Accounting Balance Sheet TEST A

1 Fill in the sentences with one of the words/expressions from the list below. ___ / 15

Appreciation Assets Accounts Payable Accounts Receivable Accounting Period Auditor

Bookkeeper Chartered Accountant Creative Accounting Depreciation Income Tax Owner’s Equity
Payroll Return on Investment (ROI) Value Added Tax (VAT) Share Shareholder Overhead(s)
Financial Statements Profit Liabilities Balance Sheet Double Entry Capital Debit Net
Gross Revenue Cash Flow Credit

1. ………..….. are recorded on the right side of the balance sheet, while assets are listed on the left.
2. She realized that the total debits didn’t equal the total ……………….. , so she had to check each
entry all over again.
3. ……….. bookkeeping gives you a better perspective than single entry bookkeeping because it helps
you make sure each transaction is accurately recorded.
4. She couldn’t tell me her ……….. salary because she didn’t know all the taxes she was paying;
moreover, salaries are not transparent in her company.
5. In order to decide if the company was worth investing in, they wanted to look at the …………….. it
had been making over the previous year.
6. He couldn’t start a business because he didn’t have enough ………………….. , so he decided to
work as a freelancer for the time being
7. They have a lot of employees on their ……………….. , so they employ quite a few accountants to
calculate employee earnings.
8. You can calculate the …………….……….. by adding up all the invoices the company generated.
9. Their …………….. expenses were so high that they had been making very little profit, so they
decided to cut back on marketing.
10. The ………..……….. the investors were interested in was longer than a financial year because they
wanted to get the big picture of the company’s profitability.
11. He decided to invest in ……… …….... of a very profitable company because he was sure he could
make money fast and he enjoyed taking risks.
12. Because he was a ………..……….. in the company, he had to attend annual General Meetings in
order to keep up with the latest news and to vote for new members of the Board of Directors.
13. Unfortunately, in his company’s case, the ………….…..……….. didn’t amount to much: they had a
lot of liabilities and not enough assets.
14. She’s been studying to become a ……………. for a few years now, but she just couldn’t manage to
pass the final exam.
15. She was a sole proprietor and she hired an accountant to file her ……………….. return every year.
Accounting Balance Sheet TEST A

1 Fill in the sentences with one of the words/expressions from the list below. ___ / 15

Appreciation Assets Accounts Payable Accounts Receivable Accounting Period Auditor

Bookkeeper Chartered Accountant Creative Accounting Depreciation Income Tax Owner’s Equity
Payroll Return on Investment (ROI) Value Added Tax (VAT) Share Shareholder Overhead(s)
Financial Statements Profit Liabilities Balance Sheet Double Entry Capital Debit Net
Gross Revenue Cash Flow Credit

1. ………..….. are recorded on the right side of the balance sheet, while assets are listed on the left.
2. She realized that the total debits didn’t equal the total ……………….. , so she had to check each
entry all over again.
3. ……….. bookkeeping gives you a better perspective than single entry bookkeeping because it helps
you make sure each transaction is accurately recorded.
4. She couldn’t tell me her ……….. salary because she didn’t know all the taxes she was paying;
moreover, salaries are not transparent in her company.
5. In order to decide if the company was worth investing in, they wanted to look at the …………….. it
had been making over the previous year.
6. He couldn’t start a business because he didn’t have enough ………………….. , so he decided to
work as a freelancer for the time being
7. They have a lot of employees on their ……………….. , so they employ quite a few accountants to
calculate employee earnings.
8. You can calculate the …………….……….. by adding up all the invoices the company generated.
9. Their …………….. expenses were so high that they had been making very little profit, so they
decided to cut back on marketing.
10. The ………..……….. the investors were interested in was longer than a financial year because they
wanted to get the big picture of the company’s profitability.
11. He decided to invest in ……… …….... of a very profitable company because he was sure he could
make money fast and he enjoyed taking risks.
12. Because he was a ………..……….. in the company, he had to attend annual General Meetings in
order to keep up with the latest news and to vote for new members of the Board of Directors.
13. Unfortunately, in his company’s case, the ………….…..……….. didn’t amount to much: they had a
lot of liabilities and not enough assets.
14. She’s been studying to become a ……………. for a few years now, but she just couldn’t manage to
pass the final exam.
15. She was a sole proprietor and she hired an accountant to file her ……………….. return every year.