MIDTERM AVCNKT 12.2023 (12 units)

1. 1. The ongoing ________ in the economy and a declining employment market make the value of accounting more apparent in today's markets.

• crisis

• development

• practice

• rates

2. 2. Someone in a high position, especially in business, who makes decisions and puts them into action.

• Executive

• Creditor

• Marketer

• Auditor

3. 3. A feeling or guess based on intuition rather than known facts or evidence.

• A hunch

• A hole

• An emotion

• Some advice

3. 4. An accounting process that compares two sets of records to check that the figures are correct and in agreement.

• Inspecting

• Gearing

• Reconciliation

• Specializing

5. 5. Administrative staff is responsible for processing the records of a business's financial activities.

• Auditors

• Accountants

• Bookkeepers

• Regulars

6. 6. A firm that sells its shares to anyone who wants to buy them.

• Publicly-traded company

• Local company

• Public company

• International company

7. 7. The principle is concerned with the timing of the recognition of transactions in the accounts. Items are recorded when the income or expense arises and are not dependent on the movement.

• The matching principle

• The going concern principle

• The prudence principle

• The consistency principle

8. 8. A contract that gives someone the right to use land, tools, or buildings for a certain amount of time in exchange for money.

• Lease

• Entry

• Credit

• Liability

8. 9. A financial report that summarizes the revenues and expenses of a business and shows whether the business is making a profit or loss for a given period.

• Income statement

• Balance Sheet

• Equity account

• Financial Statement

10. 10. A financial statement that shows the profits a company keeps after paying out any dividends to shareholders and allowing for owners’ drawings is a statement of _____.

• 10. Retained earnings

• Interest income

• Revenue

• Payroll