5.5.4 Text for discussion.
a. Look up the dictionary or Unit 5 Glossary for the meaning and pronunciation of the following words and word-combinations and use them to discuss the problems outlined in the text.
Management by exception, the agreed budget, a deviation, an over-or-under-expenditure, variances, variance analysis, adverse, to highlight, remedial action, yardsticks, ratio analysis, economic variables, cost of money, original assumptions, in the framework.
b. Briefly scan the text and outline the list of major points.
c. Read the text more carefully and comment on the following items:
- the importance of control;
- the main features of budgetary control;
- the difference between the variance analysis and the ratio analysis;
- the impact of critical economic variables on business.
- 5.1 Getting started
- 5.2 Look through the following vocabulary notes which will help you understand the text and discuss the topic.
- 5.3 Reading Costs and Costing Methods
- 5.4 Comprehension
- 5.4.1 Answer the questions using the active vocabulary and Unit 5 Glossary.
- 5.4.2 Mark these statements t(true) or f(false) according to the information in the Text and Unit 5 Glossary. If they are false say why.
- 5.5 Language practice
- 5.5.1 Match the English terms in the left-hand column with the definition in the right-hand column.
- 5.5.2 Complete the following texts using the suitable words or phrases from the box.
- Budgetary Control
- 5.5.3 Complete the text. Replace the Russian words and phrases by the English equivalents. Planning
- 5.5.4 Text for discussion.
- Control
- 5.6 Render the passage in English using the English equivalents of the italicised phrases given in Russian. Express the main idea of the passage in one sentence.