Complete the following using appropriate words from the texts. You will

Sometimes have to change the form of the words.


The effects of globalization are:


1. People c more with each other across the globe.

2. The economy of many Asian and Latin American countries has gand d . .

3. The Internet and email mean that people can sh. ideas and knowledge.

4. Tr. between continents is much more widespread.

5. A few small companies can d.. an entire global industry.

6. The environment suffers from the p. cause by the great increase in air travel.

7. In some cases, small countries can d.. too heavily on a single transnational company.

8. Global companies can ab. their economic power by failing to pl. b. their profits

into the economies of the countries in which they operate.


Which sentences in Exercise 1 are about the advantages of globalization and

which about the disadvantages?

Can you think of any other advantages and disadvantages?

How many of the items you have worn, used, eaten, and drunk today come from

another country?

What do you understand by globalization? How has it affected you as a



Unit 4 Financial Aspects of Business Operations

An Accounting Overview

Words to remember


accounting (n) accountancy; the work of keeping a companys financial records,

recording its incomes and expenses, and its business deals

to communicate (v) to exchanges information or ideas; to make information known

informed (adj.) basing on information and knowledge of the situation

accurate(adj.) exact; correct

to record (v) to write information down or to store it in a computer

to collect (v) to bring together in one place; to gather

to classify (v) to arrange into classes; divide according to a class or type

to interpret (v) to show the meaning of something

to report (v) to give people information or account of something, eg. especially of a

companys financial position

status (n) ones legal position, or condition

to achieve (v) to succeed in doing or reaching something

to standardize (v) to make all the things of one particular type the same as each other

to follow (v) to act according to a particular plan or set of ideas; to obey

regardless (adv.) in spite of

to state (v) to say; to express; to put into words

common (adj.) usual; general

to handle (v) to deal with (to be responsible for doing something)

to monitor (v) to carefully watch and check the situation

transaction (n) 1. payment; 2.a business deal

financial statement (n) statement showing the financial state of a business, at the end

a particular period of time including balance sheet, profit and

loss account, and other necessary information

to reflect (v) to show

to find out (v) to learn or discover

procedure (n) the official or accepted way of doing something, especially something

that is done often

to audit (v) to check and analyze a particular part of an organizations activities or


to compute (v) to calculate a number or amount

to earn (v) 1. to get money by working

2. to get something that one deserves because of good work

Certified Public Accountant (CPA) - an accountant in the USA who is a member of the

American Institute of Certified Public Accountants and who

holds a license from the state to work as an accountant

to fulfil (v) to carry out; to do; to perform

rigorous (adj.) strict

solely (adv.) only

to require (v) to need or make necessary; to demand by right

to hire (v) to recruit; to employ or appoint to a job

whereas (adv) while

to maintain (v) (here) to provide someone with

fee (n) an amount of money paid to a professional person or organization for their


to apply (v) (here) to use

timely (adj.) happening at just the right time; opportune


Tasks to perform

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