General English Test 12

General English Questions and Answers

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1. Journal entries are entered in ________ order, meaning by date, with the earliest date first.

 
 
 
 

2. Capital accounts represent the owner’s ________ worth in the business.

 
 
 
 

3. Once the transactions have been entered into the journal they are ________ or transferred into their individual General Ledger accounts.

 
 
 
 

4. Liabilities either have a credit or no ________ at all.

 
 
 
 

5. Accounts ________ shows how much money your customers owe you.

 
 
 
 

6. The ________ is the difference between what a business pays for an item wholesale and what the business sells it for retail.

 
 
 
 

7. An accounts payable ________ shows how much you owe each of your vendors.

 
 
 
 

8. The customary manner in which a business analyzes and records its ________ is by first entering them into a journal.

 
 
 
 

9. All ________ increase with a debit entry and decrease with a credit entry.

 
 
 
 

10. ________ accounts are accounts for your sources of business-generated income.

 
 
 
 

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