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

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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.


TASK 3. Choose the appropriate word to fill in the blanks.

The balance sheet is a statement of what a company owns (its____1____) and what it owes (its____2____) at a particular time. It____3____of three major sections: assets, liabilities and____4____.

These three sections are arranged____5____from country to country. In the USA and many European countries, the assets_6_on the left-hand side of____7___and the liabilities on the right. In England, the three sections

mentioned above are___8____vertically.


Equity consists differently arranged The page assets appear liabilities



TASK 4. Match the words with the correct meanings. Use them to speak
about company's assets.  
1) amount a) to form, to order, to organize
2) arrange b) what a company owns
3) assets c) to make a total of
4) breakdown d) cost
5) defer e) to split into
6) enter into f) pay back
7) liabilities Щ g) what a company owes
8) outstanding payment h) to postpone
9) pay off i) to lower
10) reduce j) to write information into account ledger
11) valuation k) not yet paid or completed, obligatory to
  pay in the future



TASK 5. Make up word-combinations, using the words from the left and
right hand columns. Use them in sentences of your own.
1) profit and loss a) figures
2) to present b) financially
3) on a given c) statement
4) to stand d) date
5) entire e) costs and expenses
6) to measure f) by side
7) side g) against the assets
8) the claims h) period



TASK 6. Choose the best definition of the following word combinations.

Opening inventory

a) the value of raw materials, components, spare parts, work in progress and fuel at the beginning of an accounting period;

b) all the supplies, goods and raw materials that are used to set up a business;

c) unsold goods left over from previous financial years;

d) the value of raw materials, components, spare parts, finished products, work in progress and ftiel at the beginning of an accounting period.


Factory overheads

a) cost of fuel, raw materials and components;

b) other costs not directly connected with production;

c) costs of water, electricity and fuel used in factory buildings;

d) depreciation on all machinery, equipment and stock;

e) a)+c)

f) costs of transport from the factory;

g) b)+c)+d)

Interest costs

costs of

a) marketing;

b) sales;

c) advertising;

d) borrowing.


Cost of sales

a) cost of making a product;

b) business costs, which do not rise with the quantity of the product made;

c) cost of hourly paid worker employed to make a product;

d) all the costs of the product sold, including manufacturing costs and the staff costs of the production department.


TASK 7. Build new words with the help of the prefix ` re-`.Give their Russian translation. Make up sentences of your own with the English words.

payment present














TASK 8. Match antonyms.

a) outstanding payments

b) wealth

c) fixed assets

d) appear

e) intangible assets

f) retain

a) tangible assets

b) current assets

c) distribute

d) poverty

e) disappear

f) paid off

TASK 9. Write down the expressions with the terms" assets”, "account", "liabilities. Find new ones using a dictionary. Translate them and use in sentences.

Cash receivables



TASK 10. Find the correct definition in the right-hand column of the words on the left.

1) credits a) capital and reserves;

b) amounts falling due within or after more than one year;

c) long-term liabilities;

d) short-term liabilities

2) a) a companies capital which is invested by owners of the shareholder company;

b) the capital and reserves of a company

c) group of shares in a company owned by one person;

d) person who owns shares in a company

3) assets a) calculation of value;

b) things which belong to a company or to a person and which have a value;

c) a legal transfer of a property;

d) method of selling stocks

4) fixed assets a) money, investments and services owed to a company;

b) goods, goodwill, capital, land, buildings, vehicles and machinery which a company owes to others;

c) goods, goodwill, capital, land, buildings, vehicles AND machinery which a company owns;

d) a) + b);

e) a) + c)

5) debtors a) people who owe the company money;

b) people who look after the company's activity;

c) people to whom the company owes money;

d) people who manage the company

6) shareholder' s a) money distributed to the workers as a bonus;

equity b) the money invested in the business by the owners;

c) capital contributed by investors in the Stock Exchange;

d) Surplus wealth generated by the business

7) net asset f) property or machinery which a company owns;

g) assets used by a company in its ordinary work;

h) assets which can`t be sold because someone has a claim against them;

i) the sum of fixed assets and working capital

8) balance a) report of the financial position of a company at a particular time;

b) statement which shows cash sales and purchases;

c) account for a company with expenditure and income over a period of time showing a final income;

d) report of money resources for something

9) creditor s a) person who own the company;

b) people who owe money to the business;

c) amounts falling due within a year

d) persons who write checks or bills asking the bank to pay money for a payee


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