Accounting concepts review

• “An ____ is a document that requests payment for goods or services.”

• • Invoice

• • Ledger

• • Receipts

• Report

• “The company received a large ____ from its recent product launch.”

• • Expenses

• • Revenue

• • Budget

• • Audit

• “The financial ____ showed that the company’s expenses were higher than its revenue.”

• • Balance Sheet

• • Invoice

• Report

• Expenses

• “During the audit, the accountant reviewed the company’s ____ for accuracy.”

• • Ledger

• Budget

• Receipt

• Invoice

• “The company must prepare a ____ to plan its future spending and income.”

• Revenue

• • Budget

• Receipt

• “The ____ is a key financial statement that provides a snapshot of the company’s financial position.”

• • Budget

• • Ledger

• • Audit

• • Balance Sheet

• “An ____ helps ensure that the financial statements are accurate and comply with regulations.”

• • Invoice

• • Expense

• Audit

“After deducting all ____ from the revenue, the company made a significant profit.”

• Receipts

• Expenses

• Ledgers

• Reports

“The ____ are kept as proof of transactions and can be used for reference or verification.”

• Receipts

• Budgets

• Revenues

• Expenses