13/12/22, 09:30 Question about accounting week1: Revisión del intento

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/ SEMANA I. WELCOME TO ENGLISH II FOR ACCOUNTING STUDENT / Question about accounting week1

Comenzado el Sunday, 11 de September de 2022, 18:51

Estado Finalizado
Finalizado en Sunday, 11 de September de 2022, 19:02
Tiempo 11 minutos 7 segundos
empleado
Puntos 20,00/20,00
Calificación 100,00 de 100,00

Pregunta 1 Match the words to their definition 

Correcta

Se puntúa 4,00
Accountant  A person whose job is to keep, inspect, and analyse financial accounts.
sobre 4,00


office  a room, set of rooms, or building used as a place for commercial, profession


accounting the process or work of keeping financial accounts.



account  a record or statement of financial expenditure and receipts relating to a part



Respuesta correcta

La respuesta correcta es: Accountant → A person whose job is to keep, inspect, and
analyse financial accounts., office → a room, set of rooms, or building used as a place for
commercial, professional, or bureaucratic work., accounting → the process or work of
keeping financial accounts., account → a record or statement of financial expenditure
and receipts relating to a particular period or purpose.

Pregunta 2 Which word from accounting terms that is written with 3 pairs of letter consecutive 
Correcta
example:  aappii / eemmoo
Se puntúa 1,00
sobre 1,00
Respuesta: bookkeeping 

La respuesta correcta es: bookkeeping

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13/12/22, 09:30 Question about accounting week1: Revisión del intento

Pregunta 3  
Correcta

Se puntúa 4,00
Place the question at the right space to complete 
sobre 4,00
History of Accounting 

The history of accounting has been around almost as long as money itself. Accounting
history dates back to ancient civilizations in Mesopotamia, Egypt, and Babylon. For
example, during the Roman Empire, the government had detailed records of its
finances.9 However, modern accounting as a profession has only been around since the
early 19th century.

 
Luca Pacioli is considered "The Father of Accounting and Bookkeeping" due to his
contributions to the development of accounting as a profession. An Italian
mathematician and friend of Leonardo da Vinci, Pacioli published a book on the double-
entry system of bookkeeping in 1494.10

 
By 1880, the modern profession of accounting was fully formed and recognized by the
Institute of Chartered Accountants in England and Wales.11 This institute created many
of the systems by which accountants practice today. The formation of the institute
occurred in large part due to the Industrial Revolution. Merchants not only needed to
track their records but sought to avoid bankruptcy as well.

What Are the Responsibilities of an Accountant?

Accountants help businesses maintain accurate and timely records of their finances.
Accountants are responsible for maintaining records of a company’s daily transactions
and compiling those transactions into financial statements such as the balance sheet,
income statement, and statement of cash flows. Accountants also provide other services,
such as performing periodic audits or preparing ad-hoc management reports.
 

What Skills Are Required for Accounting?

Accountants hail from a wide variety of backgrounds. Generally speaking, however,
attention to detail is a key component in accountancy, since accountants must be able
to diagnose and correct subtle errors or discrepancies in a company’s accounts. The
ability to think logically is also essential, to help with problem-solving. Mathematical
skills are helpful but are less important than in previous generations due to the wide
availability of computers and calculators.
 

Why Is Accounting Important for Investors?

The work performed by accountants is at the heart of modern financial markets. Without
accounting, investors would be unable to rely on timely or accurate financial
information, and companies’ executives would lack the transparency needed to manage
risks or plan projects. Regulators also rely on accountants for critical functions such as
providing auditors’ opinions on companies’ annual 10-K filings. In short, although
accounting is sometimes overlooked, it is absolutely critical for the smooth functioning
of modern finance.

The father of accounting 

Respuesta correcta
La respuesta correcta es:
 

Place the question at the right space to complete 

[History of Accounting]

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13/12/22, 09:30 Question about accounting week1: Revisión del intento

The history of accounting has been around almost as long as money itself. Accounting
history dates back to ancient civilizations in Mesopotamia, Egypt, and Babylon. For
example, during the Roman Empire, the government had detailed records of its
finances.9 However, modern accounting as a profession has only been around since the
early 19th century.
 
Luca Pacioli is considered "The Father of Accounting and Bookkeeping" due to his
contributions to the development of accounting as a profession. An Italian
mathematician and friend of Leonardo da Vinci, Pacioli published a book on the double-
entry system of bookkeeping in 1494.10

 
By 1880, the modern profession of accounting was fully formed and recognized by the
Institute of Chartered Accountants in England and Wales.11 This institute created many
of the systems by which accountants practice today. The formation of the institute
occurred in large part due to the Industrial Revolution. Merchants not only needed to
track their records but sought to avoid bankruptcy as well.

[What Are the Responsibilities of an

Accountant?]
Accountants help businesses maintain accurate and timely records of their finances.
Accountants are responsible for maintaining records of a company’s daily transactions
and compiling those transactions into financial statements such as the balance sheet,
income statement, and statement of cash flows. Accountants also provide other services,
such as performing periodic audits or preparing ad-hoc management reports.

[What Skills Are Required for Accounting?]

Accountants hail from a wide variety of backgrounds. Generally speaking, however,
attention to detail is a key component in accountancy, since accountants must be able
to diagnose and correct subtle errors or discrepancies in a company’s accounts. The
ability to think logically is also essential, to help with problem-solving. Mathematical
skills are helpful but are less important than in previous generations due to the wide
availability of computers and calculators.
 

[Why Is Accounting Important for Investors?]

The work performed by accountants is at the heart of modern financial markets. Without
accounting, investors would be unable to rely on timely or accurate financial
information, and companies’ executives would lack the transparency needed to manage
risks or plan projects. Regulators also rely on accountants for critical functions such as
providing auditors’ opinions on companies’ annual 10-K filings. In short, although
accounting is sometimes overlooked, it is absolutely critical for the smooth functioning
of modern finance.

Pregunta 4 Who is_the Father of Accounting and Bookkeeping" due to his contributions to the
Correcta development of accounting as a profession
Se puntúa 1,00
sobre 1,00 a. All answer incorrect 

b. John F. Kennedy  is considered 

c. Luca Pacioli is considered  

d. René Descartes  is considered 

e. All answer correct 

Respuesta correcta

La respuesta correcta es: Luca Pacioli is considered 

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13/12/22, 09:30 Question about accounting week1: Revisión del intento

Pregunta 5  
Correcta
Complete the accounting definition completing the paragraph 
Se puntúa 5,00
sobre 5,00 What Is Accounting?
Accounting is the process of recording financial  transactions pertaining

to a business. The accounting  process includes summarizing,

analyzing, and reporting these transactions to oversight agencies, regulators, and tax

collection entities. The financial statements  used in accounting

are a concise summary of financial transactions over an accounting period, summarizing

a company's operations, financial position, and cash flows. 

Two important types of accounting for businesses are managerial accounting 

and cost accounting. Managerial accounting helps management teams make business

decisions, while cost accounting  helps business owners decide how

much a product should cost.

Respuesta correcta

La respuesta correcta es:

 
Complete the accounting definition completing the paragraph 
What Is Accounting?
Accounting is the process of [recording financial] transactions pertaining to a business. [
The accounting] process includes summarizing, analyzing, and reporting these
transactions to oversight agencies, regulators, and tax collection entities. The financial
[statements] used in accounting are a concise summary of financial transactions over an
accounting period, summarizing a company's operations, financial position, and cash
flows. 
Two important types of accounting for businesses are [managerial accounting] and cost
accounting. Managerial accounting helps management teams make business decisions,
while [cost accounting] helps business owners decide how much a product should cost.
 

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13/12/22, 09:30 Question about accounting week1: Revisión del intento

Pregunta 6 Match the accounting terms to their definition

Correcta

Se puntúa 5,00  ____________refers to the money a business owes to its

sobre 5,00
suppliers, vendors, or creditors for goods or services
bought on credit. A short-term debt that must be paid Accounts Payable
back quickly to avoid default, accounts payable shows

up as a liability on an organization’s balance sheet.
 

Essentially the opposite of accounts payable,

__________________ refers to the money owed to a business, Accounts receivable

typically by its customers, for goods or services delivered. 

___________is the total amount of money that comes into and

goes out of a business. it refers to the sum of all money a Cash flow

business makes. 

_____________ refers to a person’s or organization’s financial

assets. It may include funds in deposit accounts or money Capital

from financing sources. 

The accounting field encompasses many specialized Financial Planners

professions.  one of them is ________


Respuesta correcta
La respuesta correcta es:
 ____________refers to the money a business owes to its suppliers, vendors, or
creditors for goods or services bought on credit. A short-term debt that must be
paid back quickly to avoid default, accounts payable shows up as a liability on an
organization’s balance sheet. → Accounts Payable, Essentially the opposite of accounts
payable, __________________ refers to the money owed to a business, typically by its
customers, for goods or services delivered. → Accounts receivable, ___________is the total
amount of money that comes into and goes out of a business. it refers to the sum of all
money a business makes. → Cash flow, _____________ refers to a person’s or
organization’s financial assets. It may include funds in deposit accounts or money from
financing sources. → Capital, The accounting field encompasses many specialized
professions.  one of them is ________ → Financial Planners

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