FUNDACIÓN UNIVERSITARIA INTERNACIONAL DEL TRÓPICO CÓDIGO

AMERICANO
Unitrópico RE-FR-300
PERSONERÍA JURÍDICA Nº 1311 DE JUNIO DE 2002. CÓDIGO ICFES 2743. NIT 844.002.071-4
PROCESO FORMACIÓN FECHA 19/09/2018
REGISTRO PARCIAL VERSIÓN Vs-001

MIDTERM EXAM

ENGLISH FOR ACCOUNTING

NAME : _______________________________________ CODE :___________________ DATE :_______________

ACCOUNTING CONCEPTS

1. Match the following accounting terms to their corresponding meaning.

a) net income ____The financial statement that reports the

revenues and expenses for a period of time
b) Balance sheet
such as a year or a month is the
c) service or goods have been delivered
d) Income statement ____Under the accrual basis of accounting,
revenues are reported in the accounting
e) expense matches the revenues or is used up
period when the

____Under the accrual basis of accounting,

expenses are reported in the accounting
period when the

____Revenues minus expenses equals.

____The financial statement that reports the

assets, liabilities, and stockholders’ (owner’s)
equity at a specific date is the
ACCOUNTING JOBS

2. A. Name the different jobs available for accountants:

a) ……………………………………………………..

b) ……………………………………………………..

c) ……………………………………………………..

d) ……………………………………………………..

e) ……………………………………………………..

f) ……………………………………………………..
B. Choose the correct option for the following concepts :

1. A bookkeepers are the people who :

a) Work for a company’s back office.

b) Help their clients to fill out tax returns.

c) Manage a company’s financial plan.

2. Who are in charge of helping people make smart investments ?

a) Budget Analysts.

b) Trainees or file clerks.

c) Financial Advisors

3. Who are in charge of helping clients to fill out their tax returns ?

a) Internal Auditors

b) Bookkeepers

c) Tax Accountants

3. ACCOUNTING PRINCIPLES

Read the following magazine article. Then, mark the statements written below as true (T) or false (F).
1.____________ Europe and the United States have different accounting standards.

2.____________ The FASB creates standardized rules for the governing bodies.

3.____________ IASB accounting standards follow a principles based approach.