Ex. 2. Read the text and translate it in writing

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Ex. 3. Prepare a good reading of the text. Consult the dictionary if you don’t know the right pronunciation

Ex. 4. Complete the sentences according to the text

1. The term “asset” means …

2. A company’s total assets include such items as …

3. Assets are traditionally classified into …

4. Current tangible assets consist of …

5. Current intangible assets include …

6. Long-term intangible assets are such items as …

7. Long-term tangible assets are divided into…

8. Current liabilities are usually …

9. Debts, bonds and long-term loans, belong to …

10. The net worth means …

Ex. 5. Find words in the text which mean

1. the sum of your assets, for example the value of your house, once your debts have been subtracted from it;

2. a written statement of the amount of money and property that a company or person has, including amounts of money that are owed or are owing;

3. a sum of money that is owed or due;

4. a thing for which someone is responsible, especially an amount of money owed;

5. a certificate issued by a government or a public company promising to repay borrowed money at a fixed rate of interest at a specified time;

6. an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies;

7. the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material;

8. property in the form of land and buildings, rather than personal possessions;

9. a government authority or license conferring a right or title for a set period, especially the sole right to make, use, or sell an invention;

10. a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.

Ex. 6. Fill in the blanks with one of the words given below

assets stockholders liabilities incomes balance sheet equity goodwill real estate net worth bond

1. The company has a negative … and is still losing money.

2. Many investors sold stock and put their money into ….

3. The company’s … are currently valued at $7.4 billion.

4. Government … are usually considered to be a safe investment.

5. The company’s … remains healthy despite the recent recession.

6. The research shows that families on low … are struggling with debts.

7. … are the items on the debit side of a balance sheet, including unpaid bills from suppliers, unpaid taxes, and secured and unsecured debt of various sorts.

8. He is the company’s chairman, chief executive officer and controlling ….

9. In its bankruptcy filing, the company listed … $363.7 million.

10.The sale price also covers the … of the business.

Ex. 7. Find if the following statements are true or false

1. The assets of a company or a person are all the things that they own.

2. Tangible assets of an enterprise are those which cannot be seen or touched.

3. Physical objects such as land, buildings, machinery, leases, or company shares are intangible assets.

4. Current assets are assets which a company does not use on a continuous basis, such as stocks and debts, but which can be converted into cash within one year.

5. Goodwill is limited to items that can be given a monetary value.

6. A company or organization’s liabilities are the sums of money which it owes.

7. Long-term liabilities are amounts due to be paid to creditors within twelve months.

8. Net worth is the net value of an organization’s assets, after deducting any liabilities.

9. When the company is a corporation, the equity means the value of the shares issued by a company.

10. The owners’ equity can be decreased either by investing more money in the company or by earning a profit.

Ex. 8. Put all types of questions (general, special, alternative and disjunctive) to the following sentences

1. All companies keep proper accounting system in order to know whether or not they are operating profitably.

2. Long-term intangible assets are not really visible and include such items as goodwill, patents, trademarks, copyrights, these assets often being the most important factor for obtaining future incomes.

3. The owners’ equity can be increased either by investing more money in the company or by earning a profit.

Ex. 9. Answer the questions to the text:

1. What does the term “asset” mean?

2. How can the company’s assets be classified?

3. How “goodwill” increase the company’s profits?

4. To what type of assets does the real estate refer to?

5. What liabilities does the company usually have? How are they classified?

6. How is the net worth calculated?

7. What accounts should be kept by the company?

8. What is a balance sheet?

9. What is the main accounting equation?

10.Why is it important to keep the proper accounting system?

Level B

Ex. 10. Write from the text all predicates in the Passive form and diagnose their tense form

Ex. 11. Open the brackets using the verb in the Passive form

1. Profit of the firm (to analyze) by the manager at the moment.

2. The European Economic Union (to form) in 1958.

3. A new policy of advertising goods (to introduce) by the firm recently.

4. Goods (to buy) by consumers from manufactures.

5. The euro (to use) by all countries of Western Europe next decade.

6. This situation (to predict) by economists long ago.

7. The goods just (to sell) at a high price.

8. Next year more money (to invest) in medicine.

9. The discount usually (to give) to the permanent customers.

10.The terms of payment (to discuss) by the representatives of the companies now.

Ex. 12. Transform the sentences from direct speech into reported speech. Make all the appropriate changes

1. He said: “I can’t afford to buy this car at the current price.”

2. He informed: “The suppliers have changed their price recently.”

3. The manager reported: “The firm employed new workers the other day.”

4. The boss said to the secretary: “Send these faxes immediately.”

5. My friend asked: “Will you lend me a five-dollar note? ”

6. She asked: “How often do you go on business? ”

7. The accountant inquired: “Did your firm pay taxes on time last year? ”

8. He got interested: “Where are you going to hold the next meeting? ”

9. He supposed: “We might beat the price increases, if we invest now.”

10.The stockholder wondered: “Can I make a comment at this point? ”

Ex. 13. Open the brackets applying the sequence of tenses rule

1. Last year’s financial statement indicates that it (to be) a very profitable year for the company.

2. The purchasing director wanted to know how much the new equipment (to cost).

3. A trademark search revealed that the name already (to register).

4. Foreign investment peaked in November, when overseas investors (to take) advantage of low prices.

5. They were likely to do so only if the perceived benefits (to exceed) the expected costs.

6. We knew we (to need) another source of income if we (to plan) to have a family.

7. He said it (to be) years before he (to pay) off the loan.

8. The accountant explained that a company net assets (to consist) of its assets minus liabilities.

9. Economists made an assumption that the next year inflation rate (to rise) steadily.

10.The graph showed the number of shareholder (to double) over the past two years.

Ex. 14. Rewrite and translate the sentences below. Define the voice and tense forms of the verbs

1. An income statement covering the previous year will be included in a corporation’s annual report to its stockholders.

2. Financial resources are the funds the organization uses to meet its obligations to various creditors.

3. Balance sheet always contains an entry for debtors: goods that have been sold, but are not paid yet.

4. Short-term financing is needed to pay the firm’s bills until customers have paid their bills.

5. When an individual or a company borrows money from a bank, the money must be paid back by a specific date.

6. A small increase in our company’s profits was reported last year.

7. The economic situation is already very bad and it is getting worse.

8. When we have notice from the manufacturers, we will inform you that the goods are in stock.

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