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Business English Accounting Quiz - Basic Level

Complete the sentences below using these words

credits debits posted invoice
double-entry vouchers receipt journals
trial balance transactions transferred ledgers

1. Every purchase and sale that a business makes is recorded in the order that they take place in .


2. These temporary records are later entered or to the relevant account book.


3. The account books are called  .


4. At the end of each accounting period, all the totals are to the profit and loss account (British English) or income statement (American English).


5. bookkeeping records the dual effect of every transaction - a value both received and parted with.


6. Payments made or  are entered on the left-hand (debtor) side of an account.


7. Payments received or are entered on the right-hand side of the account.


8. Periodically, a is done to test whether both sides of the account book match - or "balance".


9. In most business , the seller of goods or services sends the buyer a bill.


10. In accounting terminology, a "bill" is more commonly called an .


11. When payment is made, the seller will issue a acknowledging payment of the invoice.


12. Businesses must keep the receipts - know as to support or prove an item in an account.