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Lesson 1 - Homework

1. The document provides a lesson and homework exercise on accounting concepts. The homework contains 20 multiple choice questions testing understanding of key accounting terms like assets, liabilities, equity, revenues, expenses, profit, and financial statements. 2. The questions cover topics such as the basic accounting equation, calculating profit, components of financial statements, bookkeeping entries, and accounting/tax related career paths and considerations. 3. The homework aims to reinforce learning from the introductory accounting lesson.

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Oana Raduta
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72 views

Lesson 1 - Homework

1. The document provides a lesson and homework exercise on accounting concepts. The homework contains 20 multiple choice questions testing understanding of key accounting terms like assets, liabilities, equity, revenues, expenses, profit, and financial statements. 2. The questions cover topics such as the basic accounting equation, calculating profit, components of financial statements, bookkeeping entries, and accounting/tax related career paths and considerations. 3. The homework aims to reinforce learning from the introductory accounting lesson.

Uploaded by

Oana Raduta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lesson 1

HOMEWORK

Exercise
Look at the following sentences and choose the correct answer.
Sometimes, there’s more than one correct answer.
1. They had to hire a(n) ___ because Jane was not qualified to produce
all the documents for the audit in June.
A. auditor B. accountant C. bookkeeper
2./3. Her ___(2.) salary at her new workplace was higher than her
___(3.) salary in the old one, so she was much happier here.
2. A. net B. gross
3. A. net B. gross
4./5./6. The basic accounting equation is: ___(4.)
= ___(5.) + ___(6.)
4. A. assets B. liabilities C. owner’s equity
5. A. liabilities B. owner’s equity C. assets
6. A. owner’s equity B. assets C. liabilities
7./8. In order to see what a company’s ___(7.) is/are, you need to have
a look at the ___(8.) and subtract all the expenses of doing business.
7. A. profit B. capital C. revenues
8. A. revenues B. profit C. liabilities
9. The ___ is an important accounting document showing a company’s
assets, liabilities and the owner’s equity.
A. cash flow statement B. balance sheet C. income statement

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10./11./12. In ___(10.), you need to record ___(11.) on the left side
and ___(12.) on the right side.
10. A. double entry bookkeeping B. single entry bookkeeping
11. A. debits B. credits
12. A. credits B. debits
13. He was hoping to be able to raise enough ___ to set up his own
business in five years’ time.
A. assets B. capital C. equity
14. As she was calculating the company’s liabilities, she realized she
forgot to include the ___.
A. accounts payable B. accounts receivable
15. They wanted to resort to ___ in order to convince investors of their
company’s high profitability, but then they realized that the auditors
that worked for the investors would see right through it.
A. bookkeeping B. accounting C. creative accounting
16. He had been trying to pass his exams in order to become a(n) ___,
but in the end he gave up and decided to charge a higher fee for his
bookkeeping services in order to make ends meet.
A. chartered accountant B. shareholder C. investor
17. The auditor was looking at the financial statements that the
company presented him when he realized he was actually interested
in a different ___. He then had to ask for a different set of financial
statements.
A. income statement B. payroll C. accounting period
18. She was considering giving up working as an accountant for that
company and becoming a self-employed freelancer because the ___

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she had to pay was lower. She also had the expertise to file her own
tax return, which was an additional advantage.
A. income tax B. Value Added Tax
19. The idea of becoming a shareholder seemed really bad now that
the ___ was lower than in any other previous year.
A. share price B. return on investment
20. Their ___ was too high during the past few months, so they have
been thinking of either not giving their employees any bonuses this
year or investing less in advertising.
A. overhead B. appreciation C. depreciation

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