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| А 1. Переменные издержки 2. Гудвилл 3. Производственная функция 4. Долгосрочный период 5. Кредиторская задолженность 6. Издержки 7. Ценовая дискриминация 8. Активы 9. Ликвидность 10. Предельный физический продукт 11. Краткосрочные обязательства 12. Альтернативные издержки | B a) The items of value that a firm owns. b) The opportunity cost of producing one good consists of other goods that might be produced with the same resources. c) The ease with which an asset can be converted into cash. d) The sale of an identical good at different prices to different consumers by a single seller. e) The change in total output associated with one additional unit of input. f) The costs incurred in the generation of revenue. g) Debts that will be repaid in one year or less. h) The value of a firm's reputation, location, earning capacity, and other intangibles that make the business a profitable concern. i) A period of time long enough for all inputs to be varied. j) Costs of production that change when the rate of output is altered. k) Short-term obligations that arise as a result of making credit purchases. l) A technological relationship expressing the maximum quantity of a good attainable from different combinations of factor inputs. |
V. Fill in the gaps using the words given:
sales
firm
expenses
payment
operations
income
revenues
shareholder
goodwill
inventory
intangible
cash
patents
current
buildings
funds
fixed
real
estate
allocation
A firm receives _____ for goods and services it provides to others. It also makes payments to employees, suppliers, and others who have contributed to its _____. A firm receives its _____ in payment from others over a period of time. They are mostly a flow of _____ from sales by the firm. Resources that a firm uses up in the pursuit of revenues are _____. Wages, rent, and utilities are commonly incurred business expenses. The income _____ is a useful tool. Anyone can tell at a glance what the _____ earned, what its main expenses were, and how earnings and expenses compared to _____.
Resource _____, the second function of corporate finance, is the investment of _____ with the intent of increasing _____ wealth over time. Two basic categories of investments are current assets and fixed assets. _____ assets include _____, _____, and accounts receivable. Examples of _____ assets are _____, _____ _____, and _____. In addition, the resource allocation function is concerned with _____ assets such as _____, _____, workers, and brand names.
VI. Are the following statements true or false?
1. The balance sheet of any company is made up of its assets plus any cash on hand.
2. The company’s debts are listed as liabilities.
3. A balance sheet is the summary of what the company owes and what it owns at a given point of time.
4. On the right the company lists everything it owns.
5. «Fixed assets» called property; plant and equipment are listed on the left side of the balance sheet.
6. The company’s liabilities are not always included in the balance sheet.
7. The company’s shareholders may look at the lists on both sides of the balance sheet to see what they really own.
8. Shareholders have no right to calculate the stockholders’ equity.
9. Accounting gives the shareholders a clear picture of the company’s financial position.
10. Profit and loss statement is the overview of a company’s day-to-day activities.
11. The profit of a company includes its expenses and revenues.
12. There are many ways to determine the depreciation of a company’s fixed assets.
13. Analysis of company’s cash flow helps to understand its activity.
VII. Complete the sentences referring to the information from the text.
1. A balance sheet is ….
2. A balance sheet is made up ….
3. The list of labeled assets includes ….
4. The company lists its liabilities ….
5. A book value shows ….
6. Owners’ equity is the difference between a firm’s …and its.
7. Profitability is the possibility and ability of a firm to produce ….
8. By … a company's liabilities from its assets, shareholders calculate the stockholders' equity
VIII. Translate from Russian into English:
1. Финансовая отчетность дает представление о финансовом положении и финансовых результатов деятельности организации.
2. Цель финансовой отчетности - представить информацию о финансовом положении организации, финансовых результатах ее деятельности и движении денежных средств.
3. Финансовая отчетность предоставляет информацию о следующих показателях:
· активы
· обязательства
· капитал
· доходы
· расходы
4. Эти показатели являются элементами финансовой отчетности.
5. Финансовая отчетность состоит из следующих компонентов, каждый из которых раскрывает определенный вид информации:
· баланс;
· отчет о прибылях и убытках;
· отчет об изменениях в собственном капитале;
· отчет о движении денежных средств.
6. Бухгалтерский баланс содержит информацию о финансовом состоянии и результатах деятельности предприятия на определенный момент времени.
7. Бухгалтерский баланс отражает все операции, производимые в ходе хозяйственной деятельности предприятия.
8. Отчет о прибылях и убытках - финансовый отчет, в котором показаны доходы, расходы и прибыль предприятия за определенный период времени (обычно за год).
9. В отчете о движении денежных средств отражены потоки денежных средств, то есть фактические физические перемещения денежных средств в виде поступлений и платежей.
10. Отчет о нераспределенной прибыли объясняет изменения в чистой прибыли компании за отчетный период.
11. Активы — это все материальные ресурсы, имеющие денежную стоимость и находящиеся в распоряжении предприятия.
12. Активы подразделяются на материальные и нематериальные.
13. Пассивы — это финансовые обязательства предприятия. Они возникают при использовании кредитов или ссуд.
14. В зависимости от срока погашения различают краткосрочные и долгосрочные обязательства.
IX. Answer some questions:
1. What are the major financial statements?
2. What does the income statement report?
3. What does the statement of owner's equity show?
4. Why is the balance sheet sometimes called the statement of financial position?
5. What is the statement of changes in financial position used for?
Литература
Основная: 4, 5, 6.
Дополнительная: 8, 11.
TOPIC 8.
MONEY AND ITS FUNCTIONS
The main feature of money is its acceptance as the means of payment or medium of exchange. Nevertheless, money has other functions. It is a standard of value, a unit of account, a store of value and a standard of deferred payment.
The Medium of Exchange. Money, the medium of exchange, is used in one-half of almost all exchange. Money is the medium through which people exchange goods and services. However, this has not always been true. In primitive societies a system of barter was used. In barter economy there is no medium of exchange. Barter was a system of direct exchange of one good or service for another. Goods are traded directly or swapped for other goods. In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. There is a double coincidence of wants. Barter was a very unsatisfactory system because people's precise needs seldom coincided.
A Measure of Value. Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts are kept.
Store of Value. To be accepted in exchange, money has to be a store of value. Money is a store of value because it can be used to make purchases in the future. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value.
Finally, money serves as a standard of deferred payment or a unit of account over time. It is the unit in which prices are quoted and accounts are kept. In Britain prices are quoted in pounds sterling, in USA in dollars. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well.
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