Ex.2. Match the terms with their definitions. Explain the meanings of the terms in Russian

1. fixed assets 6. depreciation

2. amortization 7. reserves

3. current assets 8. expenses

4. shareholders’ equity 9. cost(s)

5. share capital 10. revenue

11. income

a) Amount earned. It generally denotes a gross figure, such as sales from a business, taxes collected by a government, or an amount received for performing a service.

b) Economic benefit; money or value received. econ. & taxn. money of all kinds coming in regularly, esp. to a person, family or organization, such as salary or wages from employment, rent from property, profits from business, and fees for professional services. It is usually expressed as an amount per annum (in a year), but sometimes also per mensem (in a month) or even per week.

c) accts. & fin. in a business, amounts set aside from profits to meet contingencies (unexpected future expenditure) or for future investment.

d) fin. money spent; the cost of things. accts. & man. 1) sums of money spent on the running of a business in such a way that they do not add to the value of its assets. Thus money spent on rent, rates (local taxes), electricity, insurance, advertising, wages, salaries, etc.; while money spent on buildings, machinery, raw materials are classed as capital expenditure, as they relate to the assets of the business.

e) 1) law. The amounts which the party who wins a lawsuit is ordered by the court to be paid by the losing party to meet the actual expenses of bringing or defending the action

2) econ. payments to the factors of production.

f) Possessions of a long-lasting and unchanging nature such as land, buildings, machinery, trade investments, etc., used for making and selling the products of the business and not intended for sale or to be turned into cash as long as they are useful to the business.

g) 1) Reduction of a debt by periodic charges to assets or liabilities, such as payments on mortgages;

2) in accounting statements, the systematic write-off of costs incurred to acquire an intangible asset, such as patents, copyrights, goodwill, organization, and expenses.

h) Accounting: deduction allowed a taxpayer, representing a reasonable allowance for the exhaustion of property used in a trade or business, or property held for the production of income. The purpose of charging d. against equipment is to distinguish the portion of income that is a return of capital. This generates a tax-free stream of income equal to the portion of the asset that has been “used up”. Economics: Loss in the value of an asset, whether due to physical changes, obsolescence, or factors outside the asset.

i) The capital of a company is the money which its shareholders have put into the concern to buy the real assets it needs to start up and carry on the business; it is usu. calculated to be its net worth (the value of its assets less the amount it owes to its creditors).

j) The total of the capital and reserves of a company.

k) Assets which may be consumed (used up) or turned into cash fairly soon in the ordinary course of business, e.g. stock-in-trade, raw materials, stores, book debts, etc. Syn. circulating assets; floating assets.

Ex.3. Decipher the following abbreviations and translate the resulting terminological collocations. Make use of specialized dictionaries. Explain the meanings of the terms in Russian for other students to interpret in class.

EBITDA; EBIT; COGS; SG&A; STRGL; SE; IASB; BS; FY; P/L; Acct; ASB; APB; ASC; CPA; FASB; GAAP; IFRS; IAS

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