V. Complete the following words

1. This company has supplied goods but has not received any money for them yet.	C R E D I T O R
2. Companies make this when they sell their goods for more than it cost them to make them.	P _ _ _ _T
3. Companies make this when they sell their goods for less than it cost them to make them.	L _ _ S
4. Goods which are bought by the company.	P _ _ _ _ _ _ES
5. Goods which the company has available to sell.	S _ _ _K
6. An amount of money which is taken out of the account.	W _ _ _D _ _ _ _L
7. Customers who have received goods but not paid for them yet.	D _ _ _ _RS
8. A reduction in the price which is offered to customers.	D _ _ C _ _ _T
9. This is the name of the difference between the credit and the debit sides of an account.	B _ _ _ _ _E
10. This is drawn up to check that the two sides of the accounts are the same.	T _ _ _ L B _ _ _ _ _ E
11. The official books for keeping accounts.	L _ D _ _ _S
12. This is the name for buildings, machinery, money in the bank and money owed by customers.	A _ _ _ _ S
13. The loss of value of the things in number 12.	D _ P _ _ _ _ _ _ _ _ N
14. Money which is borrowed.	L _ _ _
15. Extra money a company or person pays for borrowing money.	I _ _ _ _ _ST
16. The total sum of money which is supplied by the owners of the company to set it up.	C _ _ _T _ _
17. These are bought by people wishing to invest in the company.	S_ _ _ _S
18. The extra amount which is paid for a company above the value of its assets.	GOO _ _ _ _ _
19. An official examination of the accounts.	A _ _ _T
20. A statement of the financial position of the company.	B_ _ _ _ _E S_ _ _ T

VI. Fill in the missing words (choose from the box). Translate the passage into Ukrainian.

credit; ledger accounts; total; debit; a trial balance; account balances; financial statements.

Before using the (1) … to prepare a balance sheet, it is desirable to prove that the (2) … of accounts with (3) … balances is in fact equal to the total of accounts with credit balances. This proof of the equality of debit and (4) … balances is called (5) …. To prepare a trial balance, the accountant determines and lists the balances for all (6) …. If the trial balance totals are correct, the accountant can proceed to the (7) …. If not, there is a mistake somewhere. The accountant must find and correct it before proceeding.

transaction; reporting; accounting cycle; accounting process; statements; recording.

The (1) … includes the entire field of analyzing, classifying, (2) …, summarizing, and (3) …. It includes the successive steps that constitute the (4) …. It starts with the first written record of the (5) … of the business unit and concludes with the final summarized financial (6) ….

VII. Task 1. All the words below can be combined with account, accounts or accounting, in a two-word partnership: e.g. bank account, accounts payable or tax accounting. Add the account, accounts or accounting to each of the words below and translate them into Ukrainian.