Giáo trình tiếng anh chuyên ngành tài chính phần 2

a country offering very low tax rates to foreign businesses DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN... Making false declarations to the tax authorities is called - dissu

Unit 20

TAXATION

I Reading

Most of the money to run the Government comes from taxes

of all sorts -on personal and corporate incomes, on sales of goods,

on imports and on inheritances The ultimate source of all tax money is the same-people

The primary function of taxation is, of course, to raise revenue to finance government expenditure, but taxes can also have other purposes Indirect excise duties, for example, can be designed to dissuade people from smoking, drinking aleohol, and

so 0 *1 Governments can also encourage capital investment by permitting various methods of accelerated depreciation accounting that allow companies to deduct more of the cost of investments from their profit, and consequently reduce their tax bills

There is always a lot of debate as to the fairness of tax system Business profit, for example, are generally taxed twice: companies pay tax on their profits (corporation tax in Britain, income tax in the USA), and the shareholders pay income tax on dividends Income taxes in most countries are progressive, and are one of the ways in which governments can redistribute wealth The problem with progressive taxes is that the marginal rate- the tax people pay on any additional income-is always high, which is generally a disincentive to both working and investing

On the other hand, most sales taxes are slightly regressive, because poorer people need to spend a larger proportion of their income on consumption than the rich

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The higher the tax rate, the more people are tempted to cheat, but there is a substantial ‘black’ or ‘underground’ economy nearly everywhere In Italy, for example, self- employed people - whose income is more difficult to control than that of company employees - account for more than half of national income Lots of people also have undeclared part-time jobs (some people call this

‘moonlighting’) with small and medium - sized family firms, on which no one pays any tax or national insurance At the end of

1996, the Director of the Italian National Institute of Statistics calculated the size of the underground economy, and added 16.7%

to Italy’s gross national product (GNP) figure, and then claimed that Italy had overtaken Britain to become the world’s fifth largest economy

To reduce income tax liability, some employers give high- paid employees lots of ‘perks’ (short for perquisites) instead of taxable money, such as cars, free health insurance, and subsidized lunches Legal ways of avoiding tax, such as these, are known as loopholes in tax laws Life insurance policies, pension plans and other investments by which individuals can postpone the payment of tax, are known as tax shelters Donations to charities that can be subtracted from the income on which tax is calculated are described as tax- deductible

Companies have a variety of ways of avoiding tax on profits

They can bring forward capital expenditure (on new factories, machines, and so on) so that at the end of the year all the profits have been used up; this is known as making a tax loss

Multinational companies often set up their head offices in countries, where taxes are low; such countries are known as tax havens Criminal organizations, meanwhile, tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors - and the police;

this is known as laundering money

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II Com prehension / interpretation

A ccording to the text, are the follow ing statem ents TRUE or FALSE ?

1 Taxes can be designed both to discourage and to encourage spending

2 The same amount of money can be taxed more than once

3 Progressive taxes may discourage people from working extra hours

4 Sales taxes are unfair because poor people spend more than rich

5 The Italian government knows th at about one seventh of national income escapes taxation

6 ‘Loopholes’ are a common form of tax evasion

7 If you pay a lot of your income into a pension fund or a life insurance policy you never have to pay tax on it

8 A company th at makes an unusually large profit during a tax year might quickly decide to spend it, for example, on a new factory or equipment

III Language focus THE PRESENT PARTICIPLE

A Form: The in fin itive + ing

B o Use:

1 To form the continuous tenses:

The economy is growing.

2 As adjectives Interesting people developing countries

3 The present participles can sometimes replace relative

clausesDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

The girl talking to our Sales manager is his daughter.

4 It can also replace the construction: s + V

She sat in the garden reading a book.

Taking a key out o f the pocket, John opened the door.

5 After verbs of sensation (see, hear, feel, sm ell, listen,

watch )

I heard him making arrangement for his journey.

6 After go, come, spend., waste, be busy

They spent a lot o f money modernizing the factory.

7 After catch, fin d , leave

The Marketing Manager left him talking to clients.

Exercise: Indicate if th e follow ing sen ten ce s are

correct (C) or incorrect (I) I f th ey are incorrect, correct

1 We study the effect of the fall in the dollar’s value at the

moment

2 The shift in relative wages will cause a shift of workers

into the growing occupations

3 While lived in Burma last year, I learned many things

about Burmese customs

4 Lack the necessary qualifications, he was not considered

for the job

5 Driving to my grandparents’ house last night, we saw a

young woman selling flowers

We stopped so th at we could get some flowers for my

grandparents

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6 We didn’t have much trouble finding a suitable office.

7 She has a PhD and an MBA so she’s certainly very well qualify

8 In my opinion, the advantage of to have a credit card is that you can pay for things over the phone

9 The latest economic statistics show th at both unemployment and inflation are falling and that the economy is growing at an annual rate of 7.6%

10 You are wasting your time to try to persuade him: he’ll never help you

IV Word study

A Find words in the text that m ean the follow ing.

1 reducing the value of a fixed asset, by charging it against profits

2 something which discourages an action

3 an adjective describing a tax that is proportionally higher for people with less money

4 spending money to buy things, rather than saving it

5 working for yourself, being your own boss

6 a tax on incomes that pays for sickness benefit, unemployment benefit, and old-age pensions

7 non-financial benefits or advantages of a job

8 a way to delay the payment of tax to a later time

9 an adjective describing expenditure that can be taken away from taxable income or profits

10 a country offering very low tax rates to foreign businesses

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

B W hich term s do th e follow ing sentences define?

1 The tax people pay an their wages and salaries is called

A capital transfer tax B income tax

c wealth tax

2 A tax on wages and salaries or on company profit is a / an

A direct tax B indirect taxc.value-added tax

3 A tax levied at a higher rate on higher incomes is called a

A progressive tax B regressive tax

6 Profits made by selling assets are generally liable to a

A capital gains tax B capital transfer ta

c wealth taxDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

7 Gifts and inheritances over a certain value are often liable

to a

A capital gains tax B capital transfer tax

c wealth tax

8 The annual tax imposed on people’s fortunes is a / an

A added-value tax B capital gains tax

c wealth tax

9 Making false declarations to the tax authorities is called

- dissuade (v) ~sb (from sth / doing sth)

to persuade or try to persuade sb not to do sth: ngăn cản, cản

!, can gián

- progressive tax: tax in which the rate o f tax increases with

reases in the tax base thuế lũy tiến

- disincentive (n) (to sth) a thing that discourages an action

effort: điều làm nản lòng 1 hành động hoặc một sự cố gắng

- regressive tax: tax levied at a rate that decreases as income

"eases thuế lũy thoái

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- perk (perquisite) money or goods received in addition to

salary tiền thù lao thêm

- loophole (n) a way o f avoiding sth, esp because the words

of a law, contract, are not clear or are badly chosen, kẽ hỏ

- donation (n) a thing, esp money that is donated vật, quà

tặng, cúng

- disguise (v) - to hide something che giấu

- to make sb / sth look or sound different from normal, to give

sb / sth a false appearance: cải trang, trá hình

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1 CORPORATE INCOME TAX

In the US and most countries, the corporate form of organisation is the most important in terms of dollar value of

assets owned, although many more firms are organised as

partnerships or single proprietorships Legally, a corporation is regarded as a separate entity, while partnerships are considered

as extensions of their owners Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners Income earned by a corporation may be taxed twice - once when it is earned via corporate income tax and again when it is received as dividends

by holders of the firm’s securities, via personal income tax

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C hart 21.1: M arginal an d average corporate tax rates, 1983

a _ El

(.source: Sharp Investment Prentice HƠIKÌ978)

CORPORATE TAX RATESThe corporate income tax is relatively simple in one respect

There are usually only a few basic rates For example, in 1983 there was a tax rate of 15 percent applicable to the first $25,000 of taxable income, a rate of 18 percent applicable to the next

$25,000, a rate of 30 percent applicable to the next $25,000, 40 percent to the next $25,000 and finally a rate of 46 percent applicable to all income over $100,000 The result is shown in Chart 19.1 above - the top line shows the marginal rate, the bottom line shows the average tax rate The marginal rate is more relevant for most decisions For example, if a corporation were considering an investment that would increase its income from

$65,000 to $70,000 each year, the increase in income would be 0.3) X $5,000 As the figure shows, the larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate Overall, such corporations pay taxes equal to virtually the largest marginal rate (46 percent)

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DEFINING INCOMEFor tax purposes, corporate income is defined as revenue minus expenses The problems arise in measuring these two elements The most dramatic instance of this difficulty concerns depreciation of assets If a corporation buys a computer for $1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income On 46 percent rate, this represents an eventual tax saving of $460,000

The sooner the cost can be written off, the greater the benefit to the company For the purposes of reporting corporate income to the IRS, assets are grouped into four broad classes Automobiles and research equipment are considered three - year property, most business equipment is considered five year property, buildings are usually considered as fifteen - year property

Another vexing problem associated with the measurement of corporate income concerns the cost of inventory sold during the year This arises when prices are changing fairly and rapidly and

a company holds inventory for long periods To take a fairly simple case, imagine a retailer of sailboats At the start of the year he has 100 in stock, all purchased for $10,000 each During the year he takes delivery of 100 more but m ust pay $11,000 each, ending with 90 in stock The boats are sold for $15,000 each

What was his income?

The question concerns the relevant cost of the 110 boats that were sold and of the 90 th at remain The firm may have sold all the “old” boats first, or all the “new” boats, or a mixture of the two An accountant may assume any of the above combinations without regards to the actual facts of the situation

The impact of different inventory valuation methods is illustrated in Chart 21.2 When prices have been rising, the LIFO method will permit a corporation to charge more to cost in the

1AA

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present and less in the future This will lower taxes in the present

and raise them in the future However, before 1970 many

companies used the FIFO method, suggesting th at in times of

moderate inflation many managers were willing to sacrifice some

real benefits to improve the appearance of their company’s

financial statements In all cases, investors should examine

depreciation and inventory procedures carefully when assessing

the profitability of a company.

C h a rt 21.2 The impact of different inventory valuation

Tax (at 46%) -2,484,000

$1,200,000

$450,000 -207,000

$1,155,000 5495,000 -277,70»

Income after tax $2,916,000

Source: Sharp, Investment, Prentice Hall (1978)

II C om p reh en sio n / In te rp r e ta tio n

1 What are the tax advantages of a single proprietorship /

partnership versus a corporation?

2 In what senses is corporate income liable to double

taxation?

3 Why is the marginal rate of taxation most relevant for

investment decisions?DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

4 In the us, how long does it take to depreciate a photocopier?

5 Why do most companies nowadays operate the LIFO inventory method?

III L anguag e focus

3.1 E xp ressing com p arative relations Look at the following sentences taken from the Reading passage:

“The larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate”

“The sooner the cost can be written off, the greater the benefit to the company”

Now study the four graphs in Chart 21.3 and write two sentềnces about each expressing a comparative relation:

3.2 M uch / m any / few / little Look at the following sentences taken from the Reading passage:

“Although many more firms are organized as partnerships ”

“There are usually only a few basic rates ”

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Now complete the sentences with one o f the following words:

Much many few little fewer less

1 people realise how _ tax they could avoidpaying if they studied the tax laws

2 people believe they pay to o _ tax

3 There is to o time and too _problems to talkabout irrelevant issues

4 There isn’t evidence to support these figures

5 You’ll pay m uch tax in the Cayman Islands thanmost places

6 Very tax authorities have clear plans forcorporation tax in the future

7 There are many opportunities to avoid taxnowadays

8 companies operate the FIFO method nowadays

IV Word study

Complete the list below:

V V ocabulary

- well-worn (adj): over-used: cổ, cũ rích

- levy 1 (n) money collected by the authorities: tiền thuế thu

được

2 (v) to demand payment o f taxes and dues,

levy sth / on sb: đánh thuế lên, thu thuế

- provision (n): money set aside in accounts for later use: tiền

dự phòng, tiền dự trữ

- tax (n) money charged by the government or an official body

to pay for services: tiền thuế, thuế

- corporate (adj): refering to the whole company

- partnership (n): unregistered business where two or more people share risks and profits', hợp doanh (hai hoặc nhiều người

cộng tác vói nhau)

- proprietorship (n): kinh doanh do 1 ngưòi độc quyền sỏ hữu

- via (prep): by way ofsth, through: qua

- securities (n): investments in stocks and shares: chứng

khoán

- dividend (n): percentage of profits paid to share holders: cổ

tức (phần lợi tức chia cho cổ đông)

- one respect (n): một khía cạnh, một phương diện

- rate (n): charge for service or work, or for loans: tỷ suất

- ratio (n): proportion o f something compared with another thing

- applicable (adj): thích hợp, có thể áp dụng được

- marginal rate (n): tỷ suất tối hạn / mức cao nhất (trần)

- virtually (adv): hầu như, gần nhưDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- depreciation (n): sự sụt / giảm giá

- an eventual tax (n): thuế tận thu

- vexing problem (n): difficult problem that causes much

discussion: vấn đề khó khăn

- measure (n): action, step: hoạt động, bước (biện pháp)

- take delivery of sth (v): nhận (hàng, cái gi đó)

- LIFO: Last in First out (inventory system): nhập sau, xuất

trước

- FIFO: First in First out (inventory system): vào trưóc, ra'

trước (nhập trước, xuất trưổc)

- ROI: return on investment: Thu nhập từ vôn đầu tư

- write down (v): to enter an asset in the books at a lower

value than before: giảm giá

- write off (v): to cancel I remove a debt from the accounts:

Unit 22

CUSTOMS AND EXCISE CHARGES

Customs and excise charges take three forms as follow:

1 Customs duties, which are indirect taxes levied on

imports at the point of entry The rates are laid down in the EC Common Customs Tariff (CCT) and are standard throughout the community Duties can be calculated in two ways by value or by unit measurement They have been reduced progressively in the various GATT (the General Agreement on Tariffs and Trade) rounds The full rate is now paid on imports from only a few developed countries, other countries being beneficiaries of a variety of preferential schemes Goods can be relieved from duties

in a number ways:

(a) Under EC free circulation rules

(b) Under outward and inward processing relief procedures.(c) Under the concession which, in certain circumstances, temporarily suspends duty on some goods which are not currently produced within the EC or are used in industrial research or for the handicapped

2 Excise duties, which are also indirect taxes levied on

specific products, both imported and domestically produced The most important of these products, in terms of imports, are beers, wines, spirits, tobacco, perfume and hydrocarbon products Excise duties are a replacement for and not in addition to tariff duties Currently the EC member states have widely disparate excise duties and the European Court has ruled that these differentials have equivalent effect to quantitative restriction and are therefore

I R e a d in g

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illegal In the meantime, goods subjects to excise duties are charged with these differentials when they cross member state borders.

3 A g ric u ltu re levies are charged which replace customs duties on products which are covered by the Common Agriculture Policy regime They are adjusted annually and are highly complex

From the government’s point of view, these three taxes have two advantages: they discourage import and provide revenue The weakness is that they can rarely be levied at a rate which ensures

a controlled reduction in import because of the wide range of prices at which the different exporting countries are able and willing to trade in the same product

II Com prehension questions 1.1 Choose the best answ ers according to the text.

1 Customs duties - a kind of tax levied on imports - are

a direct tax b indirect tax

c value-added tax

2 Customs duties can be computed based on

a value of imports b quantity of imports

c both a & b

3 The abbreviation “EC” in the first paragraph refers to:

a European Community b European Countries

c European Court

4 The term “beneficiaries” in the first paragraph means:

a countries who gain preferential schemes

b countries who offer preferential schemes

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c neither a or b.

5 Excise duties are indirect taxes levied on

c some special goods

8 Excise duties are among the EC members

a not different b a little different

c much different

7 Agriculture levies

a are very simple b change every year,

c stay the same for years

8 The goal of imposing three kinds of taxes (customs duties, excise duties and agriculture taxes) is to

a limit import

b increase revenue for the Government’s budget

c protect domestic goods

d all the answers above

III L an g u ag e focusStudy the sentences from the text

1 Customs duties, which are indirect taxes levied on

Participial phrases:

* Relative clauses can have a continuous verb form (with an -ing

ending) or a passive verb form (with an -ed ending)

The people who are m a k in g the rea l decisions are all at

Head Office.

Food w h ich is so ld in su p e rm a rk e ts needs a relatively

long shelf-life.

* In this cases we can simplify the sentence by leaving out both

the relative pronoun and the verb be The phrases reduced from

relative clauses are called participial phrases

The people m a k in g th e rea l decisions are all at Head

Office.

Food so ld in su p e rm a rk e ts needs a relatively long shelf-life.

* Most participial phrases are derived from two sentences or

clauses with the same subject Participial phrases contain no

subject, so the subject in these sentences is understood to be the

noun in the main clause nearest the participial phrase

These are the technologies cla ssified as tra d itio n a l.

The law c re a tin g a n exten sion service was passed in

1898. _

Exercise for practice;

Put a continuous verb form (with an -ing ending) or a passive

verb form (with an -ed ending) for the verbs in brackets

1 The products (attract) most interest were smaller,

lighter models

2 There’s a lot of noise from the builders (work) next

door.

1 ssDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

3 This is a new drug (develop) at our Cambridgelaboratories.

4 I was talking to a man (go) to the same conference

8 The train (go) to Brussels leaves from here

9 This model (launch) last year is selling very well

IV Word study 4.1 Read the text again and answ er the following questions:

1 Look at the first paragraph again What words have the same meaning as:

4.2 Fill in the blank w ith a suitable word:

specified by of international including to goods trading objectives reducing trade with

The General Agreement of Tariffs and Trade (GATT), an(1) organization set up in 1947, had the (2) ofencouraging international trade, (3) making tariffs theonly form of protectionism, and of (4) these as much aspossible The most favored nation clause of the GATT agreement(5) that countries could not have favored (6)

partners, but had to grant equally favored conditions (7)

all trading partners The final GATT agreement - (8)

services, copyright, and investment, as well as trade in (9)

- was signed in Marrakech in 1994, and the organization was superseded (10) the World Trade Organization

V V ocabulary

- charge (n): the amount o f money that you have to pay for something, especially for an activity or service', phi.

- customs (n): the taxes that must be paid to the government

on goods brought form other countries: hải quan.

- customs charge / customs duty: phí / thuế hải quan

- excise charge / duty(n): a tax made by a government on some types of goods produced and used within their own country: thuế

tiêu thụ đặc biệt

- tariff (n): a charge or list o f charges either for services or on goods entering a country: biểu thuế; thuế xuẩt nhậpkhẩu.

- customs tariff: thuế quan, thúế suất nhập khẩu

- preferential (adj): describes something you are given which

is better than what other people receive: ưu đãi

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preferential tariff: biểu thuế ưu đãi.

- GATT: General Agreement on Tariffs and Trade', hiệp định

chung về thuế quan và mậu dịch

- disparate (adj): (of two or more things) so different from each other that they cannot be compared or cannot work together, khác nhau

The five experiments gave quite disparateresults.

fNam cuộc thí nghiệm đem lại những kết quả hoàn toàn khác hẳn nhau)

- regime (n): a particular government or a system or method

of government or o f organizing in business: chế độ, cách thức quản

trị, hệ thống (trong kinh doanh)

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Unit 23

AUSTRALIAN CUSTOMS SERVICE

Customs plays a vital role in protecting Australia’s borders

from the entry of illegal and harmful goods and unauthorized

people These crucial community protection roles are balanced

with the need to ensure th at legitimate movement of people and

goods across the border is not unnecessarily impeded.

Recent changes in the international environment required

Australia to implement rapid responses at the border to protect

our community Outbreaks of infections disease, and the

consequences of overseas terrorism, are examples of events that

can change border priorities at short notice.

Australia’s current level of border control and security is

unprecedented Customs is a world leader in the commitment of

innovative, cutting-edge technology to border protection tasks,

real-time satellite communication technology and container

examination facilities work together with our world-renowned

Detector Dog Unit to protect Australia’s borders.

Australian Customs continues to maintain close bilateral

links with other border protection administrations around the

world, as well as playing an active role in a number of

multilateral and regional organizations Our international

activity assists in harmonizing and simplifying international

customs procedures to facilitate global trade and travel, while

providing for greater trade and travel, while providing for greater

cooperation in protecting our community.

Customs meets the challenge of balancing urgent

Government priorities, while continuing deliver day-to-day

I R e a d in g

1 i n

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business requirements, through a robust strategic and risk planning framework Our regulatory philosophy recognizes that our interaction with clients represents a continuum that balances service, facilitation and enforcement activities A stronger, more coordinated approach to risk identification and intelligence client focus resulted in development of a national compliance assurance strategy and an Integrated Cargo System Customs underwent a major organizational restructure to realign our business processes and functions to meet future needs and the expectations of our stakeholders.

Securing Australia is achieved through Customs use of innovation, technology, counter-terrorism activity; cooperation with the other international agencies; and the adaptability and flexibility of the organizations and its people in the face of challenges The performance highlights outline briefly just some

of the ineasures taken by Customs to protect our borders

II C om prehension / in te rp re ta tio n

1 The role of Australian Customs is to protect their border from

a illegal and harmful imports

b unauthorized immigration

c both a & b

2 What is not the reason for Australia to implement rapid responses to protect their community?

a trend of free cross border trade

b outbreaks of infected diseases

c the consequences of overseas terrorism

3 The word “unprecedented” in the 3rd paragraph refers to:

a having happened or existed before

b have never happened or existed before

c have been done or been known before

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4 Australian Customs’ international activity is aimed at

a harmonizing international customs procedures

b making international customs procedures simpler

c providing for greater cooperation in protecting their country

d all the answers above

5 The tasks of Australia Customs are to

a balance urgent government priorities

b deliver day-to-day business requirements

c balance service, facilitation and enforcement activities

d all the answers above

6 Securing Australia is achieved through customs use of

a innovation, technology, counter-terrorism

b cooperation with the other international agencies

c the adaptability and flexibility of the organization and its people in the face of challenges

d all the above

III L anguage focus -ing form after prepositions.

• We use -ing form after prepositions.

Please switch off the lights before leaving.

She succeeded in the business by being completely single- We never launch a new product witnout doing extensive

minded

market research

Our international activity assists in harmonizing

After washing the fruit, we sort it according to size and put it into b o i ^ ^ e providing for greater trade and travel.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

We can use - in g form after th ese p rep ositions

as a result of by means of in favour of

while

Exercise:

Complete each sentences by choosing a preposition from list

A followed by an -ing from list B

A: after, without, by, in spite of, after, of, before, instead of, how about, in

B: leaving, taking over, going, having, increasing, building, landing, coming, being.

1 leaving university I worked in ITrecruitment for a while

2 I still feel tired slept eight hours

Manchester

4 The new drug was put on the m a rk e t

approved by the government

5 round this evening?

6 a new motor way, they attractednew industry to the area

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

7 I was aware very nervous at the

start of my presentation

8 Vodafone g rew .local operators

9 The Fed is hoping to reduce inflation

interest rates

10 on, I’d just like to book at this graph

in a little more detail

IV Word study

From the words listed below, select a work to fit each blank

space in the passage

t

Customs is recognized as a critical (1) to good

governance, prosperity and the (2) of society The

World Customs Organization (WCO) (3) the national

economic wealth and social protection of its Members by (4)

an honest, transparent and predictable Customs

environment This (5) legitimate international (6)

to flourish and effective action to be taken against (7)

activity

For many years, the wco has been making (8) on

the harmonization of international Customs procedures These

efforts have met with (9 ) .success The wco developed

and introduced the Harmonized Commodity Description and

Coding (10) , which is used world-wide as the (11)

for classifying goods and for the (12) of

Customs revenue.DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

V Vocabulary

- protect (v): to keep someone or something safe from harm,

damage or illness bảo vệ

- unauthorized (adj): without official approval or permission

không được phép, trái phép

- legitimate (adj): acceptable or allowed by law hợp pháp

- impede (v): to make it difficult for someone or something to

move forward làm trở ngại

- outbreak (n): it suddenly starts to happen Sự bột phát

- priority (n): the most important thing that needs attention

before anything else Ưu tiên After several burglaries in this area, security is now a high priority.

* - innovative (adj): an idea or way of doing something is new,

different, and better than those that existed before Làm thay đổi

- facilities (plural N): opportunity or equipment for doing

something easily and well: Điều kiện thuận lợi, phương tiện dễ

dàng

- renowned (adj) = famous for, known and admired by a lot of

people, especially for a special skill, achievement or quality.

renowned author / actor / photographer

He is a renowned as a brilliant speaker.

- Detector Dog Unit: Đội chó nghiệp vụ

- security (n): protection from danger or from bad situation-

an toàn, an ninh

- bilateral (adj): involving two groups or nations: song phương

- multilateral (adj): involving several different countries or

groups: đa phương

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- robust (adj): a robust system or organization is strong and not likely to have problems.

cứng rắn, nghiêm minh, trôi chảy

- continuum (n) a scale o f related things on which each one is only slightly different from the one before: chuỗi, liên tục

things having a continuous structure: bảng biến thiên

- compliance (n) = someone obeys a rule, agreement or demand.

compliance with the rules is expected o f all members.

He is a renowned as a brilliant speaker.

- Integrated Cargo System: Hệ thống hàng hóa hợp nhất.

- stakeholder (v) someone who has invested money into something or who has some important connections with it and therefore is affected by its success or failure, người giữ tiền đặt cược

/ doanh nghiệp

- undẹrgo (v): to experience sth, especially a change or sth unpleasant: trải qua

The country has undergone massive changes recently.

- agencies (n): an organization or department, especially within a government, that does a specific job: Cục, sở

A UN agency is responsible for helping refugees.

- enforcement (n) when people are made to obey a rule, law:

thi hành nghiêm nghặt

- realign (v) to change the way in which something is organized: chỉnh đốn, sắp xếp lại

The company is planning to realign its sales operations.

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

it allows the cost of losses to be financed and redistributed in advance.

The first definition of insurance th at we will examine is the finance one In this instance, insurance is a financial arrangement that redistributes the costs of unexpected losses The insurance arrangement involves the transfer of many different exposures to loss to one insurance pool, which combines the numerous exposures

An insurance system accomplishes the redistribution of the costs of losses by collecting a premium payment from every participant in the system In exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss In most insurance systems only a small percentage of those insured suffer losses

Thus, an insurance system redistributes the costs of losses from the unfortunate few members who experience them to all the members of the insurance pool (including those who suffer losses) who have paid premiums

An insurance system is able to operate because all the insured are willing to substitute a relatively small certain outlay, the insurance premium, for a relatively large uncertain loss

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

It is generally assumed that most people find the possibility

of suffering a large loss unpleasant to contemplate Therefore,

people are willing to pay an insurance premium to be relieved of

the uncertainty about a loss, as well as to be compensated if the

loss actually occurs Thus, even if no loss occurs during a year, as

will be the case for most insured, value has still been received in

the form of an eliminated unpleasant mental state, the anxiety

about a loss

It is sometimes said th at insurance is like gambling The law

however has found a mean of distinguishing between gambling

contracts, which it will not enforce, and insurance contracts,

which it will Contracts of insurance form a special class of

contract in th at the law requires parties to them, the insured and

the insurer, to exercise the utmost goods faith towards each other

II C om prehension / interpretation

1 In what way, losses can be predicted before they occur?

*

2 Why the predictability of losses in advance is basic to an

insurance system’s operations?

3 What is insurance in financial definition?

4 What does the insurance agreement involve?

5 How can an insurance system accomplish the

redistribution of the costs of loses?

6 What does the insured receive when a loss occur?

7 Why are people willing to pay an insurance premium?

8 Is insurance like gambling? Why?

9 What do you know about contracts of insurance?

III Language focus: Use the - ing form (gerund) after

prepositions

167DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

We use the - ing form after prepositions.

Example: - She became successful by providing the right product at the right price

Exercise 1: Rewrite the following sentences, using the - ing form of the verb in italic and the prepositions in brackets

1 He left the office He did not speak to his boss, (without)

2 We will not offer them a discount We will give them better

credit terms, (instead of)

3 We managed to expand We didn’t increase our debts,

(without)

4 He worked in industry for many years Then she joined

the government, (before)

The company made 700 workers redundant That is how it

became more profitable, (by)

Exercise 2: Complete the following sentences by putting the suitable verbs in italic into the gerund

examine, fall, advertise, start, order, make

1 Before anything, first get the different quotations

2 Nobody is really responsible for decisions on I wish itwasn’t such a gray area

3 After throughout the morning stock prices gained ground steadily by the close of trading

4 It’s necessary before a business to raise sufficientcapital

5 By the balance sheet and other documents we wareable to find out th at the company was not doing as well as they claimed

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

IV Word study

E x ercisel Choose the -b est answ ers to complete the

follow ing sentences.

1 Insurance companies can be considered as professional takers

3 His insurance company has told him not to admit

even though it was clearly his fault

E xercise 2: From the list below, select the w ord th a t

best fits each blank Use each w ord only once.

between claim, medical premium relationship factors market

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

over price loss original insure policies life

1 A man or woman obviously has an interest in his or herown and can therefore it and also the life of ahusband or wife

2 There are many th at provide the basis for aninsurable interest

3 Government tax policies will affect cost of private

insurance

4 Many insurance companies will only pay you th e cost

of the items for which you make a

5 can change significantly from month to month,year to year o r companies

6 The easiest way to build up .share is to offer lowpremiums, even if th at means making a for the first fewyears

7 If insurers want to avoid a .war, they may starttrying to compete on o th e r

8 Direct insurers are those which sell only their own , and only directly to the consum ers the telephone

Vo Vocabulary

- accomplish(v): to succeed in doing or completing sth / to achieve: hoàn thành

- compensate(v): bồi thường

- economic losses(n): những tổn thất về kinh tế

- experience(v): to have a particular situation after you or happen to you: trải qua, nếm mùi

- exposure(n): nguy cơ, sự rủi ro

- occur(v): to happen: xảy ra

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Something unexpected occurred.

- devise(v): to invent sth new or a new way o f doing sth\ tạo ra

- the predictability of losses in advance: khả năng dự doán

- the insured(n): người mua bảo hiểm

- insurance pool / insurance fund(n): quĩ bảo hiểm

- participant(n): a person who is taking part in an activity or

event:

- to be willing to do sth: ready to undertake: sẵn lòng, sẵn

sàng

- contemplate (v): to thing about whether you should do sth or

how you should do sth : suy ngẫm

He contemplated what the future would be like without

money.

- eliminate(v): to remove to get rid o fsth / sb: loại bỏ

Credit cards eliminate the need to carry a lot o f cash.

- mental state: trạng thái tinh thần

anxiety: sự lo lắng

171

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

Unit 25

WHAT IS ACCOUNTING?

Some people think of accounting as a highly technical field which is practiced only professional accountants Actually, nearly everyone practices “accounting” in one form or another on an

almost daily basis Accounting is simply the means by which we measure and describe the results o f economic activities Whether

you are managing a business, making investments, preparing your income tax return, or just paying your phone bill, you are working with accounting concepts and accounting information.Accounting often is called the “language of business” because

it is so widely used in describing all types of business activities Every investor, the manager, and business decision maker needs

a clear understanding of accounting terms and concepts if he or she is to participate and communicate effectively in the business community

But the use of accounting information is not limited to the business world We live in an era of accountability An individual must account for his or her income and m ust file income tax returns Often an individual must supply personal accounting information in order to qualify for a loan, to obtain a credit card,

or to qualify for a college scholarship The federal government, the states, the cities, and the school districts all use accounting information as the basis for controlling their resources and measuring their accomplishments Accounting is just as important to the successful operation of a government, a social program, or a church as it is to a business organization

The study of accounting should not be limited to students majoring in accounting or finance Everyone who engages in

I R e a d in g

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

economic activity- which means everyone- will benefit from

understanding the nature, significance, and limitations of accounting information

The Purpose o f A ccounting

The basic purpose of accounting is to provide decision

makers with information useful in making economic decisions

The input to the accounting process is economic activity; the output is useful information

A ccounting from a User's Persp ective

Our primary goals in this text are to develop your

understanding of accounting information and your ability to use it effectively The diagram below illustrates the role of accounting in

- The assumptions and measurement techniques involved in

the accounting process

DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

- How to relate the accounting information to the decision at

hand

Types o f A c c o u n tin g In fo rm a tio n

Ju st as there are m any ty p es o f econ om ic decisions,

th ere are m any types o f accou n tin g inform ation The terms

fin a n cia l accounting, m an agem en t accounting, and tax accou nting often are used in d escrib in g th e typ es of

accountin g inform ation m ost w idely in the business com munity.

Financial Accounting - "General - Purpose": Information Financial accounting refers to information describing the

financial resources, obligations, and activities of an economic entity (either an organization or an individual) Accountants use

the term financial position to describe an entity’s financial

resources and obligations at one point in time, and the term

results of operations to describe its financial activities during the

year

Financial accounting information is designed primarily to assist investors and creditors in deciding where to place their scarce investment resources Such decisions are important to society, as they determine which companies and industries will receive the financial resource necessary for growth, and which will not

However, many other decision makers also make use financial accounting information A company’s managers and amployees constantly need such information in order to run and control daily business operations For example, they need to know

;he amount of money in the company’s bank accounts, the types ind quantities of merchandise in the company’s warehouse, and

;he amounts owed to specific creditors Financial accounting nformation also is used in income tax returns In fact, financialDIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN

accounting information is used for so many different purposes

that it often is called “general- purpose” accounting information

Management Accounting: Management (or managerial)

accounting involves the development and interpretation of

accounting information intended specifically to aid management

in running the business Managers use this information in setting

the company’s overall goals, evaluating the performance of

departments and individuals, deciding whether to introduce a

new line of products- and in making virtually all types of

managerial decisions

Much “management accounting” information is financial in

nature, but has been organized in a manner relating directly to

the decision at hand However, management accounting

information often includes evaluations of “nonfinancial” factors,

such as political and environmental considerations, product

quality, customer satisfaction, and worker productivity

Tax Accounting: The preparation of income tax returns IS a

specialized field within accounting To a great extent, tax returns

are based upon financial accounting information However, the

information is often adjusted or reorganized to conform with

income tax reporting requirements

The most challenging aspect of tax accounting is not the

preparation of an income tax return, but tax planning Tax

planning means anticipating the “tax effects” of business

transactions and structuring these transactions in a manner that

will minimize the income tax burden

II Com prehension / interpretation

1 What is accounting?

2 What is the basic purpose of accounting?

3 What are the types of accounting information?DIỄN ĐÀN TOÁN - LÍ - HÓA 1000B TRẦN HƯNG ĐẠO TP.QUY NHƠN