Навчальнометодичний посібник розглянуто та схвалено на засіданні кафедри іноземних мов 25 травня 2006 р., протокол 9
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Exercise 3. Answer the following questions: 1. What is financing? 2. What personnel are in charge of financial operations? 3. What are internal funds and how are they used? 4. What does depreciation represent? 5. How do businesses raise external funds? 6. How do short-term and long-term loans differ? 7. What documents reflect financial information on business? 8. How do banks take part in business? 9. What do we call credit line? 10. What information is given in the balance sheet? 11. What can we learn from the income statement? Exercise 4. Translate into English. спосіб, яким бізнес залучає та контролює кошти; решта/залишок; покривати витрати на амортизацію; акції; облігації; фондова біржа; довгострокові кредити підлягають оплаті; сировина; підсумовувати; борги фірми; в певний час; збитки. Exercise 5. Translate into Ukrainian. money comes from the sale; within/outside the firm; typically; to raise external funds; securities; negotiable; must be repaid; everyday costs of doing business; expensive items; firm’s assets; firm’s revenues; over a period of time. Exercise 6. Match and learn the synonyms. A: shares, bond, loan, revenues, expenses, funds; B: credit, profit, stocks, capital, note, costs. Exercise 7. Match and learn the opposites. A: costs, cheap, liabilities, outside, internal, loss; B: external, within, expensive, assets, profit, revenues. Exercise 8. Complete the sentences with the proper words from the list below: the cost of depreciation, to raise funds, net worth, to meet, raising and monitoring, internal funds, loan 1. Our finance department is in charge of … the company funds. 2. The firm has received a 5-year… to buy new machinery. 3. We have started a new project so we have to work hard … our expenses. 4. Don’t forget to include … into income statement. 5. The balance sheet shows the firm’s … at a given time. 6. The management of the firm decided … by borrowing. 7. As the company started a new line of products their … have increased. Exercise 9. Translate into English. 1. Фінансування – це спосіб залучення та контролювання коштів. 2. Власні кошти фірми надходять від продажу продукції, тоді як залучені кошти надходять зовні. 3. Ми можемо покрити витрати на амортизацію власними коштами. 4. Чи фірма вже виплатила цю довгострокову позику? 5. В цьому році компанія придбала деяке нове устаткування для заміни старого. 6. Фінансовий відділ вже склав балансовий звіт за перший квартал. 7. Бізнес може залучити зовнішні кошти двома шляхами: або випустити акції, або отримати позику. 8. Акції цієї компанії продаються на фондовій біржі. 9. Звідки надійшли ці кошти? 10. Строк виплати вашої позики настав. Exercise 10. Make a list of the key terms on the topic. Get ready to define the terms on your list using the information from the text. Grammar point: The Present Perfect tense: Active and Passive forms (p.141) The Present Perfect Continuous tense (p.142) *The Present Perfect: simple vs. continuous forms (p.142) Present Perfect vs. Past Indefinite (p.143) *The use of since and for with Present Perfect Exercise 11. Use the verb in brackets in the Present Perfect tense to state the ‘present result’ of the past action or event. Translate the sentences. 1. Our company (to issue) stocks. Now they are on sale at Stock Exchange. 2. Their funds are limited. They (to cover) the cost of depreciation with all their internal funds. 3. We are going to have bad times. Our financial manager (to state) the negative balance. 4. Why is there no money on our bank account? - We (to use) it to cover our expenses. 5. Let’s go shopping. I (to receive) my salary. 6. They (to get) a long-term loan and plan to replace the equipment. Exercise 12. Use the Present Perfect tense instead of the negative form of the Present Continuous tense as in the model: I am not reading the book. - I have just read the book. 1. He is not calculating his profits. 2. They are not financing this project. 3. We are not exchanging our money. 4. She is not selling her shares. 5. I am not buying these bonds. 6. He is not receiving a loan. 7. They are not making a balance sheet. 8. We are not repaying the principal. 9. They are not using equity funding to raise funds. 10. She is not performing this transaction. 11. We are not discussing his plan. 12. He is not writing a report. 13. I am not answering their letter. 14. They are not ordering these goods. 15. She is not calling her partner. Exercise 13. We use the Present Perfect tense when we talk about the period of time that continues up to the present, e.g. today, this week, this month, etc. Make questions with the words given as in the model: You/ repay/ loan/ this month? - Have you repaid loan this month? 1. You/ read/ the newspaper/ today? 2. He/ buy/ any bonds/ this year? 3. She/ prepare/ the income statement/ this week? 4. They /replace/ their equipment / this month? 5. This company/ issue / shares/ this year? Exercise 14. We often use the Present Perfect tense with “indefinite expressions of time”, such as just, already, recently, ever, never( in middle position after the verb “have”), yet (at the end of questions and negative sentences). Use the verb in brackets in the Present Perfect tense, mind the position of “time expression”: 1. He (already, to buy) this company’s shares. 2. They (never, to use) internal funds to repay the loans. 3. She (yet, not to prepare) the balance sheet? 4. I (just, to see) the manager to discuss the firm’s assets. 5. You (ever, to be) at the Stock Exchange? 6. The loan (already, to mature). 7. I (never, to speak) at the company meetings. 8. We (yet, not to negotiate) the terms of the loan. 9. He (just, to read) their income statement. 10. She (already, to sell) her shares in business. * Learn the two meanings of since: 1)сполучник часу, що вказує на початок процесу, що безперервно триває з якогось часу в минулому - з; з того часу, як; 2) сполучник причини, що вводить підрядні речення причини—оскільки; так як; через те, що. Exercise 15. Read and translate the following sentences. 1. You can give them a long-term loan since we have checked their financial statement. 2. We have been partners since 1998. 3. Since the equipment is worn out we have to replace it. 4. He has performed these transactions since the time he was employed by this firm. 5. We do not travel a lot since we are saving money for a new flat. 6. She has written a lot since her first book was published. * Learn the difference between since and for. Since is used to give the starting point of actions or situations that continue up to the moment of speaking; it is followed by the reference to the point of time (e.g. since April 24th). For is used to say how long an action or situation lasts; it is followed by a reference to a period of time (e.g. for three months). Since: 8 o’clock; he finished school; 2002; last Monday; etc. For: 2 hours; a week; a long time; ages; etc. e.g. I have known him since he finished school. I have known him for a long time. Exercise 16. Insert since or for in the following sentences: 1. His father has been a managing director …10 years. 2.We have been friends … school years. 3. She has not written to us … two months. 4. They have not heard from him … he went abroad. 5. I have not met him … a week. 6. She has lived here … 2002. *The Present Perfect Simple is used to say that the action is completed and to talk about its result while the Present Perfect Continuous tense emphasizes the continuation of the action, compare: I have read your book (= I have finished it). I have been reading your book (= I have not finished it). The Present Perfect Simple is used to talk about more permanent situation while the Present Perfect Continuous is especially used for more temporary situations, compare: I have worked for this firm all my life. I have been working for this firm since last month. Both tense-forms have nearly the same meaning, the continuous form stressing the process and the simple form emphasizing the result. Thus, both these sentences are correct: He has lived in Kyiv since 1987. He has been living in Kyiv since 1987. But we tend to use the continuous form if it is possible. Sometimes it is not – with the verbs that are not used in Continuous tenses (see p.136). In such cases we use Perfect Simple forms. Exercise 17. Use the verb in brackets in either Perfect Simple or Perfect Continuous form. 1. He (not to work) very well recently. 2. He (not to work) for years. 3. I (to learn) irregular verbs all afternoon. 4. I (to learn) irregular verbs – ask me any. 5. I am tired – I (to calculate) our expenses all day. 6. I (to calculate) our expenses – we spend too much on clothes. 7. Sorry about the mess - the workers (to install) new computers in my office. 8. The workers (to install) new computers and we can start working now. 9. They (to monitor) the situation since the elections started. 10. They (to monitor) the situation – here is their report. * Compare the use of Present Perfect and Past Indefinite: e.g. We have just seen them (a past action which time is not definite) –Present Perfect. We saw them last week (a past action, completed at a definite time in the past) –Past Indefinite. Exercise 18. Use the verbs in brackets in either Present Perfect or Past Indefinite. Pay attention to time expressions. 1. They already (finish) writing their report. 2. They (finish) writing their report two hours ago. 3. Last time we (see) him, he (look) very tired. 4. I (not see) him recently. 5. He (want) to be a star in his childhood. 6. His dream recently (to come) true. 7. Last month they (increase) his salary. 8. They already (increase) his salary to 1200 UAH. 9. At our last meeting we (decide) to sell a part of our assets. 10. Now we can complete our report- they just (provide) us with all necessary information. 11. He (leave) for Kyiv 2 years ago and he (live) there since then. 12. The morning (be) cold and rainy, but since 10 o’clock the weather (change). 13. I (keep) these photos since we first (meet). 14. She (dream) of becoming a well-known economist since she (start) working at our institute. 15. He (have) this computer since this model (appear) in the market. Exercise 19. Make the following sentences passive. 1. They have already transferred the money. 2. The company has not received the loan yet. 3. We have just sold the last computer. 4. The accountant has already prepared the balance sheet. 5. He has never paid his debts in time. 6. The bank has recently charged the interest on our loan. 7. I have already answered their letter. 8. We have never raised this problem at our meetings. 9. He has already applied for a loan. 10. She has just calculated our revenues for the last quarter. Discussion of the text. 1. Speak about the financial resources of the business and the ways they are used. 2. Speak about the role of banks in business financing. 3. Speak about the main documents concerning the financial information on business. UNIT 8 ACCOUNTING Exercise 1.Read and learn the following words and word combinations. account- рахунок; pl.-звітність; бухгалтерські рахунки; accounts receivable- рахунки дебіторів; accountant- кваліфікований бухгалтер; certified public accountant (CPA - A.E.), chartered accountant (C.A. – B.E.) – дипломований бухгалтер вищої кваліфікації, аудитор accounting – облік; бухгалтерський облік; офіційна звітність; bookkeeping- бухгалтерія; бух.облік (від book-бухгалтерська книга); bookkeeper- рахівник; бухгалтер; entry- запис (від to enter- вписувати; заносити до запису); financial entry- фінансовий запис; double entry- подвійний запис; ledger- бухгалтерська книга; бухгалтерський реєстр; головна книга; to post- робити проводку; заносити в бухгалтерську книгу; розносити рахунки; assets- активи; opp. liabilities- пасиви; fixed assets- основний капітал; основні засоби; current assets – поточні активи; to owe – бути винним, заборгувати; owner’s equity – статутний капітал; власний акціонерний капітал; gross income – валовий прибуток; syn. profit before taxes; expenses – витрати; travelling and entertainment expenses-витрати на подорожі та розваги; at someone’s disposal – у чиємусь розпорядженні; audit – аудит, перевірка. Exercise 2. Read and translate the text: Accounting Accounting is recording, classifying, summarizing and interpreting financial transactions to provide management and other interested parties with information they need to make correct financial decisions. Accounting process consists of two parts: bookkeeping, that is, mechanical process of recording, classifying and posting financial entries into the ledger, and accounting itself, that is, interpreting of financial data, making financial statements, designing accounting information system within a business and advising management on financial matters. Accounting deals with accounts, that is, financial entries grouped together by common characteristics. Assets are everything that a business owns. Buildings, equipment, machinery, land are fixed assets; money, cash, accounts receivable are current assets. Liabilities are obligations, debts of a business, what it owes to creditors, banks, suppliers, investors, customers and so on. Owner’s equity is the capital which the owner will receive if he sells all assets and pays all his liabilities. Owner’s equity is assets minus liabilities. Revenues are incoming money or gross income or profit before taxes. Expenses mean outgoing money including salaries and wages, rent, traveling and entertainment expenses. The final products of accounting are financial statements: Balance Sheet that shows financial position of a business at a definite point of time, and Income Statement (G.B. - Profit and Loss Account) that shows financial position of a business over a definite period of time: month, quarter, year. The system of bookkeeping is based on the principle of the double entry, which means that each transaction is entered twice, as a credit in one account and as a debit in another account. If we deposit $ 100 US with a bank, for example, the bank enters a debit for the receiver and a credit for the giver. The former represents an asset to the bank, since it is a sum of money at the bank’s disposal, as well as a liability, since one day it will have to be repaid. Accounting is done by accountants. Highly qualified accountants (in the USA certified public accountant- CPA, in Great Britain chartered accountant- CA) can perform audit. Exercise 3. Answer the following questions. 1. What do we call ‘accounting’? 2. What is the aim of accounting? 3. What are the two parts of accounting process? 4. How does bookkeeping differ from accounting? 5. Into what categories are all accounts grouped? 6. What do the following groups of financial entries like assets, liabilities, owner’s equity, revenues, expenses characterize? 7. What are the final products of accounting? 8. What is the main difference between the balance sheet and the income statement? 9. How is the principle of double entry applied? 10. What do we call people who perform accounting and audit? Exercise 4. Translate into English. підведення підсумку; фінансові операції; зацікавлені сторони; механічний процес запису; за спільними ознаками; зобов’язання; включаючи; заробітна платня; фінансовий звіт; у певний момент часу; за певний проміжок часу. Exercise 5. Translate into Ukrainian. Interpreting; to make correct decisions; financial data; entries grouped together; debs of a business; incoming/outgoing money; the final product; financial position of a business; each transaction is entered twice; the former; at the bank’s disposal. Exercise 6. Match and learn the pairs of synonyms. A: obligation, enter, interpret, definite, supplier, gross income B: particular, explain, provider, post, revenue, debt. Exercise 7. Match and learn the pairs of opposites. A: incoming, correct, debit, receiver, assets; |