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accounting ch 1, 2-3

Quiz by Patty

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8 questions
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  • Q1
    a business activity that changes assets, liabilities or owners equity
    transaction
    30s
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  • Q2
    a record summarizing all the information pertaining to a single item in the accounting equation
    account
    30s
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  • Q3
    the name given to an account
    account title
    30s
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  • Q4
    the account used to summarize the owner's equity in a business
    capital
    30s
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  • Q5
    the amount in an account
    account balance
    30s
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  • Q6
    an increase in owner's equity resulting from the operation of a business
    revenue
    30s
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  • Q7
    a sale for which cash will be received at a later date
    sale on account
    30s
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  • Q8
    a decrease in owner's equity resulting from the operation of a business
    expense
    30s
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