MID-TERM TEST FOR AUDITING (1)

Amount owed to a creditor for delivered goods or completed services.

• account payable

• account receivable

• interest

• loan

General name for money, notes, bonds, goods, or services which represent amounts owed

• cash

• loan

• cheque

• debt

Any book containing original entries of daily financial transactions.

• account book

• journal

• ledger

• report

All or portion of an account, loan or note receivable considered to be uncollectible.

• loan

• borrow

• dividend

• bad debt

Aditing refers to ___

• preparation and checking of account

• examination of accounts of business units only

• examination of accounts of professional accountant

• checking of vouchers

Auditing is luxury for a ___

• joint stock company

• partnership firm

• small shop-keeper

• goverment company

Obligation whose liquidation is expected to require the use of existing resources classified as current assets, or the creation of other current liabilities.

• current account

• current asset

• current liability

• current issue

Act that departs from what should be done; imprudent deviation, unintentional mistake or omission.

• error

• risk

• fraud

• danger

It consists of a listing of all of the general ledger accounts and their corresponding debit or credit balances

• trial balance

• balance sheet

• income statement

• cash flow statement

Period of 12 consecutive months chosen by an entity as its accounting period which may or may not be a calendar year.

• short-term

• long-term

• fiscal year

• annually