Accounting English Quick Quiz

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Yazmin yhatzoa Grisales

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Accounting English Quick Quiz


Accounting English Quick QuizVersión en línea Practice English terms por Yazmin yhatzoa Grisales 1 What English term matches: a document that records all daily financial transactions. a Transaction b Ledger c Accounting d Journal 2 What term describes a structured record of all changes in a single account? a Ledger b Accountant c Journal d Balance 3 Which term is the financial statement showing revenues and expenses over a period? a Balance Sheet b Income Statement c Profit and Loss d Cash Flow Statement 4 Which term refers to the formal record of changes in a company’s equity across a period? a Income Statement b Statement of Changes in Equity c Cash Flow Statement d Balance Sheet 5 What term is used for the profit (or net income) after expenses? a Expense b Loss c Revenue d Profit 6 Which term denotes amounts owed to suppliers? a Accounts Receivable b Accounts Payable c Liability d Asset 7 Which document summarizes the evolution of a company’s equity over time? a Tax Return b Statement of Changes in Equity c Balance Sheet d Income Statement 8 Which term refers to the annual tax filing by a taxpayer? a VAT b Tax Return c Tax Authority d Withholding Tax 9 What term is used for income from sales or services? a Liability b Expense c Revenue d Profit 10 Which term describes assets intended for long-term use? a Revenue b Cash c Current Assets d Non-current Assets Explicación 1 'Journal' records day-to-day transactions; the Ledger is the collection of accounts. 2 A Ledger aggregates all postings for one account. 3 The Income Statement (or Profit and Loss) reports performance over a period. 4 This statement details how equity components change during the period. 5 Profit equals revenue minus expenses. 6 Accounts Payable are obligations to suppliers. 7 Shows how equity components rise or fall. 8 A Tax Return reports income and tax obligations. 9 Revenue is the inflow from core business activities. 10 Non-current (long-term) assets are not expected to be converted quickly.

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Accounting English Quick Quiz

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Creada por

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Accounting English Quick QuizVersión en línea

por Yazmin yhatzoa Grisales

What English term matches: a document that records all daily financial transactions.

What term describes a structured record of all changes in a single account?

Which term is the financial statement showing revenues and expenses over a period?

Which term refers to the formal record of changes in a company’s equity across a period?

What term is used for the profit (or net income) after expenses?

Which term denotes amounts owed to suppliers?

Which document summarizes the evolution of a company’s equity over time?

Which term refers to the annual tax filing by a taxpayer?

What term is used for income from sales or services?

Which term describes assets intended for long-term use?

Explicación