WorksheetsAccounting 1 Unit 1
Total questions: 20
Worksheet time: 10mins
certified public accountant (CPA)
A licensed professional who has met certain education and experience requirements and passed a national test.
An individual who prepares tax returns for individuals and businesses.
A financial advisor who provides investment advice to clients.
A bookkeeper who manages daily financial transactions for a company.
sole proprietorship
A business owned by one person.
A partnership between two or more individuals.
A corporation owned by shareholders.
A non-profit organization that serves the community.
lifestyle
The way a person uses time, energy, and resources.
A type of diet that promotes health.
A set of hobbies and interests that define a person.
The amount of money a person spends on leisure activities.
profit
The total revenue generated by a business.
The amount of money earned over and above the amount spent to keep the business operating.
The expenses incurred in running a business.
The net worth of a business at a given time.
networking
Making contacts with people to share information and advice.
A method of connecting computers to share resources.
A process of creating a network of devices for communication.
The act of building a website for online presence.
audit
The review of a company’s accounting systems and financial statements to confirm they follow generally accepted accounting principles.
A process of evaluating employee performance and productivity.
An examination of a company's marketing strategies and customer satisfaction.
A method of assessing the environmental impact of a company's operations.
GAAP
Generally accepted accounting principles, the set of rules all accountants use to prepare financial reports.
General accounting and auditing practices, a guideline for financial transparency.
Governmental accounting and auditing policies, a framework for public sector reporting.
Global accounting and auditing principles, a standard for international financial statements.
values
The principles a person lives by and the beliefs that are important to the person.
A set of rules imposed by society that everyone must follow.
The financial worth of a person in terms of assets and income.
The emotional responses a person has towards different situations.
for-profit business
A business that operates to earn money for its owners.
A non-profit organization that provides services to the community.
A business that focuses on environmental sustainability.
A cooperative that shares profits among its members.
business entity
The assumption that a business exists independently of its owner's personal holdings.
A type of business structure that limits the owner's liability.
A partnership between two or more individuals to conduct business.
A legal document that outlines the rules of a business.
personality
A set of unique qualities that makes a person different from all other people.
A temporary mood or feeling that changes frequently.
A collection of habits and routines that define a person's lifestyle.
A fixed set of traits that cannot be changed over time.
merchandising business
A business that manufactures products for sale.
A business that buys finished products and resells them to individuals or other businesses.
A business that provides services to customers.
A business that invests in stocks and bonds.
loss
When a business spends more money than it earns.
When a business earns more money than it spends.
When a business breaks even on its expenses and earnings.
When a business has no expenses at all.
corporation
A type of business that is owned by one person.
A business recognized by law to have a life of its own.
A small business that operates locally.
A partnership between two or more individuals.
accountant
A person who manages financial records and prepares tax returns.
A person who plans, summarizes, analyzes, and interprets accounting information.
A person who sells financial products and services.
A person who audits financial statements for accuracy.
going concern
The assumption that a business is expected to operate indefinitely.
A financial statement that shows a company's profitability.
A method of valuing a company's assets based on liquidation value.
A type of investment that guarantees returns.
entrepreneur
A person who transforms ideas for products or services into real-world businesses.
An individual who invests in stocks and bonds.
A manager who oversees daily operations of a company.
A consultant who provides advice to startups.
skills
The activities that a person does well.
A type of physical exercise.
A form of artistic expression.
A method of time management.
personal interest tests
Tests that help individuals identify their preferences and match their interests.
Tests that measure an individual's intelligence and cognitive abilities.
Tests that evaluate physical fitness and health status.
Tests that assess an individual's emotional stability and mental health.
accounting period
The time frame for financial reporting.
A specific date for tax filing.
The duration for which financial statements are prepared.
The period of time covered by an accounting report.
