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· A business can exist even if financiers outside the business don't give finance to it.
· Shareholders are the financiers as well as lenders and creditors.
· The balance sheet shows what resources the business possesses and its sources.
· The balance sheet shows how efficiently a company manages its assets.
5. Generally accepted accounting methods show current assets to have
a reducing value every year.
6. Fixed assets are items used in the business that wear out and depreciate in value over time.
7. Only the addition of newly purchased assets will cause fixed assets to increase.
8. On the left side total liabilities are added to a net worth.
9. Owner's equity is the difference between things a business owns and things owed by business.
10. European and American balance sheets have generally a vertical layout.
11. American balance sheets have converse order in contents compared with European ones.
12. Working capital is the sum of the long-term liabilities and the net worth.
13. UK balance sheets contain some differences in terms used.
TASK 3. Read the text again and answer the questions.
1. In what conditions is a business able to exist?
2. What groups of financiers operate a business?
3. What are' assets'?
4. What headings in the balance sheet show sources of finance in a business?
5. Does the balance sheet show the financial state of a business at a certain date?
6. How can items be presented on the balance sheet?
7. Is side by side or vertical layout of the balance sheet generally used in the UK?
8. Working capital is the difference between current assets and current liabilities, isn't it?
9. What parts of finance does employed capital consist of?
10. What is called 'net worth?
11. The balance sheet is a statement of wealth invested in resources into a business, isn't it?
TASK 1. A. Find in the text sentences with the following words and word combinations and translate them. B. Use this vocabulary in sentences of your own. Ask your partner about financial items you find on a balance sheet statement.
1) to make an equivalent amount;
2) resources for use;
3) to relate to;
4) to obtain smth. from smb.;
5) to contain smth.;
6) to show smth. as;
7) to list smth.;
8) to supply resources;
9) side by side;
10) to represent the claims;
11) to oppose to smth.;
12) to relate to.
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| TASK 11. Use the right words from the box to complete the sentences. Translate them into Russian. | | | TASK 2. Tell your friend about American balance sheets compared with European ones. |