ВАРИАНТ 2
I. Прочитайте текст, письменно переведите на родной язык 3 и 4 абзацы текста. Найдите:
1) герундий;
2) независимый причастный оборот (второй, третий и шестой абзацы).
Assets and Liabilities
The term «asset» means anything of value that is owned by a company and can be expressed in terms of money. Economic resources that provide a potential future service to the organization are called assets in accounting. A company’s total assets include such items as cash, buildings, equipment, any other property and accounts receivable, that is, money owned by its customers.
Assets are usually classified as current and long-term, both types consisting of tangible as well as of intangible items. Current tangible assets including cash, accounts receivable, stock-in-trade are usually converted into cash within one year and sometimes can be used as a means of payment. On the other hand, current intangible assets consist of short-term investments in stocks and bonds.
Long-term intangible assets are not really visible and include such items as goodwill, patents, trademarks, copyrights, these assets often being the most important factor for obtaining future incomes. For example, goodwill means an intangible asset which takes into account the value added to a business as a result of its reputation which cannot be really calculated. In contrast, the real estate (such as farm land, machinery, buildings and other physical objects) belongs to long-term tangible assets.
Liabilities are obligations that a company owes to another organization, to an individual (such as creditors and employees) or to the government. Like assets, liabilities are divided into current and long-term ones. Current liabilities are usually amounts that are paid within one year, including accounts payable, taxes on income and property, short-term loans, salaries and wages, and amounts of money owed to suppliers of goods and services. Noncurrent liabilities often called long-term are usually debts, such as bonds and long-term loans.
The amount by which the total assets exceed total liabilities is known as the net worth which is usually called the equity for companies. When the company is a corporation, the equity means the investment interest of the owners (that is, the stockholders) in the organization’s assets. The owners’ equity can be increased either by investing more money in the company or by earning a profit and can be decreased because of the company’s losses.
All companies keep proper accounting system in order to know whether or not they are operating profitably, each of the assets and the liabilities and the equity being shown in a company’s accounts separately. The balance sheet prepared by the company’s accountant is one of the important financial reports showing the value of the total assets, total liabilities and equity on a given date. The relationship of these main categories is represented by the fundamental accounting equation: assets (everything that is owned) are equal to liabilities (wed) plus equity (clear of debt).
ASSETS = LIABILITIES + EQUITY
As all three factors are expressed in terms of money, they are limited to items that can be given a monetary value. The accounting equation should always be in balance, so that one side must equal the other.
II. Ответьте письменно на вопросы к тексту.
1. What does the term “asset” mean?
2. How can the company’s assets be classified?
3. How can “goodwill” increase the company’s profits?
4. What liabilities does the company usually have? How are they classified?
5. How is the net worth calculated?
6. What accounts should be kept by the company?
7. What is the main accounting equation?
8. Why is it important to keep the proper accounting system?
III. Составьте предложения из двух подходящих по смыслу частей.
1. To be clear of debt ….. .
2. If current assets are less than current liabilities, ….. .
3. The money obtained from selling a company’s current tangible assets ….. .
4. Although accounting is one of the oldest professions in the world, ….. .
5. Both a person and a company can own such items of value as ….. .
6. In England the three major sections of the balance sheet, ….. .
7. In order to operate the business properly one should take into account ….. .
8. Accountants are supposed to deal with ….. .
9. The amount of the owner’s investment interest ….. .
10. The Copyright Act adopted by the US Congress in 1976 ….. .
___________________________
a) is usually calculated at the end of a fiscal year..
b) such as assets, liabilities and equity are likely to be arranged vertically.
c) a stock, a plot of land, a building or a machine.
d) created the legal foundation protecting the work of many industries, for example music recording.
e) the company should sell off part of its receivable accounts.
f) the management of financial resources and the representation of other aspects of the business in financial terms.
g) it took much time to find satisfactory general methods if keeping finance records.
h) that the accounting system is just one of means of processing information in an organization.
i) is unlikely to cover the company’s debts.
j) the stockholders can’t expect any dividends.
IV. Переведите на родной язык следующие предложения, обращая внимание на значения ing-формы и активную лексику к тексту Assets and Liabilities.
1. Proper organization of a company’s accounting system plays an important role in maintaining the fundamental accounting equation in balance.
2. Taking into account the high rate of inflation in the country, potential investors are interested in putting their money in more dynamically developing companies.
3. The increase of the company’s net worth can be achieved either by raising the total profit or by reducing the losses by means of rationalizing production planning.
4. At the general meeting of the bank directors, everybody spoke of the company having the highest goodwill in the computer industry.
5. The converting of current tangible assets into cash is known to be done within one year according to accounting principles.
6. Recognizing the importance of goodwill as a company intangible asset, businessmen know that its value can change over time.
7. Registering copyright according to the existing laws guarantees the author the exclusive privilege to distribute, reproduce, perform or display his creative work.
8. Studying the relationships between assets, liabilities and equity is one of the methods for better understanding main accounting principles in business.
9. This company is said to specialize in producing small-size farm machines and it is successfully competing with other leading producers in the world market.
10. The designing of the original trademark can be helpful in promoting products, thus increasing the company’s net worth.
V. Переведите предложения на английский язык.
1. Производство может быть рентабельным, если как материальные, так и нематериальные активы находятся в правильном соотношении.
2. К долгосрочным материальным активам относятся такие предметы, как земля, недвижимость и оборудование, так как они участвуют в процессе производства в течение длительного времени.
3. Можно использовать текущие материальные активы, например, счета дебиторов, как средство платежа.
4. Как известно, «гудвил» относится к нематериальным активам компании, однако репутация компании может значительно повысить ее доходы.
5. Изучение текущих и долгосрочных пассивов компании очень важно при проведении анализа деятельности компании.
6. Разница между активами и пассивами – это чистая стоимость компании, которая для корпорации может быть представлена в виде акций.
VI. Выберите подходящее по смыслу слово из предлагаемых в скобках вариантов.
1. Knowing the company’s (stocks/goodwill) value, creditors are ready to invest more money as they expect high (investment interest/salaries) at the end of the year.
2. Both farm equipment and farm buildings make up (short-term/long-term) (intangible/tangible) assets in agrobusiness.
3. (Accountants/Stockholders) prepare reports in financial (items/terms) describing the results of past resources allocation decisions.
4. Any company is responsible for paying salaries of (employers/employees) and (wages/salaries) of workers belonging to company current (liabilities/assets) regularly, usually monthly or weekly.
5. The amount of goods and services known as company (stock-in-trade/real estate) is available for sale at a given time and it is shown as an asset on the (account receivable/balance sheet).
6. (To calculate/To operate) properly the company’s manager should rely on information obtained from public survey.
7. The greater is the difference between total assets and total liabilities, the greater is the company’s (net loss/net worth) often known as the (equity/debt) for corporation.
8. The fundamental accounting (equation/equilibrium) can be written in different forms, for example: assets – liabilities = equity.
9. The company’s obligations are known to be classified as current and noncurrent ones, the former being also called (long-term/short-term) (liabilities/assets).
One should take into account that (accounts payable/goodwill) unlike the real estate belongs to intangible assets, but it can be sold like any other property.