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accounting Chapter 1

Quiz by Kaley Hudson

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34 questions
Show answers
  • Q1
    A record that summarizes all the transactions pertaining to a single item in the accounting equation
    account
    equity
    transaction
    asset
    30s
  • Q2
    An amount owed
    accounting system
    GAAP
    liability
    business plan
    30s
  • Q3
    Anything of value that is owned
    equity
    Equities
    GAAP
    asset
    30s
  • Q4
    Financial reports that summarize the financial condition and operations of a business.
    account balance
    withdrawals
    proprietorship
    financial statements
    30s
  • Q5
    An increase in equity resulting from the sale of goods or services
    Revenue
    Withdrawal
    Asset
    Equity
    30s
  • Q6
    An account used to summarize the owner's equity in a business
    business ethics
    GAAP
    capital account
    financial statements
    30s
  • Q7
    Assets taken from the business for the owner's personal use
    withdrawals
    business plan
    account balance
    accounting system
    30s
  • Q8
    The cost of goods or services used to operate a business
    equities
    personal net worth
    ethics
    expense
    30s
  • Q9
    Any business activity that changes assets, liabilities, or owner's equity
    asset
    transaction
    revenue
    withdrawals
    30s
  • Q10
    The difference between personal assets and personal liabilities.
    transaction
    accounting
    personal net worth
    liability
    30s
  • Q11
    A business that performs an activity for a fee.
    Transaction
    Business Plan
    Creditor
    Service Business
    30s
  • Q12
    The name given to an account
    sale on account
    ethics
    account title
    asset
    30s
  • Q13
    The amount remaining after the value of all liabilities is subtracted from the value of all assets.
    Owner's equity
    service business
    net worth statement
    accounting
    30s
  • Q14
    A business owned by one person
    asset
    service business
    Proprietorship
    business plan
    30s
  • Q15
    The difference between the increases and decreases in an account
    account balance
    owner's equity
    creditor
    GAAP
    30s

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