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1. Complete the passage below using the appropriate words or phrases from the box.

revenue annual report profits losses

financial accounts data markets costs

Companies need to know how they are performing in order to make plans for the future and to analyse and find solutions to the problems that they may be facing. To do this successfully, businesses require information not only about their own activities but also about the 1 they operate in. Management accounts for the company provide key 2 about operational efficiency, whereas 3 give information about financial performance. This allows companies to know not only how much they are selling or how much 4 they are receiving but also what their 5 are or how much they have to pay for the different things that they need to operate their businesses. With this information companies can then calculate how much money they have made (6 ) or how much they have lost (7 ) during a specific period. Annual accounts for listed companies, whose shares are sold on the Stock Exchange, have to be presented to the public in the form of an 8 which gives detailed financial and other information about companies.

2. Read the text “Anatomy of an annual report” on page 98 of nIiB sb and answer the questions.

1. What organization lays down the basic structure for every annual report in the USA? 2. What does auditor’s report certify? 3. Who is responsible for the validity of the financial information in the annual report? 4. What three statements provide the complete numbers for the company financial performance and recent financial history? 5. Why is the statement of financial position likened to a snapshot? 6. Which part of an annual report is a summary of the company’s performance over five years? 7. Which part of an annual report discusses results of operations and adequacy of resources allotted to fund them? 8. Whose photos are optional in the annual report? 9. What kind of information is placed at the back of the annual report? 10. Where in the report can one look for the information about the business philosophy and management style of the company? 11. Which part of a report may be regarded as an advertisement? 12. What is the most often-read section of any annual report?

3. The CEO of a large company is giving a press conference. Sometimes what he says is not very clear. Complete the journalists' questions.

CEO

Journalists

We made a profit last year.

Sorry? How much profit did you make?

One division made 50% of the total.

Excuse me? Which division ………….?

We launched several new models.

OK, but how many models……………?

One model now has 6 % market share.

Really? Which model ………………...?

But one Board member resigned.

Really? Who………………………….?

Half a million euros went missing.

Sorry? How much money…………….?

He used his wife's bank account.

What? Whose bank account ………….?

The police found him in Panama.

Excuse me? Where …………………...?

4. Listen to the dialogue “Profit and Loss” and commentaries coming after it. Give English definitions to the words and expressions in bold print. Learn the dialogue by heart and dramatise it with a classmate.

Profit and Loss

Dolores: Manuel in accounting is supposed to help me with this report, but he called in sick today! I can’t believe my luck. He’s supposed to be training me in and he’s left me holding the bag.

Anton: Let me see if I can help.

Dolores: I’m supposed to use the information from this profit and loss statement to make some projections about the company’s future performance for our report, but I’m not sure what I’m doing. I need to plug in some numbers here, but I can’t make heads or tails of this.

Anton: Well, if you look at the top of the statement, you’ll see the top line, which shows the revenue the company brought in in the third quarter of this year. Is that what you need?

Dolores: Yes, I think so, but I also need to know our net income.

Anton: Here is the bottom line. That takes into account all of the revenue and expenses during the third quarter.

Dolores: That’s great, but I also need to know the gross profits and operating expenses.

Anton: Those are in this column. See?

Dolores: I guess all the information is here. I just needed to know where to look. Thanks. I couldn’t have figured it out without you.

Anton: It’s not that complicated. Hopefully, Manuel will be back tomorrow.

Dolores: Manuel? Who needs him!

(From ESL Podcast 332.)

5. Read the dialogue Questions and Answers at a Presentation”. Guess the missing words by their definitions below. Listen to the dialogue and check your answers.

Questions and Answers at a Presentation

Our company hired an o_ _ _ _ _ _ f_ _ _1 to set up a computer system to help us k_ _ _ t_ _ _ _2 of the progress on major projects. The company gave us a presentation on how the new system w_ _ _ _ _3. A_ _ _ _ _ _ _ _ _4, the employees got a chance to ask questions.

Cecelia: So, in a n_ _ _ _ _ _ _ 5, those are the features of the new system. Any questions?

Yuri: Yes, I have a question. From your d_ _ _ _ _ _ _ _ _ _6, it s_ _ _ _ _ l_ _ _ 7 the new system may be difficult to use. Can you s_ _ _ _ to that8?

Cecelia: I understand your c_ _ _ _ _ _, but a_ _ _ _ _ _ _9, the system is very simple to use. I mentioned a lot of features that the system has, but the typical employee won’t be using more than two or three on a d_ _ _ _ b_ _ _ _10 . Yes, you had a question?

Alessandro: Yeah, my biggest concern is that all of the employees in the company will have access to the system. How does this a_ _ _ _ _11 my projects that have s_ _ _ _ _ _ _ _ information12?

Cecelia: That’s a good question. One of the k_ _ f_ _ _ _ _ _ _13 of the program is that it allows the project manager to limit access for any of his or her projects. Now, if there are no other questions, thank you all for coming and we l_ _ _ f_ _ _ _ _ _ to14 working with you in the future.

(From ESL Podcast 170.)

Definitions:

1) a different company, the one that is not part of the organization;

2) to follow smth, to be able to see how smth is going overtime;

3) operated;

4) after that;

5) in a very summary-like manner;

6) from what you have said;

7) it seems that;

8) can you talk about that;

9) I understand what you are worried about, but the truth is you are wrong;

10) every day;

11) what is the impact of this on;

12) secret information;

13) most important parts;

14) we are waiting to.

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