English for accounting - Exercise chapter 1

The activity of keeping detailed records of the amounts of money a business or person receives and spends.

• Expenses

• Assets

• Accounting

• Balance sheet

A written statement that shows the financial state of a company at a particular time.

• Assets

• Balance sheet

• Income statement

• Liabilities

An official financial record that gives details of all a company's income and expenses for a particular period and shows if it has made a profit or a loss.

• Balance sheet

• Income statement

• Capital

• Profit

Money that a business spends on supplies, workers, services, etc. in order to operate.

• Expenses

• Capital

• Assets

• Profit

The things that a company owns, that can be sold to pay debts.

• Liabilities

• Expenses

• Capital

• Assets

An amount of money that is invested in or is used to start a business.

• Profit

• Capital

• Liabilities

• Assets

Debts and obligations of a company.

• Liabilities

• Capital

• Profit

• Expenses

A financial benefit when the amount of revenue gained from a business activity exceeds the expenses, costs to sustain the activity.

• Liabilities

• Capital

• Profit

• Expenses

Trainee accountant who are _____________the profession from a qualified accountant or someone with a great deal of experience in finance.

• specializing

• learning

• accounting professional

• receive and payout money

A bookkeeper is usually employed by a small to mid-size company to ____________________ such as sales, purchases, payroll, collection of accounts receivable, payment of bills, etc.

• record its transactions

• accounting professional

• to inspect its accounts

• receive and pay out money