Accounting Vocabulary Check

A list of all employees and their wages

• Balance sheet

• Payroll

• Liquid assets

• Liability

An accounting record where all business transactions are initially entered

• Balance sheet

• Journal

• Expense

• Net income

Liability

• Something that is legally owned by a person or company

• A list of all employees and their wages

• The balance of cash receipts minus cash payments over a given period of time

• An obligation to settle a debt; money owed to someone

Expense

• Money that is spent to purchase goods or services provided by someone else

• Money remaining after all expenses and taxes have been paid

• An obligation to settle a debt; money owed to someone

• Cash or something that is easily convertible into cash

If the company makes 10% more than last year, we will all get a ........ at the end of the year.

• commission

• salary

• bonus

• wage

I used to work as a salesperson, but I wasn't very successful, so I didn't earn much .............

• commission

• money

• bonus

• tips

My wages aren't very good, so I do a lot of .........

• extra work

• over job

• extra time

• overtime

We don't have sufficient .......... to build a completely new factory.

• money

• funds

• rents

• taxes

Mark the correct answer:

The objective of an accountant is:

I. To give advice on financial issues.

II. To interpret and do financial statements.

III. To prepare tax returns.

IV. To conduct forecasting and risk analysis

• II, III and IV are correct

• I, II, III are correct

• All are correct

• I, II and IV are correct

To be an international certified Accountant, you must take the following exams: (you can select more than one answer)

• IELTS academic

• CPA examination

• IASB

• ICAEW exam