Accounting & Administration – 12th grade

Exercise 1 (Revision)

1- Complete the following sentences with the words/expressions in the box:

-equity -assets - processing records -owes - to inspect its account -
-owns -overdraft -spend -receive -balance sheet -sell

a) Expense is the amount of money that you_________________________on something.

b) External auditors are people employed by an outside firm of accountants and hired by a company
________________________.
c) Income is some money or equivalent that you____________________________.
d) Asset is something which a company ________________ and uses to produce goods and services.
e) Bookkeepers are the administrative staff responsible for_______________________ of a business
financial activities.
f) Liability can be simply defined as the amount of debt that a company ____________________.
g) Assets, liability and __________, they are part of the ___________________.
h) Bank___________ is when the bank gives you some money or pay your bills even though your current
account is negative.
2- Answer the following questions:
a) Is insurance an Asset or a liability? Why?
_________________________________________________________________________________
_________________________________________________________________________________
b) What does make an auditor job different form an accountant job??
_________________________________________________________________________________
_________________________________________________________________________________
c) What is the difference between tax, rate, interest?
_________________________________________________________________________________
_________________________________________________________________________________

3- Translate the following sentences:

Portuguese English

The home loan interest rate in BCA is 12%.

Contabilidade é crucial para as operações dos
negócios em todos os setores.
As informações que você encontrou no balancete
não estão corretas.
Probably, the value added tax will decrease next
year.
Net worth is what is left over after you subtract
your liabilities from your assets.
A taxa de matricula escolar em Cabo Verde é
menor de que em Portugal.

Teacher Carlos Vieira