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Match the definition on the left with the letter of the term on the right: a - balance sheet b - liquid

assets c - liability d - net income e - property f - payroll g - equity h - journal i - cash flow j - expense

1. a list of all employees and their wages --> 2. an accounting record where all business transactions are INITIALLY entered --> 3. money that is spent to purchase goods or services provided by someone else --> 4. a detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc. --> 5. something that is legally owned by a person or company --> 6. an obligation to settle a debt; money owed to someone --> 7. this word has 2 meanings: "stock (shares)" and "net worth" --> 8. the balance of cash receipts minus cash payments over a given period of time --> 9. cash or something that is easily convertible into cash --> 10. money remaining after all expenses and taxes have been paid --> QUESTIONS: (Choose the best response for each one) 1. I __________________________ our profits for the previous accounting period. Called gathered calculated 2. Your job will be to __________________________ and maintain financial records. Promise prepare make

3. An accounting period is a period of time over which __________________________ are calculated. Prophets profits profiteering 4. Accounts __________________________ refers to the money that is owed to the company by its clients/customers. Receivable receptive respected 5. To accrue means to accumulate or _________________. Decrease regret increase 6. My house has _______________________ ( = increased in value) by 10% in the past 9 months. Appreciated depreciated approximated 7. I indicated all the accrued expenses on your balance _______________________. Sheet paper note 8. These expenses are typically __________________________. ( = they occur regularly) pragmatic prodigal periodic 9. Another word for accounting is __________________________. Finance bookkeeping money counting 10. A good accountant will help you keep _________________________of your business's finances. Track trace score QUESTIONS: 1. I have a lot of experience in collecting financial information necessary for __________________ various tax returns. Filing calculating forming 2. I find it really hard to keep track of my __________________. ( = the money I spend) expense expenses expertise 3. You have nothing to worry about. Your (financial) __________________ accurately reflect your business's income and expenses. Profits profiteering records

4. The IRS is a government organization responsible for _________________ taxes in the USA. Collecting receiving gathering 5. If the IRS __________________ you, they will want to inspect your financial records in detail. Accepts edits audits 6. You should always keep __________________ ( = proof of payments) or other acceptable records of every payment to your business and every expenditure by your business. Records receipts recipes 7. An expenditure is basically a __________________. Payment bill tax form 8. What do you do with forms? you fill them up you fill them out you fill them

9. One of your duties will be to summarize the company's income and expenditure records on a monthly __________________. Base basis time 10. I can help you determine how much your business is worth at a specific __________________. time point timeframe point in time QUESTIONS: 1. In economics, a transfer _________________ is a noncompensatory government payment to individuals (such as welfare or social security benefits). Pay payment paycheck 2. Things of value owned by a business are known as its _________________. assertions assessment assets 3. What's the opposite of an asset? Cash A liability A liaison

4. Some think that the _________________ of many companies are overstated due to deceptive accounting practices. earnings money earning

5. Every company should have a clear record of their _________________ assets. fixed fix fixture 6. Is "book _________________" the same as "net worth"? evaluation validation value 7. Not only has the company __________________ a lot of capital, but it has done so efficiently. invested invest to invest 8. The breakeven point in sales dollars can be calculated by _________________ a company's fixed expenses by the company's contribution margin ratio. dividing devising demising 9. Our company's _________________ ( = not fixed) expenses are approximately $45,000 per month. various variable veritable 10. By forming a corporation, you can _________________ to only those assets owned by your corporation. check your stop your liability liability limit your liability QUESTIONS: 1. An accountant who reviews the accounting procedures of a company is called _________________. an auditor an audience a lawyer 2. Do you have any experience in using an _________________ costing system? activation-based activity-based actively-based 3. A general _________________ in business says that 20% of the product line produces 80% of the sales. rule of thumb famous rule rule of thumbs 4. The term "equity" refers to the owners' _____________________ of the business. partition share sharing

5. An expenditure will not necessarily show up on the income _____________________ at the time the expenditure is made. paper check statement 6. All expenditures _____________________ ( = in time) show up as expenses. immensely eventfully eventually 7. Something is an "expense" if it is _____________________ against revenue during an accounting period. chargeable charge charging 8. Our company's _____________________ year begins on May 1st. frisky fiscal money-making 9. Thanks to your hard work, we've seen some positive changes in sales _____________________. ( = we have started selling more) level approach volume 10. We really need to start keep our business _________________ organized. transactions transitions translations QUESTIONS: (Choose the best response for each one) 1. A statement of _________________ helps you keep track of your business's finances. cash flow cash flowing money flow 2. Customers usually come here looking for _________________

advice. financial finances finance 3. This plan is economically _____________________ ( = profitable). fast worthy feasible 4. "Liquid" assets often refer to _____________________. credit cash checks 5. A flat-rate plan ______________________ marginal costs. elaborates takes eliminates 6. In accounting, a cost that does not _____________________ ( = change) with the level of production or sales is referred to as "overhead". vary variable variety 7. There are two types of profit: gross profit and _____________________. net profit non-gross profit netto profit 8. "Net profit after taxes" is what's called "the bottom line", - it's the _____________________ after everything has been subtracted. netto income gross income net income 9. An element of _____________________ is always present in all business activities. risky risk risque

10. A _____________________ of an item in account books (because it no longer has any value) is what's known as a "write-off". cancel cancellation constellation QUESTIONS: (Choose the best response for each one) 1. The partners of the accounting firm gathered in Tampa for their _________________ meeting. annual annul annually 2. His last company owes millions in _________________ taxes. unpaid paid not paid 3. Tax _________________ help wealthy investors hide millions of dollars in taxable income. hideouts sheds shelters 4. Lawyers or accountants who work in the same firm are often referred to as _________________ , not "employees". buddies partners workers 5. My accountant advised me that this approach would be much more _________________. ( = profitable) rich lucid lucrative 6. I would welcome an opportunity to analyze your company's __________________ ( = financial records) in detail books bookkeeping

booked 7. He's one of our __________________ clients = He hired us to do audits for his company. audit audible odd 8. CFO stands for "chief __________________ officer" financially financed financial 9. I'm not questioning your tax __________________ - I just think that this approach would not work for our company. strategic strategy layout 10. Microsoft __________________ nearly 60% of its total United States revenues from software sales. drives derives derides