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 g……and 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
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 company’s 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
company’s financial position
status (n) – one’s 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 organization’s 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