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Accounting - FIR

Total questions: 20

Worksheet time: 5hrs 0mins

Name
Class
Date
1.

the amount of time over which an employee is paid

a)

pay period

b)

payroll

c)

pay me back

d)

calendar year

2.

total amount of money an employee earns in a pay period

a)

net pay

b)

gross earnings

c)

take home pay

d)

payroll

3.

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

a)

Balance Sheet

b)

Income Statement

c)

Statement of Cashflows

d)

None of These

4.

Indirect costs like marketing costs, utilities, salaries of sales staff etc are called:

a)

expense accounts

b)

operating expenses

c)

avoidable costs

d)

monthly costs

5.

Something that is legally owned by a person or company

a)

Journal

b)

Cash flow

c)

Expense

d)

Property

6.

Money remaining after all expenses and taxes have been paid

a)

Property

b)

Net income

c)

Balance sheet

d)

Cash flow

7.

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

a)

equity

b)

expense

c)

cash flow

d)

equity

8.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
9.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

10.

Bookkeper

a)

Helps the company to make smart investments

b)

I'm currently looking for a job

c)

Responsible for processing the record of a business’s financial activities

d)

People employed by an outside firm of accountants and hired by a company to inspect its accounts

11.

Tick (✓) the appropriate job(s) in the accounting area

a)
b)
c)
d)
12.

A specialist who is able to give advice on matters of taxation

a)

clerk

b)

Management accountant

c)

tax advisor

13.

the set of rules and laws for a country which govern how accounts should be prepared

a)

code of conduct

b)

creative accounting

c)

local accounting standards

14.

a specialist whose job is to carefully check the accounts and accounting practices of a company

a)

bookkeeper

b)

auditor

c)

income tax

15.

the set of accounts which are prepared each year

a)

code of conduct

b)

auditor

c)

annual financial statements

16.

the use of holes in financial law to have an advantage or to show figures in a deceptive way

a)

CA

b)

confidentiality

c)

creative accounting

17.

a fully qualified accountant, holding current certification

a)

AC

b)

CA

c)

Accountatnt

18.

Companies which owe money

a)

creditors

b)

debtors

c)

reserves

d)

payers

19.

The value of sales made

a)

overdraft

b)

cost of sales

c)

turnover

d)

netprofit

20.

Money owed to banks

a)

overdraft

b)

reserves

c)

net profit

d)

stock