Exercise
1. They had to hire a(n) ___ because Jane was not qualified to produce all the documents for the audit in June.
A. auditor B. accountant C. bookkeeper
2./3. Her ___(2.) salary at her new workplace was higher than her ___(3.) salary in the old one, so she was much happier here.
2. A. net B. gross
3. A. net B. gross
4./5./6. The basic accounting equation is: ___(4.) = ___(5.) + ___(6.)
4. A. assets B. liabilities C. owner’s equity
5. A. liabilities B. owner’s equity C. assets
6. A. owner’s equity B. assets C. liabilities
7./8. In order to see what a company’s ___(7.) is/are, you need to have a look at the ___(8.) and subtract all the expenses of doing business.
7. A. profit B. capital C. revenues
8. A. revenues B. profit C. liabilities
9. The ___ is an important accounting document showing a company’s assets, liabilities and the owner’s equity.
A. cash flow statement B. balance sheet C. income statement
10./11./12. In ___(10.), you need to record ___(11.) on the left side and ___(12.) on the right side.
10. A. double entry bookkeeping B. single entry bookkeeping
11. A. debits B. credits
12. A. credits B. debits
13. He was hoping to be able to raise enough ___ to set up his own business in five years’ time.
A. assets B. capital C. equity
14. As she was calculating the company’s liabilities, she realized she forgot to include the ___.
A. accounts payable B. accounts receivable
15. They wanted to resort to ___ in order to convince investors of their company’s high profitability, but then they realized that the auditors that worked for the investors would see right through it.
A. bookkeeping B. accounting C. creative accounting
16. He had been trying to pass his exams in order to become a(n) ___, but in the end he gave up and decided to charge a higher fee for his bookkeeping services in order to make ends meet.
A. chartered accountant B. shareholder C. investor
17. The auditor was looking at the financial statements that the company presented him when he realized he was actually interested in a different ___. He then had to ask for a different set of financial statements.
A. income statement B. payroll C. accounting period
18. She was considering giving up working as an accountant for that company and becoming a self-employed freelancer because the ___ she had to pay was lower. She also had the expertise to file her own tax return, which was an additional advantage.
A. income tax B. Value Added Tax
19. The idea of becoming a shareholder seemed really bad now that the ___ was lower than in any other previous year.
A. share price B. return on investment
20. Their ___ was too high during the past few months, so they have been thinking of either not giving their employees any bonuses this year or investing less in advertising.
A. overhead B. appreciation C. depreciation
- B
- A
- B
- A
- B or A
- C (if 5 is B) or A (if 5 is A)
- A
- A
- B
- A
- A
- A
- B
- A
- C
- A
- C
- A
- B
- B
BY : YENI PEREZ
ReplyDeletenumber twenty is incorrect, the correct answer is "A" overhead
Twenty is wrong, the correct answer is a
ReplyDeleteNumber twenty is incorrect, because is the letter, the correct answer si A
ReplyDeletethe number 20 is wrong the answer is A (by: gisela Vargas)
ReplyDeleteThe number twenty is incorrect, the correct answer is A by keisy lópez
ReplyDeleteby Rocio Sanchez
ReplyDeletethe number 20 is the wrong one, because the answer is the letter "A"
( By: Edwin Fernandez )
ReplyDeletenumber nineteen is incorrect, the correct answer is A
Twenty is wrong, the answer is A). Fiorela Mendez
ReplyDeletequestion 20 is incorrect, the correct one is A. by: cristian calle
ReplyDeleteNumber 20 is incorrect, the correct is letter A) Overhead .
ReplyDeleteBy: Damaris Alvites
The number twenty is incorrect.
ReplyDelete*because is the letter A
By: Ruth Cristina
(By:Lily Carrasco)The number twenty is incorrect, the correct answer is letther A
ReplyDeletethe number twenty is the wrong answer, the correct answer is "A"
ReplyDeleteBy: Jose rafael
Number twenty is incorrect, the correct answer is A
ReplyDelete(by juanita tocas)
Number 20 is incorrect, the correct is a
ReplyDeleteThe number twenty is incorrect, the correct answer is letther A
ReplyDeleteBy. Frank Tantarico
Question number twenty is the wrong one because the answer is the letter A. By Noli Cubas.
ReplyDeleteQuestion twenty is incorrect, the correct answer is A
ReplyDeleteby. giovany castillo
This comment has been removed by the author.
ReplyDeleteby. Deanelli Julca
ReplyDeletequestion 20 is incorrect, alternative (A) is correct
the correct answer is A, and the number twenty is the wrong answer.
ReplyDeleteby: Felix
THE ANSWER TO NUMBER 20 IS INCORRECT BY MAGDIEL
ReplyDeleteBy: (Alessandro Gomez)
ReplyDelete13. He was hoping to be able to raise enough ___ to set up his own business in five years’ time.
A. assets B. capital C. equity
The correct answer is B and the incorrect is A , C
By: Nicolle Viena.
ReplyDeleteTHE CORRECT ANSWER IS THE NUMBER TWENTY WITH THE LETTER A.
This comment has been removed by the author.
ReplyDeleteMy personal opinion is that assets are very important in the company, because it helps in decision-making, helps to have better control and development of the productive activity of the company. The Assets of a company as the set of goods, rights and other resources that a company owns, for example, furniture, offices, computer equipment, also includes those from which we expect to have a future benefit.
ReplyDeleteBy: Magdiel
In my opinion, accounting it is part of our day to day as future accountants, since it allows us to know the past and present of a company. I also learned about the accounting cycle, transaction recording, accrual method, double entry, general ledger accounts, etc. I can say that the ledger accounts is very fundamental in accounting, organization and storage of transactions, it is also organized according to seven classifications such as Assets, Liabilities, Stockholders' Equity, Income and Operating Expenses; I recommend studying accounting in different languages. Thanks you.
ReplyDeleteby. giovany castillo