C. According to this exhibit explain the classification of assets and liabilities.

The current and long term classification of assets and liabilities

D. Discuss the following with your partner.

1) What principle is the classification of assets based on?

2) What are current assets?

3) What types of investments can be distinguished?

4) What is the difference between tangible and intangible assets?

5) What does the term “current liabilities” refer to?

6) What is included into the category of long-term liabilities?

E. Study the classified balance sheet carefully and answer the following questions.

1) What are total assets?

2) What are total liabilities?

3) What is stockholders’ equity?

Classified Balance Sheet

UISE ELIASON and COMPANY Balance Sheet December 31, 2XXX
ASSETS:
Current assets:
Cash…………………………………………………………………$
Accounts Receivable…………………………………………	251, 000
Inventory ………………………………………………………..	298, 900
Prepaid Expenses ……………………………………………	50, 000
Total Current Assets……………………………………………………………	$ 6000, 000
Long-Term Assets:
Land …………………………………………………………………$	$ 125, 000
Plant and Equipment........................ $1, 075, 000
Less: Accumulated Depreciation………….. (283, 200)
Plant and Equipment Net………………………………	791, 800
Total Long Term Assets…………………………………………………………	916, 800
Total Assets ………………………………………………………………………………..……….	$1, 516, 800
LIABILITIES:
Current Liabilities:
Accounts Payable…………………………………$ 501, 000
Short-Term Note Payable…………………………50, 000
Total Current Liabilities …………………………………	$ 551, 000
Long-Term Liabilities:
Bonds Payable………………………………………………………	300, 000
Total Liabilities………………………………………………………………………………………	$ 851, 000
STOCKHOLDERS’ EQUITY:
Common Stock, No Par Value,
10, 000 Shares Issued and Outstanding…………………	$ 400, 000
Retained Earnings …………………………………………………………	265, 800
Total Stockholders’ Equity ……………………………………………………………………. Total Liabilities and Stockholders’ Equity……………………………………………....	665, 800
$ 1, 516, 800

F. Translate the groups of derivatives:

a) account – accountant – accounting – accountancy – accountable – accountability

b) assist – assistance – assistant

c) calculate – calculated – calculation – calculator – calculating

d) earn – earner – earnings – earned

e) finance – financial – financing – financier

f) owe – owing – owing to – owed

g) own – owner – ownership – owning – owned

h) pay – payable – payee – payment – paid – unpaid

i) profit – nonprofit – not-for-profit – profitable – unprofitable – profitably – profitability – profiteer – profiteering – profitless

G. Match synonyms.

careful (accurate)	to perform (duties)
controller	commitments
executive	to aid
obligations	to supply
often	to bring adequate return
operations	to define
owners’ equity	to reduce
plant assets	to advance
sophisticated	transactions
to assist	administrative
to carry out	frequently
to cut down	fixed assets
to determine	difficult
to profit	chief accounting officer
to promote	to launch
to provide	net worth
to start	proper

H. Match antonyms.

bottom	profit
decreases	part-time
full-time	expenses
intangible	increases
long-term	to exceed
loss	to borrow
receivable	top
revenues	growth
to be salaried frequently	short-term
to decline	payable
to lack	tangible
to lend	to be paid a fee

I. Use the proper preposition.

1) … a fee 2) …a part-time basis 3) to advance smb … 4) to be close... smb 5)to be concerned …

6) to be performed... smb 7) to be responsible... 8) to buy … credit 9) to consist … 10)to convert …

11) to cope … 12) to invest … 13) to operate … a profit 14) to rely … 15)to result …

J. Give Russian equivalent to the following expressions:

fundamentals of fiscal and business administration, to rely on the expert knowledge and experience, to perform the routine work of doing smth, to operate at a profit, to close down owing to lack of funds, to be advanced to the position, loans made to the firm, money owing for goods supplied to the firm, to record figures in the books, to have a background in accounting, to interpret the data.

K. Match English terms denoting доход, прибыль, выручка, приход, денежные поступления with the given definitions. Use the dictionary to help you.

a) earnings b) gain(s)

c) income d) proceeds

e) receipts f) return(s)

g) revenue h) yield

1) most general term for money we receive for our work, investments, etc.

2) profit from a transaction.

3) income, especially the total annual income of the state from taxes

4) money earned

5) increase in wealth, profit

6) money received by a business

7) money obtained by selling something

8) income received from holding securities, esp. bonds

UNIT 4

GLOBAL FORCES

Module 1 Globalization

Starting up

❖ What international organizations can you name?

❖ What do the following abbreviations stand for?

IMF IBRD GATT EEC NAFTA OPEC WTO OECD

❖ Do you know their functions in the world economy?

A. Study the topical vocabulary.

entity	организация, образование
substantial	значительный, существенный
an amendment	улучшение, корректировка; поправка к закону, резолюции
loan practice	практика предоставления займов
to shift focus	смещать акценты
poverty alleviation	борьба с нищетой
regulatory practices	нормативно-правовая практика
to pose new strains	ставить новые проблемы

Reading 1: International Organizations

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