Accounts: TOEIC Practice Test Questions & Answers

Accounts TOEIC Questions Answers English Eduhyme

The TOEIC (Test of English for International Communication) is an English language proficiency test designed to assess the English language skills of non-native speakers in a business or professional context. The test is widely used by organizations around the world to evaluate the English language skills of job candidates, employees, and students.

The TOEIC test consists of two parts: the TOEIC Listening and Reading Test and the TOEIC Speaking and Writing Test. The TOEIC Listening and Reading Test is a paper-and-pencil test that consists of multiple-choice questions, while the TOEIC Speaking and Writing Test is a computer-based test that consists of spoken and written responses to prompts.

The test is designed to measure a wide range of English language skills, including listening comprehension, reading comprehension, speaking ability, and writing ability. Overall, the TOEIC is a widely recognized and respected English language proficiency test that is used by organizations around the world to evaluate the English language skills of non-native speakers.

Q&A Topic: Accounts

Accounts refer to the financial records of a business or organization. These records are used to track and analyze financial transactions, including revenues, expenses, assets, and liabilities.

There are several types of accounts, including asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts. Each type of account represents a different aspect of a business’s financial situation.

Asset accounts track the value of a business’s resources, such as cash, inventory, equipment, and property. Liability accounts track the amount of money owed by the business to others, such as loans or unpaid bills. Equity accounts track the value of the business itself, including investments made by owners or shareholders.

Revenue accounts track the income generated by the business from sales, services, or other sources. Expense accounts track the costs incurred by the business, such as wages, rent, utilities, and supplies.

Accounts are typically recorded in a general ledger, which is a comprehensive record of a business’s financial transactions. These transactions are often categorized using a system of accounting called double-entry accounting, which ensures that all debits and credits are properly recorded.

In addition to tracking financial transactions, accounts are also used to create financial statements, such as balance sheets, income statements, and cash flow statements. These statements provide a snapshot of a business’s financial health and are used by stakeholders, such as investors, lenders, and management, to make informed decisions about the business.

Overall, accounts are a critical component of a business’s financial management. By accurately tracking financial transactions and maintaining comprehensive records, businesses can make informed decisions and maintain financial stability.

Here are some questions that can help you to clear the TOEIC exam:

Q1 In order to check all the telephone calls made during the month I want the account to be ____________.

(a) detailed
(b) particular
(c) specialized
(d) itemized

Answer: (d) itemized

Q2 All the representatives are allowed to spend money for entertaining with their ____________ account.

(a) expensive
(b) expending
(c) expense
(d) expenses

Answer: (c) expense

Q3 To spread the cost of spending on articles you buy many big departments let you open a ____________.

(a) credible
(b) credit
(c) credited
(d) credulous

Answer: (b) credit

Q4 Once you are earning money and you want to keep it safe, you can always ____________ an account with a bank.

(a) open
(b) start
(c) begin
(d) commence