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REVIEW FOR FINAL TEST
Subject: English for Accounting
- Format test: 50-question test (multiple choice)
- Time allowed: 60 minutes
- Students are NOT allowed to use materials.
CONTENTS:
Vocabulary:
Unit 1: Reading + Sections 1.1 – 1.4Unit 2: Reading + sections 2.1 – 2.8 (focus more on 2.8).Unit 3: Reading + sections 3.2, 3.4, 3.5, 3.6, 3.7. Unit 4: Reading (focus more on reading) + sections 4.1 – 4.7Unit 5: Reading + sections 5.2, 5.3, and 5.4, 5.8, 5.9 (focus more on 5.8 + 5.9)Unit 6: Reading + Section 6.1, 6.4, 6.6.
___________ is to show the inflows and outflows, the changes in balance of cash and cash-equivalents during a certain accounting period arising from the operating, investing and financing activities of an enterprise.
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A. The Statement of Cash Flow B. The Income Statement
Which of the following items is equal to “Net income”
A. Revenues – Expenses B. Expenses – Revenues
C. Unearned Revenues D. A, B, C are correct
Gap-filling
Samples - Gap –filling 163
The success or (1)_______ of a business is measured in dollars. And dollars are recorded and reported using (2)_______ . Accounting is truly the language of (3)_______ . No matter what your role may be, if you are involved in business, you can benefit from learning accounting. That's what this book is all about-taking the subject and making it understandable and accessible.
This book makes an excellent companion to any standard text, or it can be used as a stand-alone volume. It is designed to present the subject in a straightforward, approachable manner. Financial (4)_______ is an incremental process. What you learn in earlier chapters is used in later ones. There are no shortcuts to learning financial accounting, but at the same time, if it is taught clearly, it is not difficult.
Financial accounting involves all the steps from the original entries in the accounting records to the preparation of financial (5)_______ . There are other types of accounting as well, such as managerial accounting, cost accounting, and (6)_______ accounting, to name a few. These other types (7)_______ accounting are covered in other books. The end user of financial accounting is the public; therefore, financial accounting has a lot of rules. These rules are necessary to make the information presented in the financial statements consistent and understandable. In contrast, in (8)_______ accounting, which is used by the managers of a business to improve the business's operations, efficiency, and (9)_______ , there are relatively few rules. Instead, it primarily consists of (10)_______ that have proved themselves over time.
1. A. failure B. provision C. development D. improvement
2. A. communicating B. teaching C. accounting D. budgeting
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3. A. business B. accounting C. communication D. transportation
4. A. accountant B. account C. accounted D. accounting
5. A. information B. manufacture C. statements D. provision
6. A. taxing B. taxation C. taxed D. tax
7. A. of B. at C. for D. on
8. A. tax B. financial C. managerial D. cost
9. A. asset B. liability C. profitability D. inventory
10. A. technique B. techniques C. rule D. skill
Mã đề: 148
It is easy to appreciate the impact of (1)_______ taxes on American business when it is realized that many of the larger (2)_______ pay over 50 percent of their net income to the federal and state governments in the form of income taxes. Careful planning designed to (3)_______ the tax liability to the lowest level is thus a major concern of business. This planning is made possible by various (4)_______ in the tax laws that offer alternative methods for handing particular transactions or accounting procedures. One alternative may thus have a significant tax (5)_______ over another, resulting in either a tax saving or a postponement of the tax liability. A business can pay substantially more taxes than necessary if the wrong financial decision is made. Among these potentially significant decisions might be included the form of (6)_______ under which to organize, whether or not to set up multiple corporations, and which accounting methods should be used to deal with inventory and (7)_______ .
For tax as well as accounting purposes, there are three major forms of business organization: the individual proprietorship the partnership and the corporation. Tax laws vary considerably for each of these; the major difference, however, is between the corporate form and the other two. There are also nontax features that must be evaluated in choosing a form of (8)_______ . Among these are limited liability, continuity of existence, and the ease of raising (9)_______ . The owners usually are not liable, or personally responsible, for the actions of a corporation, since the corporation enjoys legal status as an individual entity. Corporation can also raise capital by selling (10)_______ , known as stock in the ownership of the company
1. A. managerial B. budget C. income D. accounting
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2. A. partnership B. individual proprietorship
C. corporations D. A,B, and C are correct
3. A. increase B. decrease C. A and B are correct D. A and B are incorrect
4. A. provisions B. possessions C. developments D. improvements
5. A. advantage B. disadvantage C. A and B are correct D. A and B are incorrect
6. A. language B. business C. strategy D. entainment
7. A. depreciation B. appropriation C. information D. application
8. A. organization B. partnership C. individual proprietorship D. corporations
9. A. capital B. fiscal C. financial D. A, B and C are correct
10. A. securities B. stocks C. shares D. markets
Reading comprehension: 5 questions
Topics: assets, inventories, insurance, and financial statements