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  1. Read the paragraph: Many people have chosen accounting as a profession because of its many advantages. Many jobs are usually available, primarily because the education and training for accounting careers has not kept pace with the demand for accounting services. Once on the job, private and governmental accountants have security, and they are usually given the chance to move upward in the company – sometimes to the top. Salaries for people with accounting training are usually good, even on lower levels, and for those who rise to the top of profession, they are correspondingly high. Certified Public Accountants now enjoy professional status similar to that of doctors or lawyers. Copies of various financial statements are sent to owners, management personnel, labor unions, appropriate government bureaus, creditors and the general public. Reports intended only for use and distribution within the company on parts or phases of the business are also prepared periodically from the financial records. A cash report, for example, may be required daily by some companies, but only weekly or monthly by others. 2. Answer the following questions: a. Why are many jobs available for people with accounting training? b. Identify four advantages of accounting as a profession. c. What are some financial statements commonly used in a business? d. How are reports prepared for internal use in a company?.  Multiple choices: 1. Three basic types of businesses in terms of operations are: a. Service, merchandising and manufacturing b. Large-size, Medium-size and Small size companies. c. Service, financial and manufacturing d. Merchandising, Accounting and Service 2. Profit from sales after direct costs for producing the goods or service have been deducted is called a. Cost accounting b. Managerial accounting c. Gross income d. Net profit 3. Which of the following item is not included in intangible assets: a. Franchises b. Copyrights c. Goodwill d. Bonds 4. The itemized statements of merchandise sold to customers. They list the quantity and the charges. a. Operation statement b. Voucher c. Invoice d. Check 5. Income accounts are increased on a. the credit side b. the debit side 6. Obligations that must paid within the current fiscal period are a. Invoice b. Voucher c. Current net worth d. Current liabilities 7. The book that lists all the accounts of an organization. a. Journal b. Ledger c. Cash report d. Balance sheet 8. People who work with the kinds of financial report necessary to management for the efficient operation of the company are a. Auditors b. Controllers c. Cost accountants d. Managerial accountants 9. Decrease in the telephone (expense) account is recorded as a. a debit b. a credit 10.One of the negotiable instruments that are commonly used by businesses is a. Invoice b. Voucher c. Money order d. Cash 11.A statement that shows the firm’s condition on the last day of the accounting period. It shows what the business owns and what it owes to its creditors or its owners. a. A Balance sheet b. An Income statement c. A statement of owners’ equity d. A cash flow statement 12.The gradual decline in value of a fixed asset. a. Real estate b. Land c. Depreciation d. Cash  1. Rewrite the following sentences, using passive voice: a. Potential investors are people who think the business is interesting. b. We are going to hold a press conference next Friday. c. Accountants must understand the conditions that indicate business success or failure. 2. Use reported speech to make sentences: a. Paul said ‘I must come here tomorrow for a final test’. b. She said ‘Let’s help him to deal with this financial problem’. c. My boss asked me ‘Can you complete this report in two days?     a. September 6, purchased office equipment from Morgan Equipment Company for $2,800, paying cash. b. Paid Appliance Store $1,200 of the amount owed. !"#  $   Many private organizations hire salaried accountants to perform audits. These people are sometime called internal auditors. They are in charge of protection of the firm’s assets – things of values owned by the company, including cash, securities, property, and even goodwill. The internal auditor sees that current transactions are recorded promptly and completely. He or she also identify inefficient procedures or detects fraudulent transactions. He or she is usually called upon to propose solutions for these problems. The dollar is the basic unit of measurement in accounting in the United States, and it is also widely used as a unit of measurement in international transactions. The dollar amount of each transaction is entered in the accounting journals of the business. Information about the nature of a transaction and the dollar amount that is involved generally appear first on a business document, such as a sale invoice. Such documents are essential references in accounting because they reflect alterations in the company’s financial position and operating performance. 2. Answer the following questions: a. Identify tasks performed by an internal auditor. b. What currency is used as a unit of measurement in international transaction? c. Why business documents are essential in accounting? d. What things are internal auditors supposed to do when he or she detects any fraudulent transactions?  $%  1./ What is the process by which entries are made in the ledger ? a./ transfer b./ posting c./ footing d./ collecting 2./ The method that requires two entries to record each transaction a./ Debit b./ Credit c./ Double Entry d,. Single Entry 3./ Other terms used instead of Capital is : a./ Cash b./ Investment c./ Withdrawal d./ Proprietorship 4./ A detailed listing of all the accounts of an organization is called a./ Journal b./ Ledger c./ Voucher d./ Invoice 5./ Accrued taxes should be listed under : a./ Liabilities b./ Capital c./ Assets d./ Expenses 6./ in assets is recorded by a credit to Cash a./ Increase b./ Decrease c./ No change d./ Debt 7./ Decrease in mortgage account should be recorded by a./ a debit b./ a credit c./ footing d./ trial balance 8./ To keep an up-to-date balance of the account some bookkeepers use a./ A left- hand column b./ A far right – hand column c./ bill 9./ The test that determines whether the total of debits equals the total of credits is called a./ Posting b./ Footing c./ trial balance d./ Entry 10./ Another term used for financial is a./ Money b./ Fiscal c./ Cash d./ Debt 11./ The operations statement is referred to as a./ A Balance Sheet b./ Owners’ Equity Statement c./ Profit and loss Statement d./ Invoice 12./ The statement which shows an increase or decrease in working capital for the year and how this change arose is called a./ Income statement b./ Operations statement c./ Income and expense statement d./ Statement of changes in financial position 13./ One situation in which the standard of objective evidence can not be applied in accounting is a./ Accounting for Sales received b./ Accounting for Wage payable c./ Accounting for Depreciation d./ Accounting for Cost of goods sold 14./ A statement that shows what a business owns and what it owes to its creditors and owners is called a./ A balance sheet b./ An Income Statement c./ Owners’ Equity Statement d./ Profit and Loss Account 15./ Obligations that must be paid within the current fiscal period are a./ Working capital b./ Long –term liabilities c./ Short – term liabilities d./ Current assets 16./ Written promises to pay a specific amount of money within a specified time are called a./ Vouchers b./ Invoices c./ Notes d./ Checks 17./ Which of the following is an important reason for studying accounting? a/. Accounting offers the qualified person an opportunity to move ahead quickly in today’s business world. b/. Accountants start their jobs near the top rather than the bottom of the organization chart. c/. Accountants can help managers to deal with the increasing complex problems of taxes and cash flow. d/. All of the above are important. 18/. Accounts receivable are a/.Current assets b/.Fixed assets c/.Current liabilities d/.Capital 19./ What can we say about the demand for accountants today a/.The demand is less than the supply b/.The demand is greater than the supply c/.The demand equals the supply d/.There is little demand for accountants 20./ People in management are often required to have: a/.enough money for the business b/.a certain relationship to government’s authorities c/.a background in accounting d/.good appearance   Use either the simple present or present continuous of the verbs in parentheses: Right now I (look) (1) around the classroom. Yoko (write) (2) in her book. Carlos (bite) (3) his pencil. Tom (scratch) (4) his head. Ahmed (5) out the window. He (seem) (6) to be daydreaming, but perhaps he (think) (7) hard about verb tenses. What (think, you) (8) Ahmed (do) (9) ?. Ann always (talk) (10) in our class. !"& $ '!($)'# *+,  /011+2343: Many private organizations hire salaried accountants to perform audits. These people are sometime called internal auditors. They are in charge of protection of the firm’s assets – things of values owned by the company, including cash, securities, property, and even goodwill. The internal auditor sees that current transactions are recorded promptly and completely. He or she also identify inefficient procedures or detects fraudulent transactions. He or she is usually called upon to propose solutions for these problems. The dollar is the basic unit of measurement in accounting in the United States, and it is also widely used as a unit of measurement in international transactions. The dollar amount of each transaction is entered in the accounting journals of the business. Information about the nature of a transaction and the dollar amount that is involved generally appear first on a business document, such as a sale invoice. Such documents are essential references in accounting because they reflect alterations in the company’s financial position and operating performance. 2. Answer the following questions: e. Identify tasks performed by an internal auditor. f. What currency is used as a unit of measurement in international transaction? g. Why business documents are essential in accounting? h. What things are internal auditors supposed to do when he or she detects any fraudulent transactions?  5'6 78923:;<=223>2'6*+, Multiple choice: 1. is chiefly concerned with determining the unit cost of the products the company manufactures and sells. a. Managerial accounting b. Cost accounting c. Public accounting d. Chartered accounting 2. work with the kinds of financial reports necessary to management for the efficient operations of the company. a. Teaching accountants b. Managerial accountants c. CPA d. Controller 3. Accounting work is not usually subject to either short-term changes or long-term trends in a. The depreciation b. The CPA c. Professional status d. The business cycle 4. People who work for manufacturing concern are sometime called a. Internal auditors b. Public accountants c. Industrial accountants d. Comptrollers 5. Debts to other organizations and wages owed to employees are called a. Capital b. Liability c. Owners’ Equity d. Assets 6. The process that transfers entries from all the journals to the ledger at regular intervals is called a. Posting b. Footing c. Disbursement d. Bookkeeping 7. A method of bookkeeping in which the twofold effect of every entry is recorded, thus requires two entries to record each transaction. . amount that is involved generally appear first on a business document, such as a sale invoice. Such documents are essential references in accounting because. amount that is involved generally appear first on a business document, such as a sale invoice. Such documents are essential references in accounting because

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