學(xué)術(shù)英語(管理)-Unit-8

1、學(xué)術(shù)英語學(xué)術(shù)英語 管理管理Academic English for BusinessUnit 8 Accounting Lead-in Text A Text B Listening Speaking Writing ResearchingUnit ContentsUnit 8 Accounting Lead-inListening: the four roles of accountantsUnit 8AccountingLead-inListeningl In this clip, were going to talk about the importance of accountants

2、 and accounting. Your accountants report the _ that controls the markets and our economy. Without accounting, we dont have _ _ information about the status of the businesses that make up our market and economy.financial informationgood,reliableUnit 8AccountingLead-inListeningl Accountants understand

3、 our business, and accounting helps us to understand our business. Theres so many metrics you can put around financial information -_ or _. Just so many things that will help you understand _. Accounting gives us that opportunity.what is happening in that business growing metricsdeclining metricsUni

4、t 8AccountingLead-inListeningl Accountants help maintain the _ in business, and by doing accounting properly, we maintain the ethics in a egrity and ethicsUnit 8AccountingLead-inListeningl Also, accountants _. They provide advice on _, on the status of a business, and they really help yo

5、u _ into how your business is doing. And thats why accountants and accounting is important.see an insightprovide advicetaxes Text A Critical thinking and reading Text analysis Main ideas Main financial statements Language building-up Specialized vocabulary Signpost language Formal EnglishWhat is Acc

6、ountingUnit 8 AccountingUnit 8AccountingCritical reading and thinkingText analysisl Part I : Paras. 1-6 are about the changing public perception of accounting.l Part II : Paras. 7-11Text Adefine accounting and roles of accounting.Divide into two parts:Unit 8AccountingCritical reading and thinkingMai

7、n ideasl Part I : Traditional view on accounting Enron scandal; Arthur Andersen Why did accounting attract the public attention in 2002?l Part II :Text A What is accounting? Roles of accountingUnit 8AccountingCritical reading and thinkingPart I l Traditional views on accounting Boring, horrible debi

8、litating disease, appallingly dull, unimaginative, timid, lacking initiative, spineless, easily dominated, no sense of humor, irrepressibly drabText A As a result of the Enron debacle, accounting has entered the public consciousness like never before.Unit 8AccountingCritical reading and thinkingPart

9、 I l The Enron scandal Text AA financial scandal Enron Corporation, an American energy company, was involved in. The scandal eventually led the company to bankruptcy and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. This was th

10、e largest bankruptcy in American history by 2001 and Enron was also accredited as the biggest audit failure.Unit 8AccountingCritical reading and thinkingPart I l Arthur AndersenText Aonce one of the Big Five accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young a

11、nd KPMG. It was based in Chicago, providing auditing, tax and consulting services to large corporations. After being found guilty of criminal charges relating to its handling of the auditing of Enron, the firm surrendered its licenses in 2002.Unit 8AccountingCritical reading and thinkingPart I l Eff

12、ect of Enron debacle on accountingText Achange the perception of accountants in the eyes of the publicchange the field of accounting as we know itUnit 8AccountingCritical reading and thinkingPart I Measures taken to redeem the reputation of accounting profession after the Enron debacle:Text Aconside

13、r issues ranging from auditor conflict of interest to the regulation of the derivatives marketreform accounting rules and get tough on fraud and audit oversightUnit 8AccountingCritical reading and thinkingPart I Why does the accounting profession remain hale and hearty?Text Aexternal audits by publi

14、c accountants for public companiestax professionals interpreting the tax lawsaccountants ensuring the accuracy of financial recordsroles of accountants are changing because of rising complexity of corporate activities, the growth of international business and the increased use of technologyUnit 8Acc

15、ountingCritical reading and thinkingPart II l What is accounting?Accounting is a system by which economic information is identified, recorded, summarized and reported for the use of decision makers. (Para.7)Text AUnit 8AccountingCritical reading and thinkingPart II l Roles of accounting Accounting i

16、s the language of businessText A Understanding of laws, regulations, business environment (Para. 5)Accounting is important for big business Help managers understand business performance and make decisions for the future (Para. 9) Accurate recording of financial information (Para. 5)Unit 8AccountingC

17、ritical reading and thinkingPart II l Roles of accounting checking accountText A Identify your cash inflows and outflowsAccounting is also important for everyone Cash position Check ledger (accounting log of all your deposit and withdrawal activities)Unit 8AccountingCritical reading and thinkingMain

18、 financial statementl Balance Sheet 資產(chǎn)負債表資產(chǎn)負債表l Cash Flow Statement 現(xiàn)金流表現(xiàn)金流表Text Al Income Statement / Profit & Loss Statement 損益表損益表Unit 8AccountingCritical reading and thinkingMain financial statementl Balance Sheet : detailed information about a companys assets, liabilities and shareholderseq

19、uity.- Tangible (plants, equipment, inventory)Text AAssets 資產(chǎn)資產(chǎn)- Intangible (trademarks, patents)- CashUnit 8AccountingCritical reading and thinkingMain financial statementl Balance Sheet - rentsText ALiabilities 負債負債- payroll- taxation- loansUnit 8AccountingCritical reading and thinkingMain financi

20、al statementl Balance Sheet Text AShareholders equity 股東權(quán)益股東權(quán)益 Assets = Liabilities + Shareholders equity (balance)Unit 8AccountingCritical reading and thinkingMain financial statementl Income statementText AGross revenue/sales 營業(yè)收入/銷售收入 (Top line 頂線）- Allowances 備抵= Net revenue 凈收入- Costs of goods

21、sold 銷貨成本= Gross profit/gross margin 毛利潤- Operating expenses 運營費用- Depreciation 折舊=Operating profit/Earnings before interest & income tax (EBIT)息稅前營業(yè)利潤- Interest payment 利息支付-Tax 稅務(wù)支付= Net profit/Net earnings/Net income or Net losses 凈利潤或凈虧損（bottom line底線） Unit 8AccountingCritical reading and th

22、inkingMain financial statementl Cash flow statement : a companys inflows and outflows of cash II. cash flows from investing activitiesText AIII. cash flows from financing activitiesbottomline: net increase or decrease in cash for the periodI. cash flows from operating activities(whether a company ha

23、s enough cash on hand to pay its expenses and purchase assets)Unit 8 AccountingSpecialized vocabularyText A Language building-upMatch the words and phrases in Column A with the definitions in Column B h i e g jcdabfUnit 8 AccountingSpecialized vocabularyText A Language building-upComplete the follow

24、ing sentences with the proper forms of words and phrases given in Column A.External auditsaccounting rulesan accounting systemcash inflows and outflowsUnit 8 AccountingSpecialized vocabularyText A Language building-upComplete the following sentences with the proper forms of words and phrases given i

25、n Column A.Public accountantschecking accountdeposit and withdrawalfinancial recordsUnit 8 AccountingSignpost languageText A Language building-upDefiningAny serious attempt to support a position requires a clear statement of what is at issue. Sometimes stating what is at issue involves a careful def

26、inition of key terms. Definitions an serve different purposes:To introduce unfamiliar words, coin new words, or introduce a new meaning to a familiar word.To reduce vagueness and eliminate ambiguity.To explain, illustrate, or disclose important aspects of difficult concepts.Unit 8 AccountingSignpost

27、 languageText A Language building-upUseful Expressions:Unit 8 AccountingSignpost languageText A Language building-upderidedasisismeanisshowingcalledisUnit 8 AccountingFormal EnglishText A Language building-upmocked; weakeningdiscussed;commentatorscollapsedamagingUnit 8 AccountingFormal EnglishText A

28、 Language building-upviewpromisedanalyzedaccountUnit 8 Accounting Text B The Enron Effect Critical reading and thinking Language building-up Specialized vocabulary CollocationsUnit 8 Accounting Text AnalysisText B Critical reading and thinking Read Text A, and answer the following questions.1. What

29、is the Enron affair?2 . What are the Enron effects?3 . Reforms in the accounting profession Complete Critical Thinking tasks as we re-read the textUnit 8 AccountingText B Critical reading and thinkingRead Text B, and complete the following tableThe Enron affairIts effects(Paras. 1-2)It eliminated _.

30、It increased _.It resulted in _.Its scandal, along with recent, high-profile audit failures at other companies damaged _.Its not just Arthur Andersen that has suffered in light of these developments; three of the Big Four accounting firms have endured _.Arthur Andersen as a major player inthe auditi

31、ng industryscrutiny on the accounting and professionalservices industryone of the largest bankruptcies in U.S.history, $32 billion lost in market capitalization, $1 billionlost in employee retirement accounts, and the first-everfelony conviction of a public accounting firmthe integrityand credibilit

32、y of the public accounting profession in the eyes of senior executives and the public at largesimilar investigationsby the SEC in the past couple of yearsUnit 8 AccountingText B Critical reading and thinkingThe Enron affairProposed reforms(Paras. 3-4) the creation of _ _ _. The mandate of _. the imp

33、lementation of _ _. reform of _. a reassessment of _. the ban on _.A private sector oversightboard independent of public accountants to monitoraudit quality and enforce auditor disciplineA timed rotation of auditorslimits on auditor movesto client positionsaudit committeescertain accounting rulescon

34、sulting servicesUnit 8 AccountingEnron recapitulation (概述)Text B Critical reading and thinking Americas Most Innovative Company(Fortune, 1996-2001) one of the 100 Best Companies to Work for in America (Fortune, 2000) praised for effective management Chapter 11 bankruptcy protection in late 2001(one

35、of the largest bankruptcies in U.S. history, $32 billion lost in market capitalization, $1 billion lost in employee retirement accounts)Unit 8 AccountingWhy?Text B Critical reading and thinking Founded in 1932, Enron used to transmit and distribute electricity and natural gas in the US. Since1990, E

36、nron had been trading power derivatives. Traders who made huge losses cooked books to cover traces. Enron also established numerous limited liability special purpose entities, whose liabilities didnt appear on Enron books, allowing Enron itself to look profitable. Enron stock price peaked in August

37、2000. Enron executives started to sell while telling investors that the price would go even higher.Unit 8 AccountingThe fall of AAText B Critical reading and thinking Founded in 1913, it used to be one the the Big Five (largest audit and accountancy partnerships in the world; pioneer in the industry

38、): PricewaterhouseCoopers,Deloitte Touche Tohmatsu, Ernst & Young KPMG Convicted on a federal obstruction of justice charge for destroying evidence related to its Enron engagementUnit 8 AccountingThe fall of AAText B Critical reading and thinking In 2002, the firm voluntarily surrendered its lic

39、enses to practice as Certified Public Accountants in the US after being found guilty of criminal charges relating to the firms Enron auditing practices The former consultancy arm of the firm split from the accountancy side in 1987 and renamed themselves Accenture in 2000Unit 8 AccountingThe role of

40、Arthur Andersen (1)Text B Critical reading and thinking External auditors should remain independent. They should drop any client with whom they are connected elsewhere (conflict of interest) However, AAs auditing side didnt drop Enron although its consulting side was also working with Enron (In 2000

41、, Enron paid AA $25 million auditing fees and $27 million consulting fees)Unit 8 AccountingThe role of Arthur Andersen (2)Text B Critical reading and thinking External auditors should report fraud if they happen upon them, but not actively look for it. However, AA colluded with Enron, and fraudulent

42、 practices went unreported for a long time (junior AA auditors wrote about their worries in internal memos, but AAs lead lead partner told them to ignore)Unit 8 AccountingArthur Andersen involved in other fraudsText B Critical reading and thinking 1996, false auditing report for Waste Management, re

43、sulting in an inflation of the latters income by over $1 billion dollars between 1992 and 1996 1997, false sales and profits figures for Sunbeam 2001, false auditing report for Worldcom led to the latters bankruptcyUnit 8 AccountingThe impact on accounting (1)Text B Critical reading and thinking Pub

44、lic perception of accountants was changed from “appallingly dull, unimaginative, timid, lacking initiative, spineless, easily dominated, no sense of humor and irrepressibly drab (Para. 1, Text A ) to greedy, fraudulent criminals that betray public trustUnit 8 AccountingThe impact on accounting (2)Te

45、xt B Critical reading and thinking Reforms were triggered (from Para. 3 on, Text B)1. the creation of a private sector oversight board independent of public accountants to monitor audit quality and enforce auditor discipline;2. the mandate of a timed rotation of auditors;3. the implementation of lim

46、its on auditor moves to client positions;4. reform of audit committees;5. a reassessment of certain accounting rules;6. The Sarbanes-Oxley Act 7. the ban on providing consulting services for auditing clients Unit 8 AccountingSupplementary informationText B Critical reading and thinking WorldCom: onc

47、e the United Statess second largest long distance phone company. It filed for bankruptcy in 2001 after exposure on how it used fraudulent accounting methods to mask its declining earnings by painting a false picture of financial growth and profitability to prop up the stock price. Arthur Andersen wa

48、s its auditing firm.Unit 8 AccountingSupplementary informationText B Critical reading and thinkingWaste Management: a waste management and environmental services company founded in 1894 and headquartered in Houston, Texas. Today, Waste Management is North Americas leading provider of integrated envi

49、ronmental solutions. It partners with its customers and communities to manage and reduce waste from collection to disposal while recovering valuable resources and creating clean, renewable energy. Unit 8 AccountingSupplementary informationText B Critical reading and thinkingCendant: a New York-based

50、 provider of business and consumer services, primarily within the real estate and travel industries. It resulted from a merger between HFS and CUC in 1997. However, shortly after the merger, it was found that CUC executives had inflated the companys revenue by $500 million over a period of three yea

51、rs so as to get a better deal at the merger. Ernst & Young was its auditing firm. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses.Unit 8 AccountingSupplementary informationText B Critical reading and thinkingParmalat: a multinational Italian dairy and food corp

52、oration. It collapsed in 2003 when it was exposed to have been using derivatives to finance its operation and to cover up a 14 billion loss in its accounts. It remains Europes biggest bankruptcy. Since 2011, it is a subsidiary of French group Lactalis.Unit 8 AccountingSupplementary informationText B

53、 Critical reading and thinking Bristol-Myers Squibb: a global BioPharma company, headquartered in New York City. It discovers, develops and delivers medicines that help patients prevail over such serious diseases as cancer, cardiovascular disease, diabetes, hepatitis B, HIV/AIDS, rheumatoid arthriti

54、s and psychiatric disorders. It was charged by the US Department of Justice and SEC in 2002 for offering excess inventory to customers in order to create higher sales numbers. Unit 8 AccountingSupplementary informationText B Critical reading and thinkingQwest: a large United States telecommunication

55、s carrier. It was fined $250 million by the SEC for a series of deals from 1999 to 2001 with Enrons broadband division which may have helped Enron conceal losses. In 2010, CenturyLink announced it would acquire Qwest in a stock-for-stock transaction. After the merger closed, Qwest began doing busine

56、ss as CenturyLink in August 2011.Unit 8 AccountingSupplementary informationText B Critical reading and thinkingKPMG: a network of member firms offering audit, tax and advisory services. They work closely with their clients, helping them to mitigate risks and grasp opportunities. Member firms clients

57、 include business corporations, governments and public sector agencies and not-for-profit organizations. Unit 8 AccountingSupplementary informationText B Critical reading and thinkingthe Sarbanes-Oxley Act of 2002: The legislation came into force in 2002 and introduced major changes to the regulatio

58、n of financial practice and corporate governance. Named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, it also set a number of deadlines for compliance. Unit 8 AccountingSupplementary informationText B Critical reading and thinkingTyco: a highly diversifi

59、ed global manufacturing company incorporated in Switzerland, with United States operational headquarters in Princeton, New Jersey. It is a leading provider of electronic security products and services, fire protection and detection products and services, and valves and controls. Unit 8 AccountingSup

60、plementary informationText B Critical reading and thinking AICPA: The American Institute of Certified Public Accountants, founded in 1887, is the worlds largest association representing the accounting profession, with nearly 377,000 members in 128 countries. AICPA members represent many areas of practice, including b