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Accounting English Quick Quiz

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Accounting English Quick Quiz

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Practice English terms

Created by

Yazmin yhatzoa Grisales
Yazmin yhatzoa Grisales
Colombia

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Accounting English Quick Quiz
 

Accounting English Quick QuizOnline version

Practice English terms

by Yazmin yhatzoa Grisales
1

What English term matches: a document that records all daily financial transactions.

2

What term describes a structured record of all changes in a single account?

3

Which term is the financial statement showing revenues and expenses over a period?

4

Which term refers to the formal record of changes in a company’s equity across a period?

5

What term is used for the profit (or net income) after expenses?

6

Which term denotes amounts owed to suppliers?

7

Which document summarizes the evolution of a company’s equity over time?

8

Which term refers to the annual tax filing by a taxpayer?

9

What term is used for income from sales or services?

10

Which term describes assets intended for long-term use?

Explicación

'Journal' records day-to-day transactions; the Ledger is the collection of accounts.

A Ledger aggregates all postings for one account.

The Income Statement (or Profit and Loss) reports performance over a period.

This statement details how equity components change during the period.

Profit equals revenue minus expenses.

Accounts Payable are obligations to suppliers.

Shows how equity components rise or fall.

A Tax Return reports income and tax obligations.

Revenue is the inflow from core business activities.

Non-current (long-term) assets are not expected to be converted quickly.

 
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