TEST (09/ 10/ 2023)

I. Match up the following words and definitions:

1. accounting (n) A. A written note in a bank account or other financial record of a sum of
money owed or spent.
2. asset (n) B. A company’s buildings, machinery, etc.
3. expenditure (n) C. Money that is owed by a company.
4. liability (n) D. A written statement showing the amount of money and property that a
company has and listing what has been received and paid out.
5. cost accounting E. The process or work of keeping financial accounts.
6. debit F. To keep something; to continue to have something.
7. tangible assets G. A sum of money paid into a bank account; a record of the payment.
8. audit H. A piece of business that is done between people, especially an act of buying
or selling.
9. accounts payable I. To allow a sum of money or debts to grow over a period of time.
10. creative K. A list of goods that have been sold, work that has been done, etc., showing
accounting what you must pay.
11. bookkeeping L. An official examination of business and financial records to see that they
are true and correct.
12. credit M. A thing of value, especially property, that a person or company owns,
which can be used or sold to pay debts.
13. balance sheet N. Calculating all the expenses involved in producing something, including
materials, labour, and other expenses.
14. intangible O. Something that does not exist as a physical thing but is still valuable to a
company.
15. strategy P. A way of doing or presenting the accounts of a business that might not
show what the true situation really is.
16. transaction Q. A plan that is intended to achieve a particular purpose.
17. accrue R. To delay something until a later time.
18. invoice S. The job or activity of keeping an accurate record of the accounts of a
business.
19. retain T. The state of being legally responsible for something.
20. defer U. All the money that a business spends on goods or service during a given
period.
Answer:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

II. Choose the best alternatives to complete the sentences:

1. In the most countries, companies record the _______ Cost of their assets – their original purchase price.
A. historical B. history C. historic D. historically
2. Google’s financial statements use American terms, which sometimes differ ________ British _______
A. from/ one B. from/ ones C. to/ one D. to/ ones
3. There’s lots of estimation and judgement ________ accounting because the value of assets depends
_______The future uncertain event and those uncertain events, _______ their very nature, can’t be
estimated very easily.
A.in/ upon/ by B. on/ upon/ by C. to/ on/ with D. to/ on/ by

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4. I _______ the contract if I had read it more properly
A. will have signed B. wouldn’t have signed C. didn’t sign D. signed
5. The Chief _______ Officer of Google Inc. is going to present the company’s results at the
Annual Stockholders Meeting
A. finance B. financing C. financially D. financial
6. Cash flow statement gives details of _________ coming into and leaving the business, divided
into day-to-day operations, investing and financing.
A. cash B. assets C. money D. payments
7. Should companies record raw materials, work-in-progress, and their ________ of products ready
for sale at their cost price, or their current market price?
A. invent B. inventory C. invention D. inventing
8. _________ shows the difference between the revenues and expenses of a period.
A. Profit and loss statement B. Cash flow statement
C. Balance sheet D. Income statement
9. Mr. Kim will speak at next month’s conference. He _________ to this when I communicated
with him last week.
A. agreed B. agrees C. will agree D. had agreed
10. If you hold some ________ in another company or something, or you hold some money in a
bank account, this is very easy to value
A. stocks B. shares C. money D. liabilities
11. The history of accounting is thousands of years old and can be traced to ancient _______
A. civilizes B. civils C. civilize D. civilization
12. You _______ also use the company’s website or the Internet to find details about acquisitions,
product developments, and so on, which might explain any changes.
A. must B. have to C. maybe D. could
13. It’s so nice that your assistant is such a________ person
A. friendliness B. friend C. friendly D. friendship
14. ________ is all the money received from business activities during a given period.
A. assets B. income C. transaction D. wage
15. The early development of accounting dates back to ancient Mesopotamia, and is closely
________ to development in writing, counting, and money
A. relative B. relating C. related D. relatives
16. Go home, Eric, I promise I _________ the light before I leave the office
A. will have turned off B. will turn off
C. will have been turning off D. will be turning off
17. If you hold some shares in another company or something, or you hold some money in a bank
account, this is very easy to ________ .
A. value B. valueable C. valueless D. unvaluable
18. Our new book is _________ than our old one.
A. interesting B. more interesting
C. the interesting D. the most interesting
19. All the money that a business ________ on goods or services during a given period is
expenditure.
A. spends B. spent C. is spending D. was spending
Answer:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

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III. Rewrite the sentence with the following words.
1. An accounting/ responsible/ analyze and communicate/ financial information.
… An accounting is responsible for analyzing and communicating financial information.
…………………………………………………………………………………………………………………
………………………………………………………………………………………………………………
2. Tax accounting/ require/thorough knowledge/tax law/ and/ accounting combined/ a desire/ help clients/
reduce/ their/ liability.
… Tax accounting requires a thorough knowledge of tax laws and accounting combined with a desire to
help clients reduce their tax liabilities.
…………………………………………………………………………………………………………………
………………………………………………………………………………………………………………
3. Auditing/ require/ strong/ analytical skill/ and/ honesty.
…Auditing requires strong analytical skills, and honesty
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
4. Bookkeeping/ write down/ the detail/ transactions.
… Bookkeeping means writing down the details of transactions.
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
5. Cost accounting /calculate/ all/ expenses involved/ produce something/ include materials, labour/ and/ all
other expenses.
… Cost accounting means calculating all the expenses involved in producing something, including
materials, labour, and all other expenses………………………………………………………………..
6. Managerial or management accounting/ provide/ information/ that/ will/ allow/ business/ make decision/
plan future operation/ and/ develop business strategy.
…Managerial or management accounting provides information that will allow a business to make
decisions, plan future operations and develop business strategies
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
7. Cash flow statement/ give details/ money/ come into/ and leave the business/ divide into/ day-to-day
operation,/ invest and finance.
… Cash flow statement gives details of money coming into and leaving the business, divided into day-to-
day operations, investing, and financing…………………………………………………………………..
8. Balance sheets/ showing/ value/ a business’s asset,/ its liability/ and/ its capital/ or/ shareholder’s equity.
…Balance sheet means a statement showing the value of a business’s assets, its liabilities, and its capital or
shareholders’ equity
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
9. Income statement/ show/ the difference/ revenue and expense/ a period.
…… An income statement means a statement showing the difference between the revenues and expenses
of a period
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
10. A company’s balance sheet/ intend/ give you/ the value/ the company’s business.
…A company’s balance sheet is intended to give you the value of the company’s business
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
11. Some assets / very/ easy to value/ and/ some/ difficult/ value.
… Some assets are very easy to value, and some are difficult to value
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
12. In fact/ only shares in listed companies/ easy/ value/ as/ they have/ quote shared price.

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…In fact, only shares in listed companies are easy to value as they have a quoted share price.
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
13. Valuing unlisted companies/ much more/ difficult/ than/ listed companies.
…Valuing unlisted companies is much more difficult than listed company
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
14. There is/ lots of/ estimation/ and/ judgement/ accounting/ because/ the value/ an asset/ depend/ the
future uncertain events/ which/ cannot/ estimate/ very easy.
……There’s lots of estimation and judgement in accounting because the value of assets depends upon. The
future uncertain event and those uncertain events, on their very nature, can’t be estimated very
easily…………………………………………………………………………………………………………
…………………………………………………………………………………………………………………
…
15. Accounting/ frequently/ called/ “the language of business”/ because of/ it/ ability/ communicate/
financial information/ about/ organization.
…Accounting is frequently called the “language of business” because of its ability to communicate
financial information about an organization.
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………
16. In order to/ achieve/ standardized system,/ the accounting/ process/ follow/ accounting principle/ and/
rule.
… In order to achieve a standardized system, the accounting process follows accounting principles and
rules.
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
17. Two common/ financial statements/ balance sheet/ and/ income statement.
… Two common financial statements are the balance sheet and the income statement.
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
18. People/ who/ specialize/ in the field/ accounting/ known as/ accountants.
…People who specialize in the field of accounting are known as accountants
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
19. Financial statement/ allow/ interest parties/ compare one organization/ another/ or/ compare/ accounting
period/ within/ one organization.
…Financial statement allow interested parties to compare one organization to another and/or to compare
accounting periods within one organization.
…………………………………………………………………………………………………………………
……………………………………………………………………………………………………………
20. Accounting/ the activity/ of/ keep detail/ records/ the amount/ money/ a business/ or/ person/ receive
and spend.
….Accounting is the activity of keeping detailed records of the amount of money a business or person
receives and spends.
…………………………………………………………………………………………………………… .
IV. Translate into Vietnamese:
1. Auditing requires strong analytical skills, and honesty.
………………………………………………………………………………………………………………
………………………………………………………………………………………………………………
2. An invoice is a list of goods that have been sold, work that has been done, etc., showing what you must
pay.
………………………………………………………………………………………………………………..

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…………………………………………………………………………………….........................................
3. Some assets are very easy to value, and some are difficult to value.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
4. People who specialize in the field of accounting are known as accountants.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
5. To accrue means to allow a sum of money or debts to grow over a period of time.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
6. Managerial or management accounting provides information that will allow a business to make
decisions, plan future operations and develop business strategies.
…………………………………………………………………………………………………………….
…………………………………………………………………………………………………………….
7. Accounting is frequently called the “language of business” because of its ability to communicate
financial information about an organization.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
8. Income is all the money received from business activities during a given period.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
9. The skills required for bookkeeping are probably accuracy and concentration, and some mathematical
ability.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………

10. Transaction is a piece of business that is done between people, especially an act of buying or selling.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
11. Tax accounting requires a thorough knowledge of tax laws and accounting combined with a desire to
help clients reduce their tax liabilities.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
12. Expenditure means all the money that a business spends on goods or services during a given period.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
13. A financial operating plan showing expected income and expenditure is called budget.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
14. An asset is anything owned by a business - cash, buildings, machines, equipment, etc.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
15. A company’s balance sheet is intended to give you the value of the company’s business.
……………………………………………………………………………………………………………
…………………………………………………………………………………………………………….
16. Valuing unlisted companies is much more difficult than listed company.
……………………………………………………………………………………………………………
…………………………………………………………………………… ……….. …………………….
17. Intangible asset means something that does not exist as a physical thing but is still valuable to a
company.
……………………………………………………………………………………………………………
…………………………………………………………………………… ………………………… …..

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18. Tangible assets are assets that can be clearly seen, or exist. For example, company’s buildings,
machinery…
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
19. A strategy is a plan that is intended to achieve a particular purpose.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
20. Financial statements (or financial report) is a formal record of the financial activities and position of a
business, person.
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………

PART 5: Read the test carefully and the briefly answer the following questions.
AN ACCOUNTING OVERVIEW
Accounting is frequently called the “language of business” because of its ability to communicate
financial information about an organization. Various interested parties, such as managers, potential
investors, creditors, and the government, depend on a company’s accounting system to help them make
informed financial decisions. An affective accounting system, therefore, must include accurate collecting,
recording, classifying, summarizing, interpreting, and reporting of information on the financial status of an
organization.
In order to achieve a standardized system, the accounting process follows accounting principles and rules.
Regardless of the type of business or the amount of money involved, common procedures for handling and
presenting financial information are used. Incoming money (revenues) and outgoing money (expenditures)
are carefully monitored, and transaction are summarized in financial statements, which reflect the major
financial activities of an organization.
Two common financial statements are the balance sheet and the income statement. The balance sheet
shows the financial position of a company at one point in time, while the income statement shows financial
performance of a company over a period of time. Financial statement allow interested parties to compare
one organization to another and/or to compare accounting periods within one organization. For example, an
investor may compare the most recent income statements of two corporations in order to find out which
one would be a better investment.
People who specialize in the field of accounting are known as accountants. In the United States,
accountants are usually classified as public, private, or governmental. Public accountants work
independently and provide accounting services such as auditing and tax computation to companies and
individuals. Public accountants may earn the title of CPA (Certified Public Accountant) by fulfilling
rigorous requirements. Private accountants work solely for private companies or corporations that hire
them to maintain financial records, and governmental accountants work for governmental agencies or
bureaus. Both private and governmental accountants are paid on a salary basis, whereas public accountants
receive fees for their services.
Question:
1. Why is accounting called the ‘language of business’?
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………
2. How is a standardized accounting system achieved?
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………

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3. What do the balance sheet and income statement have in common? How are they different?
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………
4. How are accountants classified in the United States?
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………
5. What kinds of services do public accountants provide?
…………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………

The end