STEP
INTO THE GED
READING PRACTICE: Basic Accounting
RETURN TO: Basic Accounting Passage
Answer the questions separately. Only when you have answered all, check them here. Turn in your answers to your instructor.
1. What is accounting?
2.
How is accounting
important to an individual?
3. How is accounting important to a business?
4. What is income?
5. What are expenses?
6. What is meant by the “balance” of an account?
7.
Why must a business
have a profit?
8. Do you think one loss would bankrupt a company? Why? Why not?
9. Why do you think a company is not doing well if it just breaks even?
10. Think about accounting as a possible job. What would you like about it? What would you dislike about it?
Note: Questions 8, 9, and10 may be used for discussion purposes.
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Vocabulary Practice Match each of the words in Column A with one from Column B. A _____ 1. process _____ 2. bookkeepers _____ 3. accounting books _____ 4. income _____ 5. expenses _____ 6. balance _____ 7. utilities _____ 8. profit _____ 9. loss _____ 10. account
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Use each choice once only.
a. an individual record in an accounting book b. money lost by a company c. money paid out by a business d. records e. series of steps to do something f. water, electricity, phones g. money made by a company h. money coming into a company i. managers and organizers of financial information j. money left over at the end of a month
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