Choose the synonym, according to the chapter
assess (To assess is to test or evaluate something)
a. appraise
b. ignore
c. valuation
d. disregard
e. overlook
appraise
To gradually remove parts of it or otherwise reduce it
a. scrap
b. build up
c. eat away at
d. accumulate
e. fragment
eat away at
return on equity
Ex: Return on equity is a comparison of net income to owner's equity.
The year-over-year growth rat is a parallel of one year's profits to the same year's profits.
The year-over-year growth rate is a comparison of one year's profits to another year's profits.
a. If something is _____, it cannot be found, received, or taken
b. After multiple failed collection attempts, the outstanding $5,000 invoice was officially declared _____
a. If something is uncollectible, it cannot be found, received, or taken
b. After multiple failed collection attempts, the outstanding $5,000 invoice was officially declared uncollectible
upcoming (If something is upcoming, it will soon arrive or appear)
a. projection
b. prior
c. forecast
d. preceding
e. forthcoming
forthcoming
Fees associated with some inappropriate transactions
a. transfers
b. charges
c. taxes
d. deductions
e. contributions
charges
withdrawal
Ex: Because the sole proprietor needed cash for living expenses, she made a withdrawal of $2,000 from the business's checking account
I need to go to the bank to deposit a check because I can buy groceries.
I need to go to the bank to cash a check so I can buy groceries.
a. An _____ is a transaction conducted without sufficient funds
b. My account allows for a $500 arranged _____, so I can still make purchases even when my balance is zero
a. An overdraft is a transaction conducted without sufficient funds
b. My account allows for a $500 arranged overdraft, so I can still make purchases even when my balance is zero
predatory (The large retail chain was accused of predatory pricing, temporarily slashing their merchandise costs below profitability to force the local boutique out of business)
a. fair
b. rapacious
c. wolfish
d. carnivorous
e. ethical
rapacious
A certain amount of money that companies add to their costs when setting sales prices
a. discount
b. markdown
c. offer
d. markup
e. tax
markup
out of business
Ex: Because the firm went out of business, the accounting department had to liquidate remaining assets
The cost-plus method is the act of reducing an certain percent to costs when setting sales prices.
The cost-plus method is the act of adding a certain percentage to costs when setting sales prices.
a. To _____ someone is to initiate legal proceedings against them
b. The company decided to _____ their former accounting firm for gross negligence
a. To sue someone is to initiate legal proceedings against them
b. The company decided to sue their former accounting firm for gross negligence
IRS (The IRS (Internal Revenue Service) is the taxation agency in the United States)
a. presidency
b. ministry of economy
c. 401K
d. DIAN
e. taxpayer
DIAN
A fee for producing certain non-essential products like tobacco and fuel
a. excise tax
b. sales tax
c. corporate tax
d. value-added tax
e. property tax
excise tax
inheritance tax
Ex: An inheritance tax is a requirement that people give a certain portion of a deceased person's assets to the government
He uploaded the new taks forms from the official website this morning
He downloaded the new tax forms from the official website this morning
a. A _____ is a fee that a government charges businesses
b. When evaluating profitability, the _____ rate of 21% must be applied to the net operating profit rather than total sales
a. A corporate tax is a fee that a government charges businesses
b. When evaluating profitability, the corporate tax rate of 21% must be applied to the net operating profit rather than total sales
recovery period (A recovery period is the length of time during which an asset is depreciated)
a. amortization period
b. bad debt recovery period
c. useful life
d. depreciation life
e. write-off period
useful life
depreciation life
The damage that occurs to an item while it is being used
a. obsolescence
b. depreciation
c. salvage value
d. amortization
e. wear and tear
wear and tear
salvage value
Ex: Because office computers are typically obsolete and have no reliable resale value, the accounting team decided to assign a salvage value of zero for all IT equipment
Old fast phones cause the obsolescence of newer models
New fast phones cause the obsolescence of older models
a. A _____ is an accounting technique that records reductions in value
b. Changing your _____ requires a formal adjustment in the company's accounting policies
a. A depreciation method is an accounting technique that records reductions in value
b. Changing your depreciation method requires a formal adjustment in the company's accounting policies