Question 1

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

Accepted Answer

Account

Answer

Spreadsheet

Answer

Balance Sheet

Answer

Stock Certificate

Question 2

the outstanding amount in an account

Accepted Answer

Account Balance

Answer

Overdrawn

Answer

Fee

Answer

Overdraft

Question 3

The name given to an account

Accepted Answer

Account title

Answer

Account printout

Answer

Account customization

Question 4

Equation showing the relationship between assets, liabilities and owners equity.

Accepted Answer

Accounting Equation

Answer

Assets

Answer

Asset to liability ratio

Answer

Income analysis

Question 5

anything owned by the business

Accepted Answer

assets

Answer

revenue

Answer

owner's equity

Answer

liabilities

Question 6

When a business' financial information is reported separately from personal information.

Accepted Answer

Business Entity

Answer

Corporate justification

Answer

Separation of liability

Answer

Corporate sponsorship

Question 7

Amount remaining after all liabilities are subtracted from all assets.

Accepted Answer

Capital

Answer

Liabilities

Answer

Assets

Answer

Prepaid Insurance

Question 8

See image

Accepted Answer

Cash

Answer

Amount owed

Answer

Liabilities

Question 9

A accounting entry on the left as well as on the right side of an account

Accepted Answer

Double entry accounting

Answer

Double corporate accounting

Answer

Double sided accounting

Answer

Double trust accounting

Question 10

Any amount owed to outside parties

Accepted Answer

Liabilities

Answer

assets

Answer

owner's equity

Answer

revenue

Question 11

Account used to summarize the owners equity in a business.

Accepted Answer

Owners Equity

Answer

assets

Answer

liabilities

Question 12

Business owned by one person.

Accepted Answer

Sole Proprietorship

Answer

Franchise

Answer

Corporation

Answer

Partnership

Question 13

Business activity that changes assets, liabilities, or owners equity.

Accepted Answer

Transaction

Answer

Liabilities

Answer

Owner's Equity

Answer

Assets

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