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III. Answer the questions.

1. What is the main point of preparing accounts?

2. Who are the users of financial information?

3. What do investors want to know?

4. Who is interested in individual firms' profit levels?

5. What is a firm’s liquidity?

6. Why are owners particularly interested in the organization’s liquidity?

7. Why do managers and employees also wish to assess liquidity?

8. What illustrates the results of the manager’s stewardship of the business?

IV. Match the following concepts with their definitions.

Translate them.

1. Profit

2. Profitability

3. Liquidity

4. Stewardship

5. Financial adaptability

a) …compares the amount of profit made with resources used in making that profit.

b) … refers to how well an organization can adapt to key changes in the economic development.

c) … refers to how efficient managers are in using the resources of the owners.

d) … is the difference between the firm’s income and its expenditure.

e) … is a measure of a firm’s ability to meet its debts as these debts become due for payment.

V. Put a word or phrase in the correct place to complete the sentences.

the firm’s assets, liquidity, profit levels, profitability,

business closure, adaptability.

1. External users are interested in the firm’s profit level and …

2. Investors evaluate the nature, quality and age of …

3. … is a good measure of the survival prospects of the firm.

4. Poor cash flow often leads to …

5. All users of financial statements need information on financial position, performance and …

6. Government agencies are interested in individual firms' …

VI. Complete the table to show how external users make use of financial statements to assess the stewardship of management.

Example

of external users

Example of use

Share holders

To evaluate their likely or actual return on the shares invested in the company

Government

Lenders

Analysts

Public

VII. Check your grammar.

Fill in the gaps with necessary prepositions.

in of with on to for between

1. It’s important for investors to know the likely return … their investment.

2. The public are interested … a firm’s profitability.

3. Profitability is a measure … success and efficiency.

4. Poor cash leads … business closure.

5. Government agencies evaluate firms' profit levels … taxation purposes.

6. The difference … the firm’s income and its expenditure is profit.

7. Comparing the amount of profit … the resources used in making that profit is profitability.