WorksheetsVOCABULARY
Total questions: 112
Worksheet time: 56mins
Name
Class
Date
1.
is concerned with the timing of the recognition of transactions in the accounts. Items are recorded when the income or expense arises, and are not dependent on the movement of cash
a)
The matching principle
b)
Financial accounting
c)
Management accounting
d)
Cost accounting
2.
deals with the preparation of financial statements for the basic purpose of providing information to various interested groups like creditors, banks, shareholders, financial institutions, government, consumers, etc
a)
Financial accounting
b)
Management accounting
c)
Cost accounting
d)
IFRS
3.
is “tailor-made” accounting.
a)
Management accounting
b)
Cost accounting
c)
IFRS
d)
The consistency principle
4.
It is the process of determining and accumulating the cost of a particular product or activity
a)
Cost accounting
b)
IFRS
c)
The consistency principle
d)
The going concern principle
5.
represent the most significant shift in financial reporting and the biggest accounting change in a generation.
a)
Cost accounting
b)
IFRS
c)
The consistency principle
d)
The going concern principle
6.
Accounts should be produced using the same principles from one year to the next. Deviations from this principle must be noted, and the effects on the accounts shown.
a)
Cost accounting
b)
IFRS
c)
The consistency principle
d)
The going concern principle
7.
When preparing accounts, one must assume that the enterprise will still be viable in the years to come.
a)
Cost accounting
b)
IFRS
c)
The consistency principle
d)
The going concern principle
8.
They record everything the organization earns or spends.
a)
Bookkeepers
b)
Tax Accountants
c)
Internal Auditors
d)
Budget Analysts
9.
help their clients fill out tax returns
a)
Tax Accountants
b)
Internal Auditors
c)
Budget Analysts
d)
Management Accountants
10.
check their employer’s records for accuracy
a)
Bookkeepers
b)
Tax Accountants
c)
Internal Auditors
d)
Budget Analysts
11.
manage a company’s financial plans
a)
Internal Auditors
b)
Budget Analysts
c)
Management Accountants
d)
Financial Advisors
12.
They study business operations and help maximize profits.
a)
Management Accountants
b)
Financial Advisors
c)
Trainee accountants
d)
Back-office manager
13.
help people make smart investments.
a)
Management Accountants
b)
Financial Advisors
c)
Trainee accountants
d)
Back-office manager
14.
Accountants who are studying for professional examinations
a)
Financial Advisors
b)
Trainee accountants
c)
Back-office manager
d)
External auditors
15.
Person in charge of the staff responsible for giving administrative support to the Finance department
a)
Back-office manager
b)
External auditors
c)
Public accounting
d)
Accounting
16.
People employed by an outside firm of accountants and hired by a company to inspect its accounts
a)
Back-office manager
b)
External auditors
c)
Public accounting
d)
Accounting
17.
offers a wide variety of roles such as: corporate finance, due diligence, as well as the more traditional accounting and tax advice
a)
External auditors
b)
Public accounting
c)
Accounting
d)
Forensic accountant
18.
is an exact science and every record must be precise
a)
Accounting
b)
Forensic accountant
c)
Personal finance planner
d)
Financial accountant
19.
Accountant who combines accounting and investigate skills to uncover suspected fraud business activity and prevent it
a)
Forensic accountant
b)
Personal finance planner
c)
Financial accountant
d)
Cost accountant
20.
Helps individuals manage their personal investments and make suggestions about where to invest
a)
Personal finance planner
b)
Financial accountant
c)
Cost accountant
d)
Auditors
21.
Records business financial activities and prepares financial report for businesses
a)
Financial accountant
b)
Cost accountant
c)
Auditors
d)
Tax advisors
22.
Analyze and control cost of organization
a)
Forensic accountant
b)
Personal finance planner
c)
Financial accountant
d)
Cost accountant
23.
are the police of the accounting world
a)
Financial accountant
b)
Cost accountant
c)
Auditors
d)
Tax advisors
24.
are able to help their clients lower their tax bill thanks to their in-depth knowledge of taxation law and specifically what a client can off-set against tax
a)
Financial accountant
b)
Cost accountant
c)
Auditors
d)
Tax advisors
25.
an amount that is calculated by subtracting cost of goods sold
a)
gross profit
b)
sales revenue
c)
taxes
d)
P&L statement
26.
the money that is received from selling goods or services
a)
sales revenue
b)
taxes
c)
P&L statement
d)
general and administrative expenses
27.
money that is paid to a government
a)
taxes
b)
P&L statement
c)
general and administrative expenses
d)
balance sheet
28.
a statement showing financial information for a certain period of time
a)
taxes
b)
P&L statement
c)
general and administrative expenses
d)
balance sheet
29.
the costs associated with organizing and running a business
a)
P&L statement
b)
general and administrative expenses
c)
balance sheet
d)
accounts receivable
30.
a document showing assets, liabilities, and equity
a)
general and administrative expenses
b)
balance sheet
c)
accounts receivable
d)
asset
31.
a record of money that is owed to a company for past sales
a)
accounts receivable
b)
asset
c)
liability
d)
cash flow
32.
something a company owns
a)
balance sheet
b)
accounts receivable
c)
asset
d)
liability
33.
an amount of money that a company owes
a)
asset
b)
liability
c)
cash flow
d)
financing activities
34.
the process of money moving into and out of a company
a)
cash flow
b)
financing activities
c)
Selling
d)
Net income
35.
receiving money from investors or creditors
a)
financing activities
b)
Selling
c)
Net income
d)
Income statements
36.
is the act of exchanging goods for money
a)
financing activities
b)
Selling
c)
Net income
d)
Income statements
37.
is the amount of money retained after all expenses
a)
cash flow
b)
financing activities
c)
Selling
d)
Net income
38.
show financial information over a period of time
a)
Net income
b)
Income statements
c)
Balance sheets
d)
Cash flow statements
39.
show a company’s financial status at a certain moment in time
a)
Net income
b)
Income statements
c)
Balance sheets
d)
Cash flow statements
40.
show the inflow and outflow of cash.
a)
Net income
b)
Income statements
c)
Balance sheets
d)
Cash flow statements
41.
refers to the rules used to generate tax assets and liabilities in the accounting records of a business or individual
a)
Tax accounting
b)
Tax Compliance Software
c)
"Book income"
d)
Taxable income
42.
Is used by many tax accountants to streamline tax preparation and ensure accuracy in calculations.
a)
Tax Compliance Software
b)
"Book income"
c)
Taxable income
d)
Tax Deduction
43.
refers to pre-tax financial income
a)
Tax Compliance Software
b)
"Book income"
c)
Taxable income
d)
Tax Deduction
44.
The portion of an individual's or business's income that is subject to taxation after allowable deductions, exemptions, and credits have been applied
a)
Taxable income
b)
Tax Deduction
c)
Tax Credit
d)
Tax Return
45.
An expense or cost that can be subtracted from an individual's or business's total income to reduce the amount of income subject to taxation, thereby lowering the tax liability
a)
Tax Deduction
b)
Tax Credit
c)
Tax Return
d)
Tax Audit
46.
A direct reduction in the amount of taxes owed, typically based on specific criteria such as income level, expenses, or investments
a)
Tax Credit
b)
Tax Return
c)
Tax Audit
d)
Tax Planning
47.
A document filed with the tax authorities, such as the IRS in the United States, detailing an individual's or business's income, deductions, and tax liability for a specific tax year
a)
Tax Return
b)
Tax Audit
c)
Tax Planning
d)
Capital Gains Tax
48.
A formal examination or review of an individual's or business's financial records and tax returns by tax authorities to ensure compliance with tax laws
a)
Tax Audit
b)
Tax Planning
c)
Capital Gains Tax
d)
Tax Shelter
49.
The process of strategically arranging financial activities to minimize tax liability by taking advantage of deductions, credits, and incentives within the bounds of the law
a)
Tax Planning
b)
Capital Gains Tax
c)
Tax Shelter
d)
Tax Exemption
50.
A tax on the profit made from the sale of investments or assets such as stocks, real estate, or collectibles
a)
Capital Gains Tax
b)
Tax Shelter
c)
Tax Exemption
d)
Tax Evasion
51.
An investment or financial arrangement designed to legally reduce or defer tax payments, often through provisions in tax law
a)
Tax Shelter
b)
Tax Exemption
c)
Tax Evasion
d)
CPAs
52.
A legal provision that allows individuals, organizations, or certain types of income to be excluded from taxation, typically for specific reasons outlined in tax law
a)
Tax Exemption
b)
Tax Evasion
c)
CPAs
d)
Accuracy
53.
The illegal act of deliberately underreporting income, inflating expenses, or engaging in other fraudulent activities to reduce tax liability
a)
Tax Evasion
b)
CPAs
c)
Accuracy
d)
Privacy policy
54.
Individuals with a minimum of 5 years’ experience in individual tax accounting
a)
CPAs
b)
Accuracy
c)
Privacy policy
d)
Review process
55.
The importance of correctness or precision in tax preparation
a)
Accuracy
b)
Privacy policy
c)
Review process
d)
Expertise
56.
Describe the strict policy regarding the protection of personal information and the commitment not to share it with third parties
a)
Privacy policy
b)
Review process
c)
Expertise
d)
Management Accounting
57.
A process where every completed tax form is evaluated by a senior accountant before filling
a)
Review process
b)
Expertise
c)
Management Accounting
d)
Management accountants
58.
Refers to the knowledge and proficiency gained through experience and qualifications
a)
Expertise
b)
Management Accounting
c)
Management accountants
59.
is the presentation of accounting information in such a way as to assist management in the creation of policy and the day to day operation of any undertaking
a)
Management Accounting
b)
Management accountants
c)
Management accountants
d)
Financial accounting
60.
prepare information which managers use to make decisions.
a)
Management accountants
b)
Financial accounting
c)
Financial management
61.
sometimes suggest ways to improve financial performance.
a)
Management accountants
b)
Financial accounting
c)
Financial management
d)
Cost Accounting
62.
deals with the historical data, providing recorded facts about an organization that are useful for planning future courses of action.
a)
Financial accounting
b)
Financial management
c)
Cost Accounting
d)
Budgeting and Forecasting
63.
is concerned with the planning and controlling of the financial resources of the firm, including raising funds and ensuring their effective utilization.
a)
Financial management
b)
Cost Accounting
c)
Budgeting and Forecasting
d)
Inventory Control
64.
involves using various techniques to determine the cost of manufacturing products or providing services. It uses financial data to find out the cost of various jobs, products, or processes
a)
Cost Accounting
b)
Budgeting and Forecasting
c)
Inventory Control
d)
Internal Audit
65.
expresses the plans, policies, and goals of the enterprise for a defined period in the future as well as predicts future financial trends and outcomes
a)
Budgeting and Forecasting
b)
Inventory Control
c)
Internal Audit
d)
A cash flow statement
66.
pertains to the management of stock, including raw materials, goods in the process of manufacture, and finished products
a)
Inventory Control
b)
Internal Audit
c)
A cash flow statement
d)
Direct Labor
67.
deals with the historical data, providing recorded facts about an organization that are useful for planning future courses of action
a)
Internal Audit
b)
A cash flow statement
c)
Direct Labor
d)
Selling Costs
68.
is a statement of changes in cash position between the beginning of the year and ending of the year
a)
A cash flow statement
b)
Direct Labor
c)
Selling Costs
d)
anomalous
69.
labor costs that can be easily traced to individual units of product
a)
Direct Labor
b)
Selling Costs
c)
anomalous
d)
cutoff point
70.
all costs that are incurred to secure customer orders and get the finished product to the customer
a)
Selling Costs
b)
anomalous
c)
cutoff point
d)
chief operating officer
71.
out of the ordinary
a)
anomalous
b)
cutoff point
c)
chief operating officer
d)
impropriety
72.
the level that must be reached to receive some reward
a)
cutoff point
b)
chief operating officer
c)
impropriety
d)
professional skepticism
73.
a corporate executive in charge of operations
a)
chief operating officer
b)
impropriety
c)
professional skepticism
d)
Management Audit
74.
any activity that is unethical
a)
impropriety
b)
professional skepticism
c)
Management Audit
d)
Cost audit
75.
the critical attitude an auditor must have
a)
professional skepticism
b)
Management Audit
c)
Cost audit
d)
Insurance audit
76.
is an act of evaluation of all the activities of all the departments with a view to provide appropriate suggestions to the management to help their work
a)
Management Audit
b)
Cost audit
c)
Insurance audit
d)
Financial Audit
77.
A system of audit introduced by the Government of India for the review, examination, and appraisal of the cost accounting records and attendant information, required to be maintained by specified industries
a)
Cost audit
b)
Insurance audit
c)
Financial Audit
d)
Government Audit
78.
is an examination of the operations, records and books of account of the insurance company.
a)
Insurance audit
b)
Financial Audit
c)
Government Audit
d)
disclosure(s)
79.
is generally conducted to ascertain whether the balance sheet and profit & loss account present a true and fair view of the financial position and working result of the organization under audit
a)
Financial Audit
b)
Government Audit
c)
disclosure(s)
d)
lawsuit
80.
aims at ensuring that the financial transactions of the government are executed properly under sanctions and authorities and are correctly recorded in the books of accounts
a)
Government Audit
b)
disclosure(s)
c)
lawsuit
d)
clean opinion
81.
extra information which the directors of a company give in the notes to the financial report
a)
disclosure(s)
b)
lawsuit
c)
clean opinion
d)
bank facility
82.
a change, a complaint, or a claim against a company or person made in a court of law. Several audit firms suffered these after the dotcom crash in 2001
a)
lawsuit
b)
clean opinion
c)
bank facility
d)
adverse opinion
83.
when auditors are satisfied that a company is in good financial health for the coming year
a)
clean opinion
b)
bank facility
c)
adverse opinion
d)
Investment
84.
an arrangement made by a bank for its customers which lets them borrow money
a)
bank facility
b)
adverse opinion
c)
Investment
d)
Accounting practice
85.
when the auditor decides that the financial statements of a company are materially misstated and, when considered as a whole, do not conform with the generally accepted accounting principles in force at the time.
a)
adverse opinion
b)
Investment
c)
Accounting practice
d)
Bond
86.
means using money to buy something (an asset) with the aim of making a profit by selling that asset at a higher price sometime in the future.
a)
Investment
b)
Accounting practice
c)
Bond
d)
Dividend
87.
is the process and activity of recording the day-to-day financial operations of a business entity
a)
Accounting practice
b)
Bond
c)
Dividend
d)
Equity
88.
Certificate issued by companies and governments to their lenders
a)
Bond
b)
Dividend
c)
Equity
d)
Liabilities
89.
A portion of a company's earnings which is paid to the shareholders/stockholders on a quarterly or annual basis
a)
Dividend
b)
Equity
c)
Liabilities
d)
Mutual fund
90.
The value of stocks and shares; the net value of mortgaged property
a)
Equity
b)
Liabilities
c)
Mutual fund
d)
Share
91.
The debts and obligations of a company or an individual
a)
Liabilities
b)
Mutual fund
c)
Share
d)
Capital
92.
Savings fund that uses cash from a pool of savers to buy securities such as stock, bonds or real estate.
a)
Mutual fund
b)
Share
c)
Capital
d)
Merger
93.
The capital of a company is divided into shares which entitle the owner, or shareholder, to a proportion of the profits.
a)
Share
b)
Capital
c)
Merger
d)
Acquisition
94.
Money and other property of companies used in transacting the business.
a)
Capital
b)
Merger
c)
Acquisition
d)
Flextime
95.
a joining of companies
a)
Merger
b)
Acquisition
c)
Flextime
d)
Flex location
96.
a takeover of one company by another
a)
Acquisition
b)
Flextime
c)
Flex location
d)
Attest services
97.
the ability to work any schedule
a)
Flextime
b)
Flex location
c)
Attest services
d)
Litigation support
98.
the ability to work anywhere
a)
Flex location
b)
Attest services
c)
Litigation support
d)
Foreseen
99.
tasks in which accountants offer their professional opinion
a)
Attest services
b)
Litigation support
c)
Foreseen
d)
Uncertainty
100.
accounting services within the legal profession
a)
Litigation support
b)
Foreseen
c)
Uncertainty
d)
Development
101.
to think something is going to happen in the future; to know about something before it happens
a)
Foreseen
b)
Uncertainty
c)
Development
d)
Implementation
102.
something that you cannot be sure about
a)
Uncertainty
b)
Development
c)
Implementation
d)
Gradual
103.
the steady growth of something so that it becomes more advanced, stronger, etc.
a)
Development
b)
Implementation
c)
Gradual
d)
Speculated
104.
the act of starting to use a plan or system
a)
Implementation
b)
Gradual
c)
Speculated
d)
Integration
105.
Slow and happening over time
a)
Gradual
b)
Speculated
c)
Integration
d)
Public practice
106.
to guess possible answers to a question when you do not have enough information to be certain
a)
Speculated
b)
Integration
c)
Public practice
d)
Risk assessment
107.
the act or process of combining two or more things so that they work together
a)
Integration
b)
Public practice
c)
Risk assessment
d)
Service-based economy
108.
In the context of accounting, it often includes services such as auditing, tax advisory, and financial consulting offered to various businesses and individuals
a)
Public practice
b)
Risk assessment
c)
Service-based economy
d)
Electronic commerce
109.
is the process of identifying, evaluating, and analyzing potential risks and uncertainties that could affect an organization's ability to achieve its objectives
a)
Risk assessment
b)
Service-based economy
c)
Electronic commerce
d)
Audit opinion
110.
It is an economic system in which the majority of economic activities and value creation are driven by the provision of services rather than the production of tangible goods
a)
Risk assessment
b)
Service-based economy
c)
Electronic commerce
d)
Audit opinion
111.
refers to the buying and selling of goods and services over the internet or through electronic channels
a)
Risk assessment
b)
Service-based economy
c)
Electronic commerce
d)
Audit opinion
112.
The opinion provides an assessment of the financial statements' accuracy and compliance with accounting standards and regulations
a)
Risk assessment
b)
Service-based economy
c)
Electronic commerce
d)
Audit opinion
100 %
