i. Look at the following sentences and choose the correct answer. Sometimes, there’s more than one correct answer.


a. 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

b. 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.

c. 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

d. As she was calculating the company’s liabilities, she realized she forgot to include the __________.
A. accounts payable B. accounts receivable

e. 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 100



f. 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

g. 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

h. She was considering giving up working as an accountant for that company and becoming a self-employed freelancer because the __________ 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

i. 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

j. 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