unit 1

Accounting is one of the ................. fields in the modern business world

• fast-growing

• faster growing

• fastest-growing

• fastest-grow

Nonprofit organizations are in business for some purposes other than ................. money.

• make

• making

• to make

• made

Accounting serves the purpose of record keeping by promptly ................. all the business transactions in the books of account.

• selling

• buying

• recording

• reporting

Private accountants, also called executive or administrative accountants, handle the ................. of a business

• balance sheets

• cash flow statements

• financial records

• operations

Controllers are responsible ................. maintaining the records of the company’s operations.

• to

• with

• of

• for

Managerial accountants work with the kinds of financial reports ................. to management for the efficient operation of the company, including budgets and cash flow projections.

• necessary

• unnecessary

• need

• needn't

Many people have chosen ................. as a profession because of its many advantages

• account

• accounting

• accountant

• counting

Reports on past ................. and current financial status are useful only as input to decisions about courses of action that will lead to future performance and status.

• performed

• perform

• performing

• performance

Accounting is also intimately involved in ................. the financial interests of the parties involved in all kinds of relationships.

• sorting out

• giving out

• getting out

• running out

Taxing ................. are interested in past financial performance in order to assess and collect appropriate taxes.

• authority

• authorize

• authorities

• authorizing