— the ledge
— the main book of accounts
— an account
—a ledger –
The Ledger — the Main Book of Accounts
All records in accounting are kept in a book called……………………… They say it takes its name from a Saxon word meaning "lies down"; it has nothing to do with telling lies. The shelf on which it lay became known as………………… In the earliest days of accounting the ledger lay on the ledge, usually under a window where the light was good. Clerks would record all the……………………………. in date order. Each page in the ledger was called…………………… Each account had at the top the name of the person, or……………………, or any other thing which was being accounted for. Many years have passed since those days. Businesses have become much larger today. It is not convenient to keep the ledger. Instead, computer ……………………are being used. But still ………………………… is called the ledger and must be posted daily with all the transactions that take place.
103. Goods — товары
104. Transactions – операция, сделка, проводка
105. in date order – датированный сегодняшним числом
106. Account for – составлять, насчитывать, учитывать
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THE DOUBLE-ENTRY SYSTEM: THE BASIC METHOD OF
A. The double-entry system evolved during the Renaissance. The first systematic presentation of double-entry book-keeping appeared in 1494, two years after Columbus discovered America. It was described in a mathematics book written by Luca Paciolli, a Franciscan monk who was a friend of Leonardo da Vinci.Goethe, the famous German poet and dramatist, referred to double-entry book-keeping as "one of the finest discoveries of the human intellect".
B. In Britain the first book on the double-entry system was written by Hugh one schoolmaster, who taught arithmetic. No copy of this first book has survived. Later some more books describing this new method were published. English businessmen began to employ this recording device. The primary advantage of double-entry accounting, to many historians of accounting, was that it abolished confusion in the accounts by creating order out of chaos.
C. In Russia double-entry accounting was introduced to the state administration under Peter I. It was first applied for the Admiralty and the army. Peter I required the managers of all the mining and smelting works to maintain records of their operations, thus providing a basis for the collection of national statistics. The first large enterprise to use double-entry was the Demidovs. It had over50 works, mostly iron-
making in the Urals. By the end of the 18th century the Demidov enterprise had acquired sophisticatedaccounting techniques.
D. The importance of the double-entry system is difficult to appreciate. Before the invention of double-entry book-keeping accounting records had been disorganized. Merchants literally had not known the state of their finances. The use of this technique had a positive effect on both business and trade. Some scholars think that there was a close relationship between the adoptionof the double-entry system and economic growth in many countries. In the middle Ages the knowledge of this technique was a pre-condition of rapid economic growth of most European countries. And the other way round, where this technique was lacking or slows to penetrate, economic development was delayed.
E. The double-entry system is based on the principle of duality. In the double-entry system each transaction must be recorded with at least one debit and one credit, in such a way thatthe total amount of debits and the total amount of credits equal each other. Because of the way it is designed, the system as a whole is always in balance.