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4) hire a full-time legal advisor;
5) compete with international corporations;
6) compete with other small businessmen;
7) find someone to look after the business when he sick or takes a
holiday.
2. If there is no partnership agreement then the Partnership Act
1980 states that:
a) salaries and interest on capital are allowed True/False
b) profits and losses are to be shared equally True/False
c) loans to the partnership by a partner receive
interest of 10 % per year True/False
ACTIVITIES
1. Look through your local paper or just take a look at the names
of businesses when you walk around. See how many partnerships you
can identify. You should be able to find quite a number – accountants,
estate agents, solicitors and architects are obvious ones. But many local
family businesses may be partnerships in such trades as butchers, coal
merchants, greengrocers etc. You could be surprised at how many
there are.
2. List the main points you would wish to see covered in a partnership agreement if you decided to go into a partnership agreement
with a friend in setting up and running a shop selling small computers.
READING FOR DETAILS AND LANGUAGE STUDY:
SECTIONS E, F, G AND H
1. Check that you understand the detailed questions below and
answer them:
1. What is a limited liability company?
2. What are private and public companies?
3. How is a company formed?
4. What laws govern the operation of limited liability companies?
5. What are the advantages of limited liability companies?
6. What are the disadvantages of limited liability companies?
7. What is the role of Board of Directors?
8. How do the accounts of limited liability company differ from
those of sole traders and partnerships?
9. Distinguish between the distributed profits and retained profits in
the case of a company?
10. What are the two types of revenue reserves?
111
2. Complete the blanks in the following sentences:
A
A private limited company is 1) _____________ and is able to trade
when the 2) ______________ of Companies issues a 3) __________ of 4)
____________ .
a) Registrar; b) Incorporation; c) formed; d) Certificate
B
The two main documents which have to be submitted to the Registrar
of Companies in order to form a limited liability company are the
1) ____________________ of Association and the 2) _________________
of Association.
3. Match each item in list A with the appropriate item in list B.
A B
1. Shares a) specify the way the company should con-
duct its affairs and the rights and obligations
of various parties involved in the company
2. A company
b) are members of a company by virtue of
ownership
3. Shareholders c) is limited to the amount of their investment
4. Articles of Association
5. The liability of
shareholders
d) is an enterprise with a legal personality
separate from its members
e) are parts of the total capital of the company
6. A debenture f) must have a minimum authorized capital
of £50 000 and comply with certain legal
regulations
7. A public company g) have prior claims over those of ordinary
shares
8. Preference shares h) is a document issued by a company to
lender as evidence of a debt due to the lender
4. Choose the answer from the alternatives.
1. The three basic legal forms of business enterprise are:
a) monopolists, competitors and enterprises;
b) sole traderships, partnerships and limited liability companies;
c) conglomerates, multinationals and partnerships.
112
2. Limited liability applies to:
a) partnerships only;
b) sole traderships only;
c) companies only;
d) all three forms of business enterprises.
3. The owners of a firm are faces with unlimited liability for the
firm’s debts in:
a) a company;
b) a partnership, but not in a sole tradership;
c) a sole tradership, but not in a partnership;
d) both a sole tradership and a partnership;
e) none of the above.
4. The so-called “separation of ownership and control” in a company
means that:
a) hired managers tend to play a larger role in determining com-
pany policy than do a company’s legal owners;
b) a firm’s board of directors has no power over hired managers;
c) shareholders have lost their voting privileges.
5. Limited liability means that:
a) companies cannot be sued (отвечать в суде);
b) companies have a legal life independent of their owners and
managers;
c) creditors have no legal claim on the personal assets of a pro-
prietor.
6. The advantages of companies include:
a) the ability to raise money capital by selling shares;
b) the fact that owners are subject to only limited liability;
c) the ability to realize production advantages associated with a
large scale of operations;
d) all of the above.
5. Define a public limited company. Underline the correct re-
sponse to each part to test yourself.
A public company is one:
1) which has at least twenty shareholders True/False
2) which has a minimum authorised share capital of £50,000
True/False
3) whose name is followed by the letters ‘ltd’ True/False
4) which is registered as a public company with the Registrar of
Companies True/False
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6. Substitution drill.
Statement: The Board of Directors declares a dividend based on the
earnings and expected growth of the corporation.
Example: anticipated
The Board of directors declares a dividend based on the earnings and
anticipated growth of the corporation.
1) the authorities; 5) inflow;
2) grounded; 6) firm;
3) program; 7) announce.
4) profit;
Word study
7. Study the following words and phrases.
1. Ready-made is an adjective formed from more than one word: it is
a compound adjective. What two basic words is it formed from? Use their
individual meaning and the context to decide what ready-made probably
means. (section E/2)
2. Which phrase in section E/2 means ‘to fail to obey a rule or law’.
3. Which word in section G means ‘payment of a share of profit to
shareholders in a business company’.
4. a) You know the verb possess. What do you suppose the noun
‘possessions’ means? (section E/3);
b) You know the noun ‘tendency’. Use the grammatical part of speech
(verb, noun, etc.) to understand the meaning of ‘tend’ (section F/3).
5. Which adjective in section G is closely related to peculiarity? What
does it mean?
6. Use the context to help you to decide what the following words
probably mean:
confers v. (section E/1)
hire v. (section E/3)
stringent adj. (section E/5)
rival adj. (section E/5)
8. Abbreviations – many originating from Latin words – are
common in English. Where would you see the following abbreviations?
Match each to its correct place.
114
1) Ltd
2) etc
3) Dr
4) Cr
5) vs
6) plc
7) tel.
8) a/c
Word families: the suffix –ship.
9. The nouns below can all be used to form another noun which
has a related, but slightly different meaning by adding the suffix –ship.
Complete the sentences which follow by choosing a suitable noun in –
ship from the list below.
Decide what meaning – ship can give to the main noun.
1) member
2) friend
3) scholar
4) partner
5) citizen
a) before a phone number
b) after the name of a private company
c) between the names of opponents or
teams
d) on the left side of an account
e) after the name of a public company
f) on the right side of an account
g) at the end of an unfinished list
h) in the ledger accounts
6) owner
7) relation
8) dictator
9) leader
10) author
1. Some people thought that Britain was becoming a/an __________
under Margaret Thatcher’s iron rule.
2. British __________ can be gained by birth, adoption, registration
or naturalisation.
3. Anita Mason was extremely pleased when Smith and Jones, the
owners of the company she had directed for five years, asked her to form a
_____ with them.
4. ‘This country needs a strong ________ to tell people what to do
and get things working again!’
5. This is an exclusive club. May I see ________ card, please, sir?’
6. Home ________ is growing in Britain as more and more people
are able to buy their own house.
115
10. In some families there is more than one noun . Use your own
knowledge and the text to decide the difference in meaning between the
following nouns, then check your answers in your dictionary:
a) accountant – accountancy
b) register – registrar
c) person – personnel
d) bankrupt – bankruptcy
e) dentist – dentistry
f) expenses – expenditure
g) specialist – specialization
h) limit – limitation
i) informant – information
j) debt – debtor
k) business – businessman
11. Read the text below. Use the word given in capital at the end of
each line to form a word that fits in the space in the same line. There is
an example at the beginning (0):
WHAT ARE DEBENTURES?
In (0) addition to investing money in a company by
buying shares, people can lend money in the form of a
1) _______________ loan, called a debenture. A debenture can be defined as the written acknowledgement
(подтверждение; расписка) of a debt – the debenture
2) ___________ therefore receives a document in return
for his loan to the company.
In is important to note that debenture holders are
not shareholders or owners of a company. They are
3) __________ to the company or creditors of it. Usually, a company when issuing debentures will make them
more 4) _____________ by giving security for the
amounts loaned to the company. This means that, if a
company went into 5) _______________ , the debenture
holders are able to sell the assets which form their security in order to regain (возвращать себе) the money they
have loaned.
Debentures are therefore quite an attractive form of
investment. The company must pay the interest due on
them and repayment is almost certain if sufficient security is 6) ______________ .
ADD
REPAY
HOLD
LEND
ATTRACT
LIQUIDATE
PROVISION
116
Vocabulary revision
12. Can you complete the puzzle by solving the clues below, and
finding the word or phrase that fits in each space?
1 2 3
4 5
6 7
8 9
10
11
Clues across:
1. Records of similar transactions (7).
6. Accounting concept that reads: “do not waste time in the recording
of trivial items” (11).
8. To see if the two totals are equal, a ____ _________ is drawn up
periodically (12).
10. Books of accounts (6).
11. Building, for example (5).
Clues down:
2. Someone whose job is to manage an organization's money (syn.
Accountant) (10).
3. Revenue – expenses (9).
4. Assets minus Liabilities (7).
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5. If someone is ______ for something, they must pay it (6).
7. A tax that a government charges on goods sold inside its country (6).
9. The amount of money a person or organization has to spend on
something (6).
10. Money that a person, company, organization etc. loses when it
spends more than it earns (4).
ACTIVITIES
1. Indicate where the following items would appear in the final
accounts of a limited company, using 'P' for profit and loss account. 'A'
for appropriation account and 'BS' for balance sheet. Some items may
appear twice.
a) Debenture interest paid; b) Proposed dividend;
c) Transfer to general reserve; d) Authorised share capital;
e) Retained profits; f) Directors' remuneration.
2. Indicate whether or not the following items are a true description of the reserves of a limited company. Reserves represent:
a) the profits of the company which are held within it and not distri-
buted to shareholders True/False
b) the cash which the business has available to use True/False
c) increases in the assets – liabilities of the company True/False
3. The Clarke Welding Company Ltd has an authorised capital
of £200,000, split into 150,000 £1 ordinary shares and 50,000 6% £1
preference shares. On 1 January 2006 the company had issued 100,000
ordinary shares and all the preference shares. At 1 January the company's fixed assets were valued at £100,000, current assets £75,000 and
current liabilities £25,000. Prepare the company's balance sheet at
1 January 2006.
4. During the year ended 31 December 2005 the Clarke Welding
Company Ltd made a net profit of £50,000. The directors propose to
pay the preference share dividend and a 10% dividend on the ordinary
shares. The fixed assets at 31 December were valued at £150,000, the
current assets £90,000 and current liabilities £40,000.
Prepare the company's profit and loss appropriation account for
the year ended 31 December 2005 and the balance sheet at that date.
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GLOSSARY
abide v. выносить, терпеть (обыкн. в отрицательных и во-
просительных предложениях)
acquisition n. приобретение (процесс)
admission n. вход, доступ
Articles of
Association
устав компании/товарищества/акционерного общества
aware adj. знающий, осведомленный, сведущий
burden n. бремя
Certificate of
Incorporation
confer v.
confer a right
разрешение государственного органа на создание
корпорации
1) присуждать, присваивать; 2) обсуждать, совещаться
давать право
cumbersome adj. обременительный, тягостный; неуклюжий, не-
складный; громоздкий, объемистый (о материальных предметах )
debenture n. долговое обязательство; облигация акционерного
общества
file v. обращаться (с заявлением, прошением), подавать
какой-л. документ
go bankrupt обанкротиться
hire v. нанимать, предоставлять работу, приглашать на
работу
large-scale adj. 1) широкий, масштабный; крупномасштабный;
2) крупный (о промышленности и т.п.)
maintenance n. поддержание; сохранение
Memorandum of
договор об учреждении акционерного общества
Association
negligible adj. незначительный, неважный, не принимаемый в
расчет, игнорируемый
niche n. 1) ниша; 2) надлежащее место (область, сфера дея-
тельности, где кто-л. находит применение своим
способностям и возможность устроить свою жизнь
оптимальным образом); 3) рыночная ниша (незаня-
тый сегмент рынка товаров или услуг)
peculiarity n. специфичность; особенность, своеобразие, специ-
фика
plumbing n. водопроводное дело; слесарные работы
pool v. объединять в общий фонд, складываться
prospective adj. будущий; ожидаемый; грядущий, предполагаемый,
предстоящий
119
Registrar of
Companies
retain v. сохранять; удерживать
rival adj. соперничающий; конкурирующий
run a business вести дело, управлять предприятием
scope n. масштаб, предел, размах, сфера, область действия
share n.
share v.
sole adj. единственный, одиночный; единоличный
solicitor n. солиситор, адвокат (дающий советы клиенту, под-
Stock Exchange фондовая биржа
stringent adj. строгий; обязательный, точный
бюро регистрации акционерных компаний
акция; доля, пай, часть;
делить, распределять; разделять; иметь долю или
часть; быть пайщиком
готавливающий дела для барристера и выступаю-
щий только в судах низшей инстанции)
ORAL EXAMINATION TOPICS
1. Definition of accounting.
2. Accounting and book-keeping.
3. Desirable characteristics of accounting information.
4. Main users of accounting information.
5. Main branches of accounting.
6. The purpose of management accounting.
7. The tasks of management accounting.
8. Stages of decision-making process.
9. The accounting equation.
10. Balance sheet.
11. Ledger.
12. Double entry book-keeping.
13. Measurement of business profit.
14. Revenues.
15. Expenses.
16. Profit and loss account.
17. Boundary concepts.
18. Measurement concepts.
19. Sole tradership.
20. Partnerships.
21. Limited liability company.
22. Private and public companies.
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