Business English / Incomplete Sentences / Advanced level # 42 Accounting terms

Q1 The customary manner in which a business analyzes and records its ……. is by first entering them into a journal.

Q2 Journal entries are entered in ……. order, meaning by date, with the earliest date first.

Q3 Once the transactions have been entered into the journal they are ……. or transferred into their individual General Ledger accounts.

Q4 All ……. increase with a debit entry and decrease with a credit entry.

Q5 Liabilities either have a credit or no ……. at all.

Q6 Capital accounts represent the owner’s ……. worth in the business.

Q7 ……. accounts are accounts for your sources of business-generated income.

Q8 The ……. is the difference between what a business pays for an item wholesale and what the business sells it for retail.

Q9 An accounts payable ……. shows how much you owe each of your vendors

Q10 Accounts ……. shows how much money your customers owe you.