13/12/22, 09:27 Activities week II HOMEWORK: Revisión del intento

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Área personal / Mis cursos / S-3-2022-LEX-220-01 / Semana 2 WHAT ARE LIABILITIES IN ACCOUNTING ?
/ Activities week II HOMEWORK

Comenzado el Sunday, 25 de September de 2022, 18:02

Estado Finalizado
Finalizado en Sunday, 25 de September de 2022, 19:26
Tiempo 1 hora 24 minutos
empleado
Puntos 20,00/20,00
Calificación 100,00 de 100,00

Pregunta 1 The auditor was looking at the financial statements that the company presented him
Correcta when he realized he was actually interested in a different ___. He then had to ask for a
Se puntúa 1,00 different set of financial statements.
sobre 1,00

a. payroll     
b. income statement     
c. accounting period 

La respuesta correcta es: accounting period

Pregunta 2 He had been trying to pass his exams in order to become a(n) ___, but in the end he
Correcta gave up and decided to charge a higher fee for his bookkeeping services in order to
Se puntúa 1,00 make ends meet.
sobre 1,00

a. shareholder     
b. chartered accountant     
c. investor

La respuesta correcta es: chartered accountant    

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13/12/22, 09:27 Activities week II HOMEWORK: Revisión del intento

Pregunta 3
SELECT THE BEST EXPRESSION TO COMPLETE THE PARAGRAPH 
Correcta

Se puntúa 4,00 When we consider the accounts team within a company, we generally think about clerks,
sobre 4,00
both sales ledger clerks and purchase ledger clerks recording the financial information
from all transactions the company makes.

Other roles include the payroll clerk responsible for processing staff  salaries

and the tax which occurs from them. Higher up the hierarchy we have the management
accountant who finalizes the accounts and prepares the annual financial statements. The

people doing these jobs make sure that the directors or owners 

of the company always know its true financial position.

However, accounting is more than just reporting financial data. A good accounts team
actually works to save the company money by minimizing the tax payable and delaying

payments so companies can earn interest from their banks. These job roles are not so

clear in smaller accounting practices, where the accounting staff often need  to

perform various tasks from meeting clients to helping with loan applications. Often the
majority of the work in these smaller practices is done

by bookkeepers  . Generally, the owner of the practice is the

most senior accountant and is usually a chartered accountant, which means that their
signature is accepted on the financial

Respuesta correcta

La respuesta correcta es:

SELECT THE BEST EXPRESSION TO COMPLETE THE PARAGRAPH 
When we consider the accounts team within a company, we generally think about clerks,
both sales ledger clerks and purchase ledger clerks recording the financial information
from all transactions the company makes.
Other roles include the payroll clerk [responsible for processing staff] salaries and the
tax which occurs from them. Higher up the hierarchy we have the management
accountant who finalizes the accounts and prepares the annual financial statements. The
people doing these jobs make sure that the [directors or owners] of the company always
know its true financial position.
However, accounting is more than just reporting financial data. A good accounts team
actually works to save the company money by minimizing the tax payable and delaying
payments so companies can earn interest from their banks. These job roles are not so
clear in smaller accounting practices, where [the accounting staff often need ]to perform
various tasks from meeting clients to helping with loan applications. Often the majority
of the work in these smaller practices is done [by bookkeepers]. Generally, the owner of
the practice is the most senior accountant and is usually a chartered accountant, which
means that their signature is accepted on the financial

Pregunta 4 The basic accounting equation is: ________ = _______+ _________ According to the order
Correcta

Se puntúa 1,00 a. a. owner’s equity     b. assets     c. liabilities

sobre 1,00 
b. a. assets     b. liabilities     c. owner’s equity
c. a. liabilities     b. owner’s equity     c. assets

La respuesta correcta es: a. assets     b. liabilities     c. owner’s equity

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13/12/22, 09:27 Activities week II HOMEWORK: Revisión del intento

Pregunta 5 The ___ is an important accounting document showing a company’s assets, liabilities and
Correcta the owner’s equity.
Se puntúa 1,00
sobre 1,00 a. cash flow statement    
b. balance sheet     
c. income statement

La respuesta correcta es: balance sheet    

Pregunta 6 The auditor was looking at the financial statements that the company presented him
Correcta when he realized he was actually interested in a different ___. He then had to ask for a
Se puntúa 1,00 different set of financial statements.
sobre 1,00

a. payroll     
b. accounting period 
c. income statement     

La respuesta correcta es: accounting period

Pregunta 7 She was considering giving up working as an accountant for that company and
Correcta becoming a self-employed freelancer because the ___ she had to pay was lower. She
Se puntúa 1,00 also had the expertise to file her own tax return, which was an additional advantage.
sobre 1,00

a. Value Added Tax

b. income tax      

La respuesta correcta es: income tax     

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13/12/22, 09:27 Activities week II HOMEWORK: Revisión del intento

Pregunta 8
Correcta
Complete with the word or expression that is good.
Se puntúa 6,00 there  two more  word 
sobre 6,00
The purpose of the Balance Sheet    is to tell the reader the value of the
business or organisation. Although typically a balance sheet contains many figures, the
figure labeled "Net Assets" is the one which tells the value of the organisation.
"Net Assets" can be arrived at quite simply by adding up the value of all the Assets of
the business entity and then taking away all the liabilities  that exist.
See illustration on right.
By law, business entities must publish a Balance Sheet on a once yearly basis that has
been "audited". This means that a qualified accountant has checked the accuracy 
and validity of all the figures on the balance sheet and makes a statement that, in their
professional opinion, it represents a "True and Fair View"   of the entities financial
position. The qualified account must be independent and external to the business entity,
to prevent a conflict of interest.
In producing an audited Balance Sheet, the external accountant (auditor) checks the
accounting and financial management  processes within the business are running
properly and that all the figures reported in the Balance Sheet are accurate.
As well as telling the reader the total worth of the organisation / business (the "net
assets" figure), the Balance Sheet yields important information about whether the
organisation is in good financial  health.

accountant

product

Respuesta correcta
La respuesta correcta es:

Complete with the word or expression that is good.

there  two more  word 
The purpose of the [Balance Sheet]  is to tell the reader the value of the business or
organisation. Although typically a balance sheet contains many figures, the figure
labeled "Net Assets" is the one which tells the value of the organisation.

"Net Assets" can be arrived at quite simply by adding up the value of all the Assets of
the business entity and then taking away all the[liabilities]that exist. See illustration on
right.
By law, business entities must publish a Balance Sheet on a once yearly basis that has
been "audited". This means that a qualified accountant has [checked the accuracy] and
validity of all the figures on the balance sheet and makes a statement that, in their
professional opinion, it represents a ["True and Fair View"] of the entities financial
position. The qualified account must be independent and external to the business entity,
to prevent a conflict of interest.
In producing an audited Balance Sheet, the external accountant (auditor) checks the
accounting and [financial management]processes within the business are running
properly and that all the figures reported in the Balance Sheet are accurate.
As well as telling the reader the total worth of the organisation / business (the "net
assets" figure), the Balance Sheet yields important information about whether the
organisation is in good [financial] health.

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13/12/22, 09:27 Activities week II HOMEWORK: Revisión del intento

Pregunta 9 The following information is  correct or incorrect select the answer 
Correcta
Lucas Da Vinci  is considered as father of accounting 
Se puntúa 1,00
sobre 1,00
Seleccione una:
Verdadero

Falso 

La respuesta correcta es 'Falso'

Pregunta 10 Look at the following sentences and choose the correct answer. Sometimes, there’s
Correcta more than one correct answer.They had to hire a (n) ____________ because Jane was not
Se puntúa 1,00 qualified to produce all the documents for the audit in June.
sobre 1,00

a. bookkeeper
b. auditor
c. accountant     

La respuesta correcta es: accountant    

Pregunta 11  TO ALL VERB IN INGLISH WE ADD ED TO THE SIMPLE PAST 

Correcta

Se puntúa 1,00 Seleccione una:

sobre 1,00
Verdadero

Falso 

La respuesta correcta es 'Falso'

Pregunta 12 A Receipt is an invoice used as a source document for recording a sale account
Correcta

Se puntúa 1,00 a. the answer is correct 

sobre 1,00
b. false  

c. true

Respuesta correcta
La respuesta correcta es: false

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