenses.
a.cost accounting b. bookkeeping
c. auditing
d. accounting
8. Providing proprietors with information about the company that they own
and operate.
a. tax accounting b.managerial
accounting
c.financial
reporting
d.creative
accounting
Task 14: Listen to the conversation between the Managing Director (Charles) and the
Financial Director (Sally). Fill in each gap with a word from the conversation.
Sally
Morning Charles. You wanted to see me?
Charles
Yeah. Hi Sally. About our board meeting next week, you know
we’ll be discussing about our debt problems?
Sally
Of course. Probably our biggest issue at the moment.
Charles
Right. The shareholders are getting nervous, and the markets don’t
like our level of g_ _ _ _ _ _1. We’re getting more and more
questions about whether we can s_ _ _ _ _ _2 our debt, in the long
term.
It’s getting harder to attract new i_ _ _ _ _ _ _ _ _ _3. So I wanted
to speak to you about what we can do. We’re investing a s_ _ _ _ _
4
_ _ _ _ _ amount in our new factory in Germany so we need to
5
come up w_ _ _ a solution soon. The new factory is very
important, and we’re looking at leasing the assets.
You’re thinking that if we lease the a_ _ _ _ _ _6, we can
exclude these l_ _ _ _ _ _ _ _ _ _ 7 from the balance sheet?
Exactly.
Sally
Charles
Sally
You know that the auditors will look very closely at these
transactions? The accounting s_ _ _ _ _ _ _ _8, or principles if you
like, mean that finance leases must be d_ _ _ _ _ _ _ _9. If we are
effectively the owner of these assets, then we’re not going to have
a c_ _ _ _ _ 10.
Task 15: Answer these questions.
1. Do Charles and Sally agree that their company has a debt problem?
………………………………………………………………………
2. What are the consequences of the debt problem?
………………………………………………………………………
3. Why do they need a solution to the problem soon?
………………………………………………………………………
4. How does Charles suggest they deal with it?
………………………………………………………………………
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