I study at the Accounting Economic Department of the State Tax Service
Academy of Ukraine . This Department is one of the oldest departments of
our Institute. It trains highly qualified, specialist with deep
knowledge, in economics, organisation and management of production,
accountancy, the analysis of economic activity, etc.
A part from the Accounting Economic Department there is the Finance
Economic Department. It is not so old as the Accounting Economic
Department, but it is the longest as to the number of students, studying
there. My friends studies there.
We study general and special subjects. Among the special subjects, the
following may be named: Accountancy, Statistics, Management, Marketing,
Finance, Budget, etc.
What is Accounting? Accounting is the process of identifying,
collecting, measuring and reporting information on business activity.
Thus, it is possible to speak about three functions of accounting:
1) reporting on past operations of the enterprise, company, firm, etc.;
2) revealing the extent to which past activities deviated from budgeted
3) planning and budgeting future activities of the enterprise, company,
What is Finance? Finance is the function in a business that is
responsible for acquiring funds for the firm and managing funds within
the firm (for example, preparing budgets, doing cash flow analyses) and
planning for the expenditures of funds on such assets as plant,
equipment and machinery. Most organisations have a manager in charge of
financial operations. His duties are: planning, budgeting, obtaining
funds, controlling funds (funds management), collecting funds (credit
management), auditing, managing taxes and advising top management on
Can you see the link between accounting and finance?
They are mutually supportive functions in a firm. A firm cannot get
along without accounting but neither, can it prosper without short- and
long-term financing, managing its funds well, minimising its taxes, and
investing, its funds properly.
The tasks of all the economists are to use the new economic activity
effectively, as well as new economic levers and stimuli.
The subjects studied orient the future specialists to the broad use of
electronic and computational techniques. The graduates of the economic
departments will work at different accounting offices, departments,
banks, ministries, etc.
1. highly qualified specialist – висококваліфікований спеціаліст
2. management of production – керівництво виробництвом
3. accountancy – облік
4. to identify information – ототожнювати інформацію
5. to measure information – вивіряти інформацію
6. to report information – звітувати
7. to reveal the extent – виявити розмір
8. to deviate – відхилятися
9. to be responsible for – бути відповідальним
10. to acquire funds – придбати фонди
11. cash flow analyses – аналіз потоку готівки
12. expenditures – витрати
13. assets – активи
14. to be in charge of – бути відповідальним за
15. to obtain funds – діставати фонди
16. auditing – аудит
17. taxes – податки
18. economic levers and stimuli – економічні важелі та стимули