unit 1

1. Accounting is one of the ................. fields in the modern business world.

• A. fast-growing

• B. faster growing

• C. fastest-growing

• D. fastest-grow

2. Nonprofit organizations are in business for some purposes other than ................. money.

• A. make

• B. making

• C. to make

• D. made

3. Accounting serves the purpose of record keeping by promptly ................. all the business transactions in the books of account.

• A. selling

• B. buying

• C. recording

• D. reporting

4. Private accountants, also called executive or administrative accountants, handle the ................. of a business.

• A. balance sheets

• B. cash flow statements

• C. financial records

• D. operations

5. Controllers are responsible ................. maintaining the records of the company’s operations.

• A. to

• B. with

• C. of

• D. for

6. Managerial accountants work with the kinds of financial reports ................. to management for the efficient operation of the company.

• A. necessary

• B. unnecessary

• C. need

• D. needn’t

7. Many people have chosen ................. as a profession because of its many advantages.

• A. account

• B. accounting

• C. accountant

• D. counting

8. Reports on past ................. and current financial status are useful only as input to decisions about courses of action that will lead to future performance and status.

• A. performed

• B. perform

• C. performing

• D. performance

9. Accounting is also intimately involved in ................. the financial interests of the parties involved in all kinds of relationships.

• A. sorting out

• B. giving out

• C. getting out

• D. running out

10. Taxing ................. are interested in past financial performance in order to assess and collect appropriate taxes.

• A. authority

• B. authorize

• C. authorities

• D. authorizing