Topic: English for Accounting 2

An exercise to help you learn & practice accounting, bookkeeping, and other vocabulary for financial record keeping, while polishing your grammar skills. Although it's meant for ESL students, it'll be useful to anyone who wants to practice this specialized vocabulary.

Choose the best response to complete each of the sentences below.

1. I have a lot of experience in collecting financial information necessary for __________________ various tax returns.
  filing
  calculating
  forming

2. I find it really hard to keep track of my __________________. ( = the money I spend)
  expense
  expenses
  expertise

3. You have nothing to worry about. Your (financial) __________________ accurately reflect your business's income and expenses.
  profits
  profiteering
  records

4. The IRS is a government organization responsible for _________________ taxes in the USA.
  collecting
  receiving
  gathering

5. If the IRS __________________ you, they will want to inspect your financial records in detail.
  accepts
  edits
  audits

6. You should always keep __________________ ( = proof of payments) or other acceptable records of every payment to your business and every expenditure by your business.
  records
  receipts
  recipes

7. An expenditure is basically a __________________.
  payment
  bill
  tax form

8. What do you do with forms?
  you fill them up
  you fill them out
  you fill them

9. One of your duties will be to summarize the company's income and expenditure records on a monthly __________________.
  base
  basis
  time

10. I can help you determine how much your business is worth at a specific __________________.
  time point
  timeframe
  point in time


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