General English Test 12

General English Questions and Answers

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


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


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


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


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


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


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


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


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


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


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