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

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

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

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

6. Managerial accountants work with the kinds of financial reports ................. to management for the efficient operation of the company..

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

8. 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.

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

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

11. Workers and potential ................. need financial information to make decisions about the viability of entities as employment.

12. Decisions to open new plants, lay off workers, locate in foreign countries, and close banks and savings and loans are all based to some degree on financial information ................. by the accounting system.

13. Most people who wish to become CPAs now take university courses in ................. and related subjects in order to be as fully prepared as possible for the certification examinations.

14. A large number of universities now ................. business schools that offer regular four-year programs leading to a bachelor’s degree in accounting, business administration, business law, and other areas that ................. the students for professional or management careers in business.

15. An accounting student in a commercial university or college has the enormous advantage of being able to ................. in many of the related fields that are important to him or her.

16. ................. who specialize in income taxes must have a thorough knowledge of the extremely complicated tax codes of their country and region.

17. Managerial accountants must be thoroughly familiar not only with corporate tax laws, but also with other laws that ................. the particular business in which they work.

18. It is an indication of the ................. importance of accounting that advanced degrees are now given in the field.

19. It is also a field in which the ................. for competent accountants exceeds the supply.

20. Everyone ................. in the field, whether a bookkeeper or an accountant, should be alert to the developments and changes that help to make accounting the challenging profession that it is.

. Money in the form of coins, notes or bills

The money for business activities that a company obtains by selling shares rather than from loans.

3. A gradual reduction in the value of machinery, a vehicle or other asset over a particular period of time

4. An equation showing the relationship among assets, liabilities, and owner's equity “Assets = Liabilities + Owner's Equity”

5. This provides a systematic and logical process by which the cost of a product can be determined.

6. An amount that is written in a company’s account to show a decrease in the money the company owes.

7. A list of all employees and their wages

8. An accounting record where all business transactions are INITIALLY entered.

9. Money that is spent to purchase goods or services.

10. A detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc.

11. Something that is legally owned by a person or company.

12. Cash or something that is easily convertible into cash.

13. Money remaining after all expenses and taxes have been paid.

14. Cash or goods which the owner takes from the company for his own private use.

15. These are bought by people wishing to invest in the company.

16. The extra amount which is paid for a company above the value of its assets.

17. The purchase of another company

18. An official examination of the accounts.

19. The total sum of money which is supplied by the owners of a company to set it up.

20. The official book for keeping accounts.

1. ________ (manage) accounting involves the development and interpretation of accounting information intended specifically to aid management in running the business.

2. Bankers and bondholders, as the major creditor groups, are ________ (outside) because they usually have no management functions.

3. When a specified time period is up, these losses and gains are ________ (analyze) according to a pre-defined format.

4. Fund accountants balance a set of accounts to report on how budgets were spent rather than for ________ (calculate) profit.

5. Accountants who ________ (special) in income taxes, for example, must have a thorough knowledge of the extremely complicated tax codes of their country and region.

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

7. Stockholders want some indications of the potential for return on their ________ (invest).

8. Decisions to open new plants, lay off workers, locate in foreign countries, and close banks and savings and loans are all based to some degree on financial information ________ (provision) by the accounting system.

9. The________ (account) has to design such a system of accounting which protects its assets from an unjustified and unwanted use.

10. There are many parties - owners, ________ (credit), government, and employees etc., who are interested in knowing the results of the firm.

1. Accounting principles are the essential guidelines under which ................. prepare their financial statements.

2. These principles guide the methods and decisions for a business over a short and ................. term.

3. For both internal and ................. reporting purposes, it is important to understand the principles of accounting because they serve as guidelines to the analysis of financial reporting issues.

4. In order to make this language to convey the same meaning to all people, it is necessary that it should be ................. on certain uniform scientifically laid down standards.

5. The matching concept does not mean that revenues and ................. for a period are equal.

6. A fair presentation of the results of a firm’s operations during a period of time requires that all expenses incurred in generating that period’s revenues be ................. from the revenues earned.

7. Pending lawsuits, ................. transactions, or other conditions may have imminent and significant effects on the company's financial status.

8. Footnotes supplement financial statements ................. this information and to describe the policies the company uses to record and report business transactions.

9. The financial statement user relies on these concepts and principles related to the accounting period when making ................. and informed decisions about an entity’s financial position and results of operations.

10. Accounting principles are the essential guidelines ................. which businesses prepare their financial statements.

11. The historical cost principle deals with the valuation of both ................. and liabilities.

12. The historical performance of a company is readily available, but examining the numbers does not always provide the entire ................. picture of a company.

13. Every country has its own ................. accounting practice of GAAP with standards set by a national governing body (National GAAP).

14. Generally Accepted Accounting Principles (GAAP) is the standard framework of ................. for financial accounting, mainly used in the U.S.A.

15. Those who must rely on such information have a ................. to be assured that the data are free from bias and inconsistency.

16. Many countries use the International Financial Reporting Standards, established and ................. by the International Financial Reporting Standards Board.

17. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the ................. of financial statements.

18. All past, present and future information may have ................. an impact on the financial performance of the company needs to be fully disclosed.

19. With the ................. of global standards, fair value is used more in the United States to value elements of financial statements.

20. The expense or cost of doing business is recorded in the same period as the revenue that has been generated ................. the result of incurring that cost.

1. Selling of goods in large quantities to shopkeepers for resale to the public

2. The total annual income of a state or an organization

3. To make something known in public

4. To instruct somebody to act or vote in a certain way

5. Additional piece of information at the bottom of a page in a book

6. The price at which the product is sold

7. Operating expenses of a business, such as property taxes, foremen’s salaries that are not chargeable to any one department or product.

8. A record of goods on hand that is maintained by a business.

9. Calculating and controlling the cost of a unit – a single item or a group of items – of a product, service, or operation of a business.

10. The left-hand column of an account

11. The theory of keeping financial records

12. A reduction in the price which is offered to customers.

13. Accountants who are studying for professional examinations

14. A record of money received and spent

15. Companies make this when they sell their goods for less than it costs them to make them.

16. A thing that one gains from something

17. To change from one form or use to another

18. A cost system that provides an average fixed cost for a product or process.

19. The amount of tax that you have to pay

20. Money that the government gives back to you when you pay too much in taxes, or have withheld too much from your salary.

1. The principles, procedures and standards that make up the generally ________ (accept) accounting principles were chosen with the purpose of ensuring that organizations lean in the direction of openness when deciding how to provide information to observers.

2. The standards make it more difficult for organizations to misdirect observers and to fool them with data that does not have ________ (sufficiency) relevancy.

3. An absence of accounting standards would make the work of ________ (invest), regulators, taxpayers, reporters and others more difficult and more risky.

4. In the United States, the dollar is the unit of measurement for all transactions. No ________ (adjust) is made for changes in the purchasing power of the dollar.

5. Matching revenue and expense is necessary if the ________ (result) of the firm’s operations are to reflect accurately its economic activities during the period.

6. Revenue is recognized at the time of sale, which is when title to the product being________ (sell) passes from the seller to the buyer or when the services involved in the transaction have been performed.

7. Financial data must be reported for particular periods because it is necessary to understand the ________ (accrue) and deferral.

8. The________ (regulate) of imports is often based on the financial information about the businesses in an industry.

9. A trading profit and loss account serves two purposes: ________ (compute) net income for the period and identifying major revenue and expense items that affect net income.

10. The interest rates paid by banks ________ (variety) from bank to bank, depending on how long customers leave their money in the bank: short, medium or long term.

1. If you want to buy a house, .................

2. The ................. are the persons who prepare financial accounting.

3. Making a note of a double entry means .................

4. Current bank account is opened by businessmen ................. have a higher number of regular transactions with the bank.

5. Another way to say "debit card" is .............

6. Is there ................. around here somewhere? (= a cash machine)

7. If you’ve lost your bank card you can ................. for a new one.

8. You don't have any ................. (= money) in your account.

9. The bank ................. my husband's credit card because he didn't pay his credit card bills.

10. A document which shows all your withdrawals and deposits in an account (usually for one month) is called a "bank ................."

11. I'd like to ................. some money to my other account.

12. ................. is used for day-to-day expenses by writing cheques anywhere at any time. With a cheque book, the payment of everyday bills can be easy.

13. A current account holder has to pay a monthly service charge when .................

14. Banks exchange foreign currencies for people going abroad and sell traveler’s cheques protected ................. loss or theft.

15. If the borrower does not repay the mortgage, the bank can ................ the house or flat and sell it.

16. The customers’ deposits are the bank’s ................. because this money is owed by that bank to the customer depositing it in the bank.

17. The rates of interest on long-term deposits are ................. those on short-term ones.

18. Most banks provide their savings account customers with a passbook ................. records all their transactions.

19. In current account, amount can be deposited and .............. at any time without giving any notice.

20. A cashier's check is a check that's ................. by a bank.

1. This is the general name for the ‘place’ where you keep your money safely.

2. This is the person who works in a bank and gives you your money and helps you with enquiries.

3. If you do this, you have to pay some extra money because you borrowed some money from the bank.

4. You have one of these if you have borrowed money from the bank, perhaps to buy a car or a computer.

5. An amount of money paid to a bank for its keeping of an account.