1. Match the words in the box to make accounting expressions

ACCRUALS        INTEREST     REPORTING    ACCOUNT     PROFIT       P+L
PERIODS         PAYABLE      RETAINED     ITEMS       SELLING AND GENERAL
EXCEPTIONAL     OPERATING    EXPENSES     EARNINGS    PRINCIPLE


2. Complete the assets table for a company with correct expressions and relevant figures,
using the following information

Willy Wonka has a famous brand worth an estimated ? 40,000.
Another intangible asset is its goodwill, estimated at ? 25,000.
It has investment of ?20,000 in other companies
It has raw material, unfinished and finished goods worth ? 15,000.
It owns equipment and machinery with a book value of ?18,000
It possesses land with a book value of ?55,000.
It has ?60,000 in its accounts in a bank.
it owns offices and factories with a book value of ?146,000.
Other organizations, including purchasers, owe ?11,000.


     WILLY          WONKA    BALANCE SHEET
                                              2006

                ASSETS

                                 20,000
Stocks

Total current assets                        106,000


                                 18,000
Total fixed assets (book value)             219,000


Total intangible                             65,000
TOTAL ASSETS                                390,000
















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