8. In small groups discuss the following points:

1. Is it normal for large, well established companies to collapse?

2. What are the usual reasons for collapse?

3. Can one person collapse a company?

4. Can you give an example when a company was collapsed as a result of an accountant action?

9. Be ready to tell about the world largest bankruptcies. Work in small groups and decide the roots of these bankruptcies.

(Nick Leeson and the Collapse of Barinngs, The Enron Collapse, WorldCom’s bankruptcy, Ernst & Young, etc.)

10. Good dictionaries provide a lot of information about how the words are used. Say what the signs in the box mean.

Using these signs, write dictionary entries for the words company; collapse; cheap; slowly.

Compare the entries you made with the ones from the dictionary.

Check the mistakes in the dictionary entry below if necessary.

in-novate /΄ιnәveιt/ n [VP2A] make changes; introduce new things. in-no-va-tor /-tә(r)/ vi person who ~ s. in-no-va-tion /ֽιnә΄veι∫n/

n [U] innovating; [C] instance of this; sth new that is introduced: technical innovation in industry

Grammar review

Relative clauses

Combine the sentences in an acceptable way, using a suitable relative pronoun.

1. Standard Oil was organized as a holding company in 1870. Standard Oil was the first mammoth monopoly. 2. The railroads introduced new accounting problems. These problems were not easy to solve. 3. H. A. Finney was an accountant. He used a worksheet approach to highlight meaningful balance sheet changers. 4. AICPA is the premier national professional association for CPAs in the United States. Nowadays AICPA counts more than 330,000 members. 5. Carnegie Steel was a mass producer at the end of the 19th century. They relied on sophisticated cost accounting to control operations. 6. Donaldson Brown worked for Du Pont. Du Pont’s possessions included 40 manufacturing mills.

Make definitions from the sentence halves below.

1. A bear market is one in which …	a. ... securities that have already been issued in an initial private or public offering are sold.
2. A black market is one in which …	b. ... goods are sold and bought in large quantities.
3. A buyer’s market is one in which …	c. … prices are tending to fall.
4. A commodity market is one in which … 5. A secondary market is one in which ... 6. A wholesale market is one in which ...	d. … raw materials are sold. e. … the sale of goods is not controlled by government order. f. … the supply of goods is plentiful.

Unit 3 PROFESSIONAL ACTIVITY

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