TASK 1. Match the English phrases with the Russian ones. Make up sentences with the English word-combinations.

UNIT 1

The Balance Sheet

Objectives:

After studying this Unit you should be able to:

· Give the definition of the balance sheet statement

· Analyze its structure

· Understand and explain different layouts of the balance sheet

· Make up a balance sheet

in/tangibles не/материальные (активы)

income statement отчет о прибылях и убытках

issued shares выпущенные акции

layout n план, разметка, положение дел

long/short term liabilities долго/краткосрочные обязательства

net asset чистые активы

net book value остаточная стоимость

obsolete v устаревать, изнашиваться

oppose v противопоставлять, препятствовать

outstanding payment просроченный платеж, невыплаченная задолженность

overdraft n овердрафт; сумма, получаемая сверх остатка на счете; получение средств по открытому счету

profit and loss statement отчет о прибылях и убытках

provision n снабжение, обеспечение, положение, условия

retain v удерживать, сохранять

revalue v переоценивать

settlement n улаживание, расчет, оплата, погашение, покрытие

share premium надбавка к номинальной стоимости акций

top up v достигать

wealth n богатство, благосостояние

wear out v изнашиваться

working capital чистый оборотный капитал, разность между оборотными средствами и краткосрочными

Обязательствами

STARTER АСTIVITIES

TASK 1. Read the passage through quickly. Then answer the questions:

7. Why is the balance sheet considered to be a "still financial picture" of a business?

2. What financial components does the balance sheet contain?

The balance sheet and the profit and loss statements are considered to be the two most important financial statements. The difference between the two is explained by comparing the balance sheet to a "still picture" while the profit and

loss statement is regarded as a "moving picture". The balance sheet presents a financial picture of the business (its assets, liabilities, and ownership) on a given date. It is usually prepared as of the close of the last day of a month and answers the question how the business stood financially at that time. The profit and loss statement (also called the income statement) measures costs and expenses against sales revenues over a definite period of time, such as a month or a year, to show the net profit or loss of the business for the entire period.

VOCABULARY FOCUS

TASK 1. Match the English phrases with the Russian ones. Make up sentences with the English word-combinations.

1) notes receivable

2) accounts receivable

3) inventory

4) equipment

5) securities

6) convert

7) supply

8) claims

9) fixtures

a) принадлежности

b) ценные бумаги

c) требование, претензия, иск, рекламация

d) векселя полученные, векселя к получению

e) запасы, сырье и материалы

j) конвертировать, обменивать, обращать

g) счета к получению, дебиторская задолженность

h) оборудование,

i) запас, резерв, инвентаризация, опись

TASK 2. Read the following words and word combinations and their definitions. Give their Russian equivalents and try to remember them.

Balance: amount to be put in one of the columns of an account to take the total debits and credits equal.

Balance sheet: statement of the financial position of a company at a particular time, such as the end of the financial year or the end of a quarter, showing the company's assets and liabilities. The balance sheet shows the state of the company's finances at the certain date. The profit

and loss account shows the movements, which have taken place since the last balance sheet.

Book value: value of an asset as recorded in the company's balance sheet.

Capital assets or fixed assets: property or machinery which a company owns and uses, but which the company does not buy or sell as part of its

regular trade.

Current assets: assets used by a company in its ordinary work (such as materials, finished goods, cash, and monies due).

Goodwill: good reputation of a business, which can be calculated as part of a company's asset value, though separate from its tangible asset value (the goodwill can include the trading reputation, the patents, the trade names used, the value of a "good site", etc., and is very difficult to establish accurately).

Inventory: The sum of tangible property held for sale, in production, or held for use in the production of goods or services to be sold. The term inventory is also used for the process of determining the number of the various items on hand in the inventory.

Intangible assets: assets which have a value, but which cannot be seen (such as goodwill, or a patent, or a trademark).

Overdraft: amount of money which a company or person can withdraw from a bank account with the bank's permission, and which is more than there is in the account.

Profit and loss statement or income statement: accounts for a company, which shows expenditure and sales, balanced to give a final profit or loss.

Share: one of many equal parts into which a company's capital is divided (the owners of shares are shareholders or, more formally, "members".

Share premium: amount to be paid above the nominal value of a share in order to buy it.

Tangible assets: assets, which are solid (such as furniture, jewels or cash). Working capital: capital in cash and stocks needed for a company to be needed to work.

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