Answer Key
Company finance - cash flow, profit and loss account, balance sheet – Practice 2
Fill in the gaps with the appropriate word or phrase in the correct form.
- A 62-year-old retired city councilor from Kingston, paid his $230 Visa bill last month in 985 [instalments] , often pennies at a time, to protest against complicated bank policy.
- Our accounts [payable] department processes more than 1 million invoices and issues more than 250,000 payments per year.
- Cheap table wine is clearly a [wasting] asset as it turns to vinegar within a relatively short period even when unopened.
- In 1981, he reached the top of his career ladder and became the most important person in the company - its president and the [CEO] . He held that position until retiring in eight years ago.
- Three quarters later, the company still [bled] red ink, the CEO quit, & the acting CEO declared bankrupcy. It was not fun.
- Since all our office equipment [depreciated] , we were not able to re-sell it for the original price. We had to take into consideration the amortization process.
- These days many liberals in Congress are very anxious because there is not enough money in the federal [budget] to fund their “priorities” such as education, health care and veterans‘ affairs.
- The old company was [wound] up at the end of 1897 and a new company, The Coast Development Ltd. was formed.
- Villarrobledo continued to [put] up funds after Matarile was no longer able to cover the expenses of the festival.
- Certain basic financial reports are used to present the score in business - the [balance]sheet, income statement, statement of retained earnings, and statement of changes in financial position.