Reduction in value due to wear and …………. is called depreciation.

Profits have to increase by about 10%;………. , the company is not going to achieve its objectives.

Profit which is not paid out to shareholders in the form of dividends, but instead is kept by the company to reinvest or pay off debts.

Person in charge of the staff …………for giving administrative support to the Finance department called a back-office manger.

People who are working on commission always get paid the …………………… amount.

People employed by an/a …………. firm of accountants and hired by a company to inspect its accounts called external auditors.

People earning wages get paid ……………………. often than people earning salary

People earning salary get paid …………… often than people earning wages.

Overheads are ………. costs that you have when you are running a business or an organization, such as rent, electricity, wages, etc.

Overhead leveled off when utility charges were……………….. by the government

Overdraft is the amount of money that you ………. to a bank when you have spent more money than is in your bank account; an arrangement that allows you to do this.

Our annual report was……………………. to the shareholders on 31 March.

Once the transactions have been entered into the journal they are ………………….. or transferred into their individual General Ledger accounts

For creative accounting, smaller ………….may be better so that we pay less tax.

Off-balance-sheet accounting is seen by some as one type of ……..accounting.

Nowadays, accountants are ....... the services they offer with budget analysis, investment planning, and IT consulting.

Net profit is the income of a business after deduction of

Most states require a qualified CPA to………..regular professional training.

Most accounting positions require a bachelor's degree in accounting or a related field or ....... combination of education and experience

Monthly payments for the car made a big hole in their spending ………….. .

Many workers industrial fields were to be laid off during a recession.

Many work closely with law enforcement officers and lawyers during investigations and often appear as ....... witnesses during trials.

Many European countries now have the same………., the euro

Many companies want graduates with a master's degree in accounting, or a master's degree in business administration with ....... in accounting.

Many companies are involved in leasing for business reasons, and the question for the accountants is …….to present the financial implications of such leases in the accounts.

Management accountants prepare information which managers use to ……… decisions.

Look at the assets and liabilities on the balance sheet if you want to know ……..the company’s doing.

Liabilities are debts or stemming from goods or services received by the company.

Journal entries are entered in order, meaning by date, with the earliest date first.

Leasing is a legal contract to rent …………..from the owner, often over long periods of time and with the possibility to buy the asset at the end of the rental period.

Johnson……… in the Sales Department of Travel Services. He often …………………… abroad on business.

It’ll take me at least 25 years to repay the……………. on the apartment.

It is an instant photograph that displays the company's financial ………………. at the end of a business month, quarter or year.

It doesn't happen very often but I actually got some money from the tax office and with the ....... I'm going to treat myself.

Indicates what proportion of equity and debt an enterprise uses to finance its assets. A more stringent test is to use just the long-term debt.

Indicates the return a company gets on the owners’ investment. Companies that make high returns often do not require more debt investments.

In the USA working over 40 hours per week is considered overtime. For each hour of overtime in the USA you receive your hourly ……………multiplied time 1 1/2

In order to cash a check you must ……………..it, or in other words sign the back.

In January we had sales of $50,000. In February they ………..$5,000 to $55,000

If you are self-employed, it is your responsibility to ....... how much tax you should legally pay.

If they had more aware of the trends, they could have avoided…….. .

If the government raises taxes, consumer spending………...

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

I had a letter from the office of the Collector of Taxes telling me that I had to pay back all the money I ....... over the last 3 years.

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

He’ll have paid his debts……..by next year.

He records all the purchases and sales made by this department, so he’s a/an .....

He is in a terrible rush to complete his tax returns by Tuesday otherwise he won't be able to reach the ........ .

He earns a lot of money - he must be in the highest tax………..

Gross margin is……….. .

Government accountants work in the public ......., maintaining and monitoring the recordkeeping of government departments and agencies.

Globalization will lead to accountants having to be up to date on the ……….. developments, country they work in.

Gives the company’s pricing policy and mark-up margins. An adequate gross margin allows a company to pay its expenses, and then expand.

GAAP are a combination of ....... rules set by policy boards and the commonly accepted ways of recording and reporting financial information.

Employees of a company who are for inspecting its accounts called ……….

Determines the average interest rate at which a company borrows funds.

Current liabilities are ………which are paid off within a year

Current assets will likely be turned into cash or converted into a(n) ........ within a year

Compares the current market price with earnings to calculate if a stock is over or under valued. Used as a prediction or expectation of future performance.

Companies often try to get loans when they need to ……….. money.

Capital accounts represent the owner's ………. worth in the business.

Calculates the profit made on a per-share basis. This is quoted by U.S. publicly held companies in their financial statements.

Books are all closed at the end of an accounting period. A more common term for an accounting period is a………….. period.

Before you can claim any money back on overpayment of tax, you have to ....... an application form.

Basically there’s quite a bit of flexibility in the way we can interpret the standards and principles of accounting. For example, we may want to report ………profits so that we can attract investors on the capital markets.

Assets are often listed in the order of their………… - which means how easy it would be to convert each asset into cash

Assets are divided into three categories: Current Assets, Fixed Assets, and …….. Assets

Any resource owned by a company which can be valued in money terms:

An official of the company who is in charge of exports of all the companies in the Proteus group is called …………….

An auditor spends time …………… to know the business as well as the environment and the industry in which it operates.

An auditor examines financial statements to determine ………. they conform to generally accepted accounting principles.

An auditor………… the internal business and financial systems used to make and record transactions.

An asset which does not have a physical nature (such as a trademark or a patent).

An amount of the profits that a company pays to shareholders

An accounts payable …………shows how much you owe each of your vendors

An accountant specializing ……….. a company’s tax affairs called a tax accountant

An …………audit is done by independent auditors: auditors who are not employees of the company

An …………check is one that you have written and deducted from your checkbook balance but has not yet cleared the bank.

Amounts of money that people have to spend regularly are called:

Amortization is the process to reduce the ……… of an intangible asset to zero, over a specified number of years.

Almost all companies invest in vehicles, furniture, machinery or buildings, and those that will be used for more than one year are considered ....... assets

All the money that a company will have to pay to someone else in the future, including taxes, debts, and interest and mortgage payment is called:

All the money a person receives or earn as payment is called:

All the following are examples of fixed assets except

All the following are examples of Factory overheads except.

All the following are examples of current assets except.

After I lost my job, I was living on ………………..for three months. This was difficult, because the amount was much lower than the salary I had before.

Administrative staff responsible …….. processing the records of a business’s financial activities called bookkeepers.

Accounts should be produced using the ……..principles from one year to the next. Deviations from this principle must be noted, and the effects on the accounts shown.

accounts are accounts for your sources of business-generated income

Accountants who are studying for professional examinations.

Accountants help make sure that a firm is run efficiently, that its records are maintained accurately, and that its taxes are paid properly and in a ....... manner

A written statement showing 1) the amount of money and property a company has and 2) the money received from shareholders and creditors

A rich person who has left their own country and gone to live in a place where the taxes are lower.

A list of all the balances in a company’s accounts at a particular date, used to check that debits and credits are equal and that everything has been recorded accurately:

A balance sheet shows the financial …………. that a company has at a point in time and where they came from.

1.                                 A ………… of owners’ equity shows what changes have occurred in regard to equity since the previous balance sheet was compiled.

……......... accountants, many of whom are CPAs, generally have their own companies or work for major accounting firms

………….is a legal right to produce and sell a newly invented product for a contain period of time.

Sales fell gradually in the first two quarters, but………………. in the second half of the year.

   Sales have not increased ………………..the company has spent a lot of money on adverting.

Say the number in English: $45,638

68.       Say the number in English: £63.30

Say the number in English: 10,001

  Say the number in English: 23.56

Say the number in English: 5,400,342

She is a student, so she is tax …………...

She lives there because she has to - she’s a tax………… .

…………………. Shows the turnover of inventory, and can be compared against sales figures, to show the demand for the company’s products. 

   So there’s no……….. of opening the exhibition before the Queen arrives.

Some accountants specialize in ....... accounting - investigating white-collar crimes such as securities fraud and embezzlement.

Some schools offer students a chance for hands-on experience with part-time .........................

programs in accounting or commercial firms.

Straight .......................... depreciation, the most common method of depreciating assets, simply divides the initial cost of an asset by the number of years that it will presumably be of use.

The …………………. statement is also referred to as a profit and loss statement or an income and expense statement.

The …………………….. is the difference between what a business pays for an item wholesale and what the business sells it for retail.

The accountant said that profits would increase………………… the fall in turnover.

The accountant who are studying…………professional examinations called a trainee accountant.

The amounts affecting common stockholders, but not from movements in the stock of the company (e.g. currency translation adjustments) called.

116. The amounts that a person or organization is owed in the normal daily business, i.e., excluding loans and liabilities called:

116. The arrangement they have is that all the money that has to be paid in tax out of their earnings comes from their ....... .

116. The asset is depreciated by a constant amount every year. The depreciation expense for each year is calculated by subtracting the salvage value from the acquisition cost, and then dividing the difference by the useful life of the asset. 

116. The balance sheet was compiled shows, for example, the money the owners have to

………… in or take out of the business, as well as profits and losses from its operations.

116. The body …….. represents the interests of accountants in the U.S. is the American Institute of Certified Public Accountants (AICPA). 

116. The buyers shall make no …………….. for late delivery if the delay is not more than 30 days.

116. The chief of a company who is also a shareholder in it is called.

116. The company’s in debt to the tune ……….10 million.

116. The customary manner in which a business analyzes and records its …………………… is by first entering them into a journal.

116. The depreciation expense ………….. by first subtracting the salvage value from the acquisition cost. 

116. The depreciation expense is calculated by first subtracting the salvage value from the acquisition cost. The difference is multiplied by a fractional amount, where the denominator and numerator are based on the addition of the figures in the asset's useful life.

The depreciation is 'accelerated' by this method, so that the expense is greater in the first years. The salvage value is ignored in the calculation, but the asset will not be depreciated below this value. 

The difference between the value stated on shares that a company issues and the higher amount it receives for them is called:

132. The difference is multiplied ………. a fractional amount, where the denominator and numerator are based on the addition of the figures in the asset's useful life. 

132. The government needs more money, so it is planning to…………taxes.

132. The idea that accounts should be prepared on the same basis from one year to the next. 

132. The idea that amounts should be recorded at the time they occur, not when cash is paid or received.

132. The idea that financial information can only be reported correctly on the basis that the company will be able to operate in the future. 

132. The idea that financial information should be reported conservatively, so that it is not possible that the overall value of a company is overstated.

132. The image of the guy in the corner with the stacks of ……… will change to one of a high flyer, someone who is critical to the success of the organization. 

132. The key point to remember is that the accounting treatment of legitimate business…….can vary greatly. 

132. The main disadvantage of an overdraft is that …………..

132. The money spent to buy another company, which is more than the fair value of the ……. assets is called goodwill. 

132. The money that a business uses for everyday expenses or has available for spending is called:

The money that people and organizations have in bank accounts are called:

The organization of a balance sheet reflects this basic ………………. assets equal debts plus equity.

The owner has just increased the………………..on our apartment by 20%. 

The P & L monograph of 1940 promulgated the "....... principle", which places primary emphasis on the correspondence of costs with the revenues that they produce.

The partnership has limited liability…………..

The problem is that the line between truthful and misleading representation of figures is sometimes very thin, and this is ………..people get into trouble.

The proportion of debt and equity ownership in a company or an asset.

.The reduction in value of a fixed asset during the year it is ………. in use (charged against profits)

The sum of the assets should be equal to the sum of the ……… plus the owner’s equity.

The total value of sales in one period of time is called:

146. The traditional ……………. of accountants as merely ‘bean counters’ is slowly becoming a thing of the past.

146. The values which are difficult to quantify or turn into cash are called……………….. .

146. There have been so many queries about his tax situation that there is now a huge ....... containing the details in the office.

146. They are going to raised money by selling new …………….. to their existing stockholders.

146. They are planning to…………the tax on large company cars, and replace it with a tax on all company cars.

146. They can become accepted either as a result of due ................... or as a result of long term practice.

146. They gather …………………… on the financial control systems and the figures in the financial statements.

146. This principle is concerned with the timing of the recognition of transactions in the accounts.

Items ….……..when the income or expense arises, and are not dependent on the movement of

cash. 

This reduced his gross margin ………………….  2 percent to 29 percent.

This report is a nightmare, I……. it for two weeks and it is still not finished.

To introduce a new tax on something.

Turnover should be cut despite………. .

Under the current legislation if you are late in paying your taxes, then you have to face a financial

........ .

Until it's clearly established which tax group you are in, your employer will be asked to ....... a certain amount of your pay. 

We conducted our audits in ………. auditing standards generally accepted in the United States of America. 

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

We need to …………. the long-term liabilities before we think about any major new purchases.

We presents a………………………….. report to the management of the company, describing whether the accounting records, financial statements and management reports conform to legal requirements. 

.We’re getting ……………. and more questions about whether we can service our debt, in the long term. 

We’re investing a significant amount in our new factory in Germany so we need to …………. a solution soon. 

What is shareholder’s equity?

What value should be given to the numbers in the accounts? It is normal to act pessimistically, so that profits and assets ………, and expenses and liabilities realistically valued. 

What’s the method of depreciation in the statement below?

The expected usage of the asset is taken into account in determining the rate of depreciation. 

What’s the method of depreciation in the statement below?

The expected output of the asset is taken into account in determining the rate of depreciation.

When I retired, my…………………… will be 75% of my final salary.

When people want to set up or start a company, they need money, called……………………. .

When preparing accounts, one must assume that the enterprise will still be viable in the years to come. Practically all accounting items ……….by this assumption, such as the carrying value of fixed assets and inventories, and the ability to repay debts and other obligations. 

When the accounts are complete, I check them before they

178. When the accounts are complete, i check them before they  are presented to the external auditor, so I’m a/an…………………. .

178. You can calculate ……………….. by deducting total liabilities from total assets.                  

178. You can calculate your gross profit by multiplying units sold……..  the gross margin.

178. You can elect, if you want, to transfer your tax free allowance to your ........ .

178. You can work out current liabilities by adding ……….to taxes and payables

178. You record how much each of your employees should be paid in the ………………… account.

178. You’re thinking that if we lease the assets, we can exclude these …….from the balance sheet?