Английский язык: Сборник текстов. Гурская Т.А. - 6 стр.

    materiality                  материальность, существенность
    consistency                  неизменность, преемственность
    comparability                сравнимость, сопоставимость
    harmonize                    гармонизировать, сближать

                                          TEXT

    In a free-market environment, accounting provides a means for transmitting in-
formation about the performance of enterprises to those with an interest in it.
    The basic functions of accounting in a market economy are to measure economic
activity of an enterprise and its profit, to show changes in its financial position and
ensure that a fair report of the economic status and performance is made available
to all those concerned. These functions are performed at two different levels.
    The accountants in the US communicate financial information to many people.
What users need financial information?
    One branch of accounting, called managerial accounting, provides information that
managers use in making decisions within the firm. Other accountants prepare financial
reports for outside users. This branch of accounting is known QS financial accounting.
    American accounting standards and objectives of financial statements fully meet
the users' needs for useful information. The following basic principles ensure the pro-
vision of such information in the manner the market requires. First of all, accounts
must be prepared on a going-concern basis. It means accounting is based on the as-
sumption that the business will continue to operate. Besides, accounts must reflect the
economic substance of the situation rather than simply its legal form. Other characte-
ristics that make information useful for the users are relevance, timeliness, prudence,
reliability, materiality, consistency and comparability.
    Though these concepts are recognized internationally, users of information often fail
to get a true and fair view of business operations. In the present conditions, there is need
to work harder to harmonize national accounting systems so as to make it easier for users
to assess financial information, particularly taking into account growth of transnational
corporations and increasing interdependence of financial markets.

     Answer the questions on the text:
    1. What is the role and functions of accountancy in a free-market economy?
    2. Who uses financial information?
    3. What are the major objectives of financial statements?
    4. What is "useful" information for users?

    Find English equivalents for the following Russian phrases from the text:
   передавать информацию; измерять; изменения в финансовом положении
предприятия; финансовый учет; управленческий учет; цели финансовой отчет-
ности; принцип работающего предприятия; экономическая сущность; давать ис-
тинное представление о деятельности фирмы; сближать принципы учета.

    Say in a few words what the text is about. Use the opening phrases given above.
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