IX. Check your grammar.

Fill in the gaps with the Participle I or Participle II. Explain your choice.

1. The assets are valuable rights____________ (owning, owned) by the company.

2. The owners’ equity is the funds ___________ (providing, provided) by the company’s owners.

3. Assets __________ (including, included) noncurrent receivables are called noncurrent assets.

4. Noncurrent liabilities are liabilities ____________ (consisting, consisted) of amounts payable to holders of the company’s long-term bonds, etc.

5. Net current assets are ________(knowing, known) as working capital.

X. Translate the text in the written form.

Give the title for it.

The owners' equity of an American company is divided between paid-in capital and retained earnings. Paid-in capital represents the amounts paid to the corporation in exchange for shares of the company’s preferred and common stock. The major part of this, the capital paid in by the common shareholders, is usually divided into two parts, one representing the par value¹, or stated value², of the shares, the other representing the excess over this amount. The amount of retained earnings is the difference between the amounts earned by the company in the past and the dividends that have been distributed to the owners.

A slightly different breakdown³ of the owners’ equity is used in most of continental Europe and in other parts of the world. The classification distinguishes between those amounts that cannot be distributed except as part of a formal liquidation of all or part of the company (capital and legal reserves) and those amounts that are not restricted in this way (free reserves and undistributed profits).

NOTES

1. par value – номинальная стоимость

2. stated value – объявленная стоимость

3. breakdown – распределение, разбивка (здесь)

XI. Using the information from the text

1. Describe the sections of the balance sheet.

2. Distinguish between the list of assets and the list of liabilities.

Unit X The Income Statement

Grammar: the verbs 'to have', 'to be'

Wordlist

effect	вплив, дія	влияние, воздействие
expenses	витрати	расходы, затраты
decline	спад, зменшення	падение, снижение, сокращение
depreciation	знецінювання, амортизація, зниження вартості	обесценивание, амортизация, снижение стоимости
derive	одержувати, отримувати	получать, извлекать
growth	збільшення, зростання	рост, увеличение
hold assets	володіти капіталом	владеть капиталом
income tax	податок на прибуток	подоходный налог
interest expenses	витрати на виплати відсотків за облігаціями	затраты на выплату процентов по облигациям
interest revenue	дохід у вигляді відсотків	доход в виде процентов
merchandise	товари	товары
net gain	чистий доход	чистый доход
net income	чистий прибуток	чистая прибыль
net loss	чисті витрати	чистый убыток
obtain	одержувати, отримувати	получать, приобретать
operating income	виробничий прибуток	производственная прибыль
provision for income taxes	резерв для виплати податків на прибуток	резерв для уплаты налогов на прибыль
stock-in-trade	запас товарів, обладнання	запас товаров, оборудование
stock of assets	запас капіталу	запас активов (капитала)
total revenues	загальні прибутки	общие доходы
withdrawal of funds	зняття коштів з рахунку	снятие средств со счета, изъятие