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UNIT 1
What Is Financial Accounting?
define financial accounting
differentiate between financial accounting and managerial accounting
explain the uses of financial accounting
list accounting principles and assumptions
Learning Objectives
Teaching Contents
Focus on the Topic
1
Vocabulary Study
2
Reading One
3
Task-driven Practice
4
Reading Two & Writing
5
Pair Work: Discuss the following questions with your partner.
1. What is the relationship between accounting and financial accounting?
2. What is the use of financial accounting?
3. What principles and assumptions is financial accounting based on?
Focus on the Topic
1. The following words and phrases are from Reading One. Fill in the blanks with them and change the forms where necessary.
Vocabulary Study
interpret
adhere to
to this end
underlying
credible assumption
insofar as
internal
subject to
mandate
1 We must ____________ the principle of making study serve the practical purpose.
2 The factors that push you out of balance can be external or ____________.
3 We therefore have to provide more accurate and ____________ information.
4 For every trait, you can ____________ it in a positive and a negative manner.
5 NASA and the Russian space agency ____________ that landings must occur at least one hour after dawn and one hour before dusk.
adhere to
internal
credible
interpret
mandate
1. The following words and phrases are from Reading One. Fill in the blanks with them and change the forms where necessary.
Vocabulary Study
6 This investment uses financial assets that are ____________ market conditions, such as stocks and bonds.
7 This project was predicated on the ____________ that the economy was expanding.
8 The Fed believes the earlier assets purchases worked, ____________ they lowered long-term interest rates.
9 Lack of effective communication, feedback and trust seem to be the ____________ reason for most of the above points.
10 ____________, particul