Accounting Chapter 1 Vocabulary

16 Questions

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Accounting Quizzes & Trivia

If you are planning to be a successful accountant you must ensure you have all the vocabularies used in the field in your mind together with the meanings. Do you believe you know them all? Take up this very easy quiz and check out what score you get. Best of luck!


Questions and Answers
  • 1. 
    Planning, recording, analyzing, and interpreting financial information
    • A. 

      Accounting

    • B. 

      Assets

    • C. 

      Equities

  • 2. 
    A planned process for providing financial information that will be useful to management
    • A. 

      Accounting equation

    • B. 

      Accounting system

    • C. 

      Transaction

  • 3. 
    Organized summaries of a business's financial activities
    • A. 

      Accounting records

    • B. 

      Liability

    • C. 

      Account

  • 4. 
    A business that performs an activity for a fee
    • A. 

      Capital

    • B. 

      Proprietorship

    • C. 

      Service business

  • 5. 
    A business owned by one person
    • A. 

      Account title

    • B. 

      Proprietorship

    • C. 

      Service business

  • 6. 
    Anything of value owned
    • A. 

      Asset

    • B. 

      Equities

    • C. 

      Balance sheet

  • 7. 
    Financial rights to the assets of a business
    • A. 

      Accounting records

    • B. 

      Account balance

    • C. 

      Equities

  • 8. 
    An amount owed by a business
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Capital

  • 9. 
    The amount remaining after the value of all liabilities is subtracted from the value of all assets
    • A. 

      Owner's equity

    • B. 

      Transaction

    • C. 

      Account title

  • 10. 
    An equation showing the relationship among assets, liabilities, and owner's equity Assets = Liabilities + Owner's Equity
    • A. 

      Accounting records

    • B. 

      Balance sheet

    • C. 

      Accounting equation

  • 11. 
    A business activity that changes assets, liabilities, or owner's equity
    • A. 

      Transaction

    • B. 

      Account

    • C. 

      Account title

  • 12. 
    A record summarizing all the information pertaining to a single item in the accounting equation
    • A. 

      Capital

    • B. 

      Account

    • C. 

      Balance sheet

  • 13. 
    The name given to an account
    • A. 

      Account title

    • B. 

      Capital

    • C. 

      Accounting

  • 14. 
    The amount in an account
    • A. 

      Account

    • B. 

      Account balance

    • C. 

      Balance sheet

  • 15. 
    The account used to summarize the owner's equity in a business
    • A. 

      Liability

    • B. 

      Asset

    • C. 

      Capital

  • 16. 
    A financial statement that reports assets, liabilities, and owner's equity on a specific date
    • A. 

      Balance sheet

    • B. 

      Equities

    • C. 

      Service business