Topic : Introdution to Accounting Directions 1. This unit is an example of Reading Comprehension Exercises that each group has to write. 2. This is also an assigment you have to do in i n ‘kertas folio bergaris’. You all have to submit in week 3.
I.
Match the word in column A with its meaning in B
A 1. results 2. financial 3. established 4. known 5. measurement 6. reporting II.
B a. recognised b. set up c. giving presentation in words d. the act or process of assigning numbers e. the things are caused by some previous phenomenon f. providing money
Complete the text with correct word in column A Part I
Accounting or accountancy is the ... (1) , processing, and communication of ... (2) information about economic about economic entities such as businesses as businesses and corporations. and corporations. The The modern field was ... (3) by the Italian the Italian mathematician Luca mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the ... (4) of an organization's economic economic activities and conveys this information to a variety of ... (5) , including investors, creditors, investors, creditors, management, and management, and regulators. regulators. Practitioners Practitioners of of accounting are users as accountants. as accountants. The The terms "accounting" and "financial ... (6) " are often used as synonyms. III.
Read the text carefully to state whether the statement in each number True or False by writing T or F between brackets.
Accounting can be divided into several fields including financial including financial accounting, management accounting, external accounting, external auditing, tax auditing, tax accounting and cost and cost accounting.Accounting accounting.Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial financial statements, to statements, to external users of the information, such as [ investors, regulators investors, regulators and suppliers and suppliers;; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, as bookkeeping, of of which double-entry which double-entry bookkeeping is the most common system. Accounting is facilitated by accounting by accounting organizations such as standard-setters, accounting standard-setters, accounting firms and professional and professional bodies. Financial bodies. Financial statements are usually audited by accounting by accounting firms, and are prepared in accordance with generally with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As Kingdom. As of 2012, "all major economies" have plans to converge to converge towards or adopt the International the International Financial Reporting Standards (IFRS) Statements 1. Accounting has only two fields. (...)
2. Financial accounting focuses on external users such as investors, regulator and suppliers.(...) 3. Summaries of the financials may be presented in financial reports. (...) 4. Standard-setters, accounting firms and professional bodies are accounting organizations.(....) 5. Financial statements may not be audited by accounting firms.(...) 6. The International Financial Reporting Standards (IFRS) are finalcial stardards in the United States. (...)
IV. Read the text below carefully to answer the questions.
The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence for early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Emperor Augustus, the Roman government had access to detailed financial information. Double-entry bookkeeping developed in medieval Europe, and accounting split into financial accounting and management accounting with the development of joint-stock companies. The first work on a double-entry bookkeeping system was published in Italy, by Luca Pacioli. Accounting began to transition into an organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880. Both the words accounting and accountancy were in use in Great Britain by the mid1800s, and are derived from the words accompting and accountantship used in the 18th century. In Middle English (used roughly between the 12th and the late 15th century) the verb "to account" had the form accounten, which was derived from the Old French word aconter , which is in turn related to the Vulgar Latin word computare, meaning "to reckon". The base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think. Questions 1. What is the main idea of paragraph one? 2. Where is the evidence for early forms of bookkeeping found? 3. Whom was the first work on a double-entry bookkeeping system published? 4. When did accounting began to transition into an organized profession in England and Wales? 5. How did the writer explain the verb “to account”? 6. What happened in Great Britain by the mid-1800s?
V. 1. 2. 3. 4. 5. 6.
Construct the right sentence from the jumb;led words in uach number. in Grade 11-learned-The - first time – I – acounting – was -when – I-was two years- It will- to complete- take you- course-counting -the sister – a – accountant – public – My- to be- wants Risa and Fatimah – the – report – accounting – were- preparing-busy-very the accounting – set up-did- Why-brother – your- firm-? an organization's -the reporting -Financial accounting- financial information-focuses on-of
