Accounting Test: Vocabulary Quiz!

16 Questions | Total Attempts: 2166

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Accounting Test: Vocabulary Quiz! - Quiz


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 was 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

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