Business English - Accounting Vocabulary
Choose the best answer for each one:
1. I __________________________ our profits for the previous accounting period.
called
gathered
calculated
2. Your job will be to __________________________ and maintain financial records.
promise
prepare
make
3. An accounting period is a period of time over which _____________________ are
calculated.
prophets
profits
profiteering
4. Accounts _____________________ refers to the money that is owed to the
company by its clients/customers.
receivable
receptive
respected
5. To accrue means to accumulate or _________________.
decrease
regret
increase
6. My house has ___________________ ( = increased in value) by 10% in the past 9
months.
appreciated
depreciated
approximated
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7. I indicated all the accrued expenses on your balance _________________.
sheet
paper
note
8. These expenses are typically ______________________. ( = they occur regularly)
pragmatic
prodigal
periodic
9. Another word for accounting is ______________________.
finance
bookkeeping
money counting
10. A good accountant will help you keep ____________________ of your business's
finances.
track
trace
score
11. I have a lot of experience in collecting financial information necessary for
_________________ various tax returns.
filing
calculating
forming
12. I find it really hard to keep track of my __________________. ( = the money I
spend)
expense
expenses
expertise
13. You have nothing to worry about. Your (financial) _________________ accurately
reflect your business's income and expenses.
profits
profiteering
records
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14. The Inland Revenue Department is a government organization responsible for
_________________ taxes in Hong Kong.
collecting
receiving
gathering
15. If the Inland Revenue Department __________________ you, they will want to
inspect your financial records in detail.
accepts
edits
audits
16. You should always keep __________________ ( = proof of payments) or other
acceptable records of every payment to your business and every expenditure by your
business.
records
receipts
recipes
17. An expenditure is basically a __________________.
payment
bill
tax form
18. What do you do with forms? __________________________.
You fill them over
You fill them out
You fill them
19. One of your duties will be to summarize the company's income and expenditure
records on a monthly __________________.
base
basis
time
20. I can help you determine how much your business is worth at a specific
__________________.
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time point
timeframe
point in time
21. In economics, a transfer _________________ is a non-compensatory government
payment to individuals (such as welfare or social security benefits).
pay
payment
paycheck
22. Things of value owned by a business are known as its ________________.
assertions
assessment
assets
23. What's the opposite of an asset? _____________________.
Cash
A liability
A liaison
24. Some think that the _________________ of many companies are overstated due
to deceptive accounting practices.
earnings
money
earning
25. Every company should have a clear record of their _________________ assets.
fixed
fix
fixture
26. Is "book _______________" the same as "net worth"?
evaluation
validation
value
27. Not only has the company ________________ a lot of capital, but it has done so
efficiently.
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invested
invest
to invest
28. Our company's _________________ ( = not fixed) expenses are approximately
$45,000 per month.
various
variable
veritable
29. By forming a corporation, you can ____________________ to only those assets
owned by your corporation.
check your liability
stop your liability
limit your liability
30. An accountant who reviews the accounting procedures of a company is called
_________________.
an auditor
an audience
a lawyer
31. A general _________________ in business says that 20% of the product line
produces 80% of the sales.
rule of thumb
famous rule
rule of thumbs
32. The term "equity" refers to the owners' _____________________ of the business.
partition
share
sharing
33. An expenditure will not necessarily show up on the income ________________ at
the time the expenditure is made.
paper
check
statement
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34. All expenditures ___________________ ( = in time) show up as expenses.
immensely
eventfully
eventually
35. Something is an "expense" if it is ___________________ against revenue during
an accounting period.
chargeable
charge
charging
36. Our company's ____________________ year begins on May 1st.
frisky
fiscal
money-making
37. Thanks to your hard work, we've seen some positive changes in sales
_____________________. ( = we have started selling more)
level
approach
volume
38. We really need to start keep our business _________________ organized.
transactions
transitions
translations
39. A statement of _________________ helps you keep track of your business's
finances.
cash flow
cash flowing
money flow
40. Customers usually come here looking for _________________ advice.
financial
finances
finance
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41. This plan is economically ____________________ ( = profitable).
fast
worthy
feasible
42. "Liquid" assets often refer to __________________.
credit
cash
checks
43. A flat-rate plan ___________________ marginal costs.
elaborates
takes
eliminates
44. In accounting, a cost that does not ___________________ ( = change) with the
level of production or sales is referred to as "overhead".
vary
variable
variety
45. There are two types of profit: gross profit and ___________________.
net profit
non-gross profit
netto profit
46. "Net profit after taxes" is what's called "the bottom line", -- it's the
_____________________ after everything has been subtracted.
netto income
gross income
net income
47. An element of _____________________ is always present in all business
activities.
risky
risk
risque
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48. A _____________________ of an item in account books (because it no longer has
any value) is what's known as a "write-off".
cancel
cancellation
constellation
49. The partners of the accounting firm gathered in Tampa for their
_________________ meeting.
annual
annul
annually
50. His last company owes millions in ________________ taxes.
unpaid
paid
not paid
51. Tax ________________ help wealthy investors hide millions of dollars in taxable
income.
hideouts
sheds
shelters
52. Lawyers or accountants who work in the same firm are often referred to as
_________________ , not "employees".
buddies
partners
workers
53. My accountant advised me that this approach would be much more
_________________. ( = profitable)
rich
lucid
lucrative
54. I would welcome an opportunity to analyze your company's _______________
( = financial records) in detail
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books
bookkeeping
booked
55. He's one of our __________________ clients = He hired us to do audits for his
company.
audit
audible
odd
56. CFO stands for "chief __________________ officer"
financially
financed
financial
57. I'm not questioning your tax __________________ - I just think that this approach
would not work for our company.
strategic
strategy
layout
58. Microsoft __________________ nearly 60% of its total United States revenues
from software sales.
drives
derives
derides
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