Учебнометодическое пособие Петрозаводск 2010 ббк 81. 2Англ удк 811. 11 Г 613 Рецензенты
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d) Income thresholds will be calculated on a gross basis. 6.27 THERE ARE PENSIONS and THERE ARE EAGLE STAR PENSIONS 1) Read the text and study the table. The better your pension fund performs, the more comfortable your retirement will be. And, out of all the individually managed pension funds available, the three best performers for the last 8 years are all Eagle Star funds. In fact, they have performed twice as well as the average of the other individually managed funds. So, when it comes to choosing a pension, just remember – there are pensions … and there are Eagle Star pensions. Talk to your broker or call Eagle Star at 01 283 1301.
2) Compare your translation of this text with the translation of the same text given in Task 4 for Text 6.28. Which of them renders the content of the original more accurately? 6.28 Price discrimination 1) Read the heading and the word combinations from the text and say what the article is about: to discourage customers from, to keep different price groups separate, to make comparisons difficult, to restrict pricing information, a form/method of price discrimination. 2) Look through the text and say in what spheres of life discrimination is common. Price discrimination exists when sales of identical goods or services are transacted at different prices from a single vendor. Theoretically, price discrimination is a feature only of monopoly markets, but in practice it occurs with oligopolies such as the airlines. In addition to a monopoly market, price discrimination requires some means to discourage discount customers from becoming resellers and, by extension, competitors. This usually entails either keeping the different price groups separate, making price comparisons difficult, or restricting pricing information. The boundary set up by the marketer to keep segments separate are referred to as a rate fence. Examples of price discrimination. Travel classes in aircraft and trains are often said to be methods of price discrimination. This is not technically true since first class and economy class are different services. However, to the extent that both classes transport passengers from one point to another, subjecting them to the same time delays and so on, travel classes can be considered as price discrimination. With U.S. airlines following deregulation in the 1980s, airfares are notoriously irregular and only loosely correlate to the costs of the service provided. To avoid getting a raw deal, strategic consumption is necessary on the part of an individual purchasing airline tickets. An individual, purchasing tickets for dates far in advance, or alternatively too close, will suffer inflated fares. Additionally, airfares are higher during the holidays and high travel seasons than during the rest of the year, though the costs of providing the services (responsive primarily to prices of jet fuel) do not change. Some have claimed that U.S. airlines charge high fares because they are no longer subject to control since the Reagan administration deregulated the industry in the 1980s. Others claim that free market policies have forced airlines to become more competitive and to lower prices. Unstable prices are certainly attributable in part to the recession that began in the late 1990s and increased terrorist threats since September 11, 2001. Many U.S. nightclubs feature “ladies’ nights” at which women are offered discount or free drinks, or they are absolved from payment of cover charges. This differs from conventional price discrimination in that the primary motive is not, usually, to increase revenue at the expense of consumer surplus. Rather, establishments benefit by maintaining an equitable gender balance; if the clientele of an establishment is primarily male it will lose popularity with both men and women, and therefore it is better for the establishment to lower its prices for women if they show less demand. Financial aid as offered by U.S. colleges and universities is a form of price discrimination that is widely accepted, and completely legal. These institutions often price discriminate by setting their prices well outside the reach of most families, sometimes as high as $170,000 for four years of education. Middle- and lower-income students are often afforded discounts and loans to lower these costs to the institution’s estimation of the family’s willingness to pay. Since financial aid is awarded according to parental income, students whose parents are wealthy but refuse to pay for college are often unable to afford a college education at all. Little objection is given to this version of price discrimination because, allegedly, the per annum costs of educating one student exceed even the tuition rate one pays without financial aid. 3) Give your own examples of price discrimination. 4) (Перевод текста “THERE ARE PENSIONS, AND THERE ARE EAGLE STAR PENSIONS”) Есть просто пенсии, а есть пенсии от фондов «Звезда Орла» Чем лучше работает ваш пенсионный фонд, тем более комфортными будут ваши годы на пенсии. А из всех отдельных индивидуально управляемых фондов лучшими по своей деятельности за последние 8 лет являются все фонды «Звезда Орла». Фактически они сработали в два раза лучше, чем любой другой из фондов, управляемый индивидуально. Таким образом, когда речь идет о выборе пенсии, помните, что есть пенсии, а есть пенсии от фондов «Звезда Орла». Обратитесь к вашему брокеру или позвоните в «Звезду Орла» по телефону 01 283 1301. 6.29 ACT INVESTS in LONDON COURT 1) Study the heading and the given words and guess what this article is about.
2) Translate the article into Russian. Venture capital company Leeds Capital Textile (LCT) has invested £6.2 m in the textile rentals company London Court. This follows on from a 2002 investment by Allied Irish Bank (AIB) Capital Markets, through its old venture capital subsidiary. Those investments are now managed by LCT. The London Court Group increased turnover to £23 m last year and raised profits to £611.000. They have plans to expand their operation through a £5 m investment, which will add 80 new jobs. 6.30 PRINCESS ATTRACTS INTEREST of ARCON 1) Study the heading and the words below and guess what the article is about.
2) Translate he article into Russian and answer the questions: a) What are Arcon International and Princess Resources? b) What does Arcon International going to do? c) In case it is performed, what will the “strategic investment” mean for Arcon International? Arcon International has said it intends to subscribe for a $4.5 million debenture in the Canadian exploration company, Princess Resources, which is listed on the Vancouver stock exchange. In addition, Arcon has been granted a warrant entitling it to purchase 41.4 million shares in Princess. If the company decides to convert the debenture and exercise the warrant, it will own 49 per cent of Princess. The debenture permits Arcon to subscribe for a minimum of $3 million or up to a maximum of $4.5 million. The company describes the move as a “strategic investment” giving Arcon a minimal cost entrance into established mining districts in China, Tanzania and Zambia. “Princess has identified and proved significant potential for gold, silver, lead, zink, copper and diamond mineralization within its exploration licenses in China, Tanzania and Zambia,” said Arcon chief executive, Mr. Tony O’Reilly Junior last night. 3) Read the article paying special attention to names of the countries and figures. 6.31 ACCOUNTANCY FIRMS TO MERGE 1) In the article the writer uses these words and phrases: accountancy firm Farrell Grant Sparks, a general practice firm, personal and corporate tax matters, a niche market, tax-based financing. What do they mean? Accountancy firm Farrell Grant Sparks has announced a merger with Eamonn Griffin & Company. Griffin is a general practice firm which specializes in personal and corporate tax matters. Over the years it has developed a niche market in relation to tax-based financing of property, computer software and films. 2) Answer the questions: a) What did accountancy firm Farrell Grant Sparks announce? b) What does Eamonn Griffin & Company specialize in? c) What is the main accomplishment of Eamonn Griffin? d) What kind of company is Griffin? 6.32 ACCOUNTING 6.32.1 HISTORY OF ACCOUNTING 1) Before reading the text answer the questions: a) What is accounting? Choose from the following: – a system of government – the work of someone who prepares financial records and methods they use – a way of calculating personal income – attention in mass media. b) When did accounting begin? Accounting has a history which reaches back to the beginning of civilization, and archaeologists have found accounting records which date as far back as 4,000 B.C., well before the invention of money. Nevertheless, it was not until the 15th century that the separation of the owner’s wealth from the wealth invested in a business venture was recognized as necessary. This arose from the use of paid managers or stewards to run a business who were required to render accounts of their stewardship of the funds and assets. Consequently, the “capital” invested in the business represented not only the initial assets of the business but a measure of its indebtedness to the owner. This principle remains enshrined in modern financial accounting and the owner is shown as entitled to both the “capital” which he has invested in the business, and also the profits which have been made during the year. The accounting and legal relationship between the business and its owner is shown on the balance sheet, which states the firm’s assets and liabilities and hence indicates its financial position and wellbeing. The practice of keeping daily records of accounting events in a diary or rough book dates from the early history of accounting. The practice of keeping a daily journal was recommended by Paciolo in 1494 for the purpose of enabling the businessman to check daily the records kept by his clerk. Once agreed, they could be entered into the ledger. It became a golden rule in accounting that no entry should appear in the ledger which has not first been entered in the journal. Both trade and accounting existed before the invention of money, which we know began to circulate in the 6th century B.C. Its role as a common denominator, by which the value of assets of different kinds could be compared, encouraged the extension of trade. By Roman times, money had become the language of commerce, and accounts were kept in money terms. Hence, there is an accounting tradition which dates back some 2,000 years of keeping the records of valuable assets and of transactions in monetary terms. It is not surprising; therefore, that accounting information today reflects the long-time practice of dealing only with matters capable of expression in money. 2) Answer the questions: a) What was recognized as necessary in accounting in the 15th century? b) What was the duty of a paid manager who ran a business? c) What main principle still remains in modern financial accounting? d) How is the relationship between business and its owner shown? e) What does the balance sheet show? f) What is the golden rule in accounting? g) What terms have the accounting been kept in during the last 2,000 years? 6.32.2 ACCOUNTING AS A SOCIAL SCIENCE 1) Read the heading and the subheadings and say what this text is about. 2) Skim the text (read it quickly) and say if these questions are covered in it: a) how the principle of double-entry bookkeeping was formulated, b) the name of the initiator of the Limited Liability Act 1855, the reason for the appearance of a new trend in the development of accounting at the end of the 20th century, c) the essence of management accounting, d) access to large amounts of capital for the industrial expansion in the early part of the 19th century, e) the new trend in accounting development in the 21st century. The history of accounting reflects the evolutionary pattern of social developments and, in this respect, illustrates how much accounting is a product of its environment and at the same time a force for changing it. There is, therefore, an evolutionary pattern which reflects changing socio-economic conditions and the changing purposes to which accounting is applied. From today’s perspective, we may distinguish four phases which may be said to correspond with its developing social role. Stewardship accounting has its origins in the function which accounting served from the earlier times in the history of our society of providing the owners of wealth with a means of safeguarding it from stealing and in the fact that wealthy men employ “stewards” to manage their property. These stewards rendered periodical accounts of their stewardship, and this notion still lies at the root of financial reporting today. Essentially, stewardship accounting involves the orderly recording of business transactions, and although accounting records of this type date back to as early as 4500 B.C., the keeping of these records, known as “bookkeeping,” remained primitive until fairly recent times. Indeed, the accounting concepts and procedures in use today for the orderly recording of business transactions have their origin in the practices employed by the merchants of the Italian City States during the early part of the Renaissance. The main principles of the Italian Method, as it was then known, were set out by Luca Aioli in his famous treatise “Summa de Arithmetica, Geometrica, Proportioni et Proportionalita” which was published in Venice in 1494. The Italian Method, which became known subsequently as “double-entry bookkeeping” was not generally used in Western Europe until the early part of the 19th century. Financial accounting has a more recent origin, and dates from the development of large-scale businesses which were made possible by the Industrial Revolution. Indeed, the new technology not only destroyed the existing social framework, but altered completely the method by which business was financed. The industrial expansion in the early part of the 19th century necessitated access to large amounts of capital. This led to the advent of the joint stock company, which enables the public to provide capital in return for “shares” in the assets and the profits of the company. An earlier experience of the joint stock form of trading which had resulted in a frantic boom in company flotation, culminating in the South Sea Bubble of 1720, had instilled public suspicion of this form of trading. Nevertheless, the Joint Stock Companies Act 1844 permitted the incorporation of such companies by registration without the need to obtain a Royal charter or a special Act of Parliament. In 1855, however, The Limited Liability Act permitted such companies to limit the liability of their members to the nominal value of their shares. This meant that the liability of shareholders for the debts incurred by the company was limited to the amount which they had agreed to subscribe £1, and, once he had paid that £1, he was not liable to make any further contribution in the event of the company’s insolvency. The concept of limited liability was a contentious point in the politics of the mid-19th century. The Limited Liability Act 1855 made the disclosure of information to shareholders a condition attached to the privilege of joint-stock status and of limited liability. This information was required to be in the form of annual profit and loss accounts and balance sheets. We may say briefly, however, that the former is a statement of the profit or loss made during the year of the report, and the balance sheet indicates the assets held by the firm and the monetary claims against the firm. Financial accounting is concerned with those two accounting statements as vehicles for the disclosure of information to shareholders in limited companies. The legal importance attached to financial accounting statements stems directly from the need of a capitalist society to mobilize savings and direct them into profitable investments. Investors, be they large or small, must be provided with reliable and sufficient information in order to be able to make efficient investment decisions. Herein lies one of the most significant social purposes of financial accounting reports. In a changing society, increased recognition that employees have a legitimate right to financial information is evident in the legislation passed or proposed in several European countries. |