accounting Chapter 1
Quiz by Kaley Hudson
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34 questions
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- Q1A record that summarizes all the transactions pertaining to a single item in the accounting equationaccountequitytransactionasset30s
- Q2An amount owedaccounting systemGAAPliabilitybusiness plan30s
- Q3Anything of value that is ownedequityEquitiesGAAPasset30s
- Q4Financial reports that summarize the financial condition and operations of a business.account balancewithdrawalsproprietorshipfinancial statements30s
- Q5An increase in equity resulting from the sale of goods or servicesRevenueWithdrawalAssetEquity30s
- Q6An account used to summarize the owner's equity in a businessbusiness ethicsGAAPcapital accountfinancial statements30s
- Q7Assets taken from the business for the owner's personal usewithdrawalsbusiness planaccount balanceaccounting system30s
- Q8The cost of goods or services used to operate a businessequitiespersonal net worthethicsexpense30s
- Q9Any business activity that changes assets, liabilities, or owner's equityassettransactionrevenuewithdrawals30s
- Q10The difference between personal assets and personal liabilities.transactionaccountingpersonal net worthliability30s
- Q11A business that performs an activity for a fee.TransactionBusiness PlanCreditorService Business30s
- Q12The name given to an accountsale on accountethicsaccount titleasset30s
- Q13The amount remaining after the value of all liabilities is subtracted from the value of all assets.Owner's equityservice businessnet worth statementaccounting30s
- Q14A business owned by one personassetservice businessProprietorshipbusiness plan30s
- Q15The difference between the increases and decreases in an accountaccount balanceowner's equitycreditorGAAP30s