Business English Quiz: Accounting

Match the accounting terms with their correct definitions. Write the letter of the correct definition next to each term. 1 Accounting

• The report that shows a company’s revenue and expenses over a period.

• A financial record of all transactions, organized by accounts.

• Money, property, and other valuables owned by a company.

• A financial statement that summarizes a company’s assets, liabilities, and equity.

• The system of recording and summarizing financial transactions.

Fill in the blanks with the correct word from the list below. Each word is used only once. 1. The company submitted its annual ________ to the tax authorities before the deadline.

2. The ________ helps businesses keep track of all financial transactions in an organized way.

3. A company's ________ includes cash, buildings, and equipment.

4. A company’s ________ shows all its debts and financial obligations.

5. Every company must prepare a ________ to summarize its revenue and expenses over the year.

6. When purchasing office supplies, the supplier sends an ________ to request payment.

7. A business records its transactions under the ________ principles to ensure financial accuracy.

8. The accountant presented the company’s ________, which detailed all financial assets and liabilities.

9. Due to wear and tear, the value of company equipment decreases over time; this is called ________.