Accounting II Chapter 1
Quiz by Melissa Dux
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24 questions
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- Q1Anything of value that is owned.Asset10s
- Q2An amount owed by a business.Liability10s
- Q3Financial rights to the assets of a business.Equities10s
- Q4The amount remaining after the value of all liabilities is subtracted from the value of all assets.Owner's Equity10s
- Q5The owner's equity in a corporation.Stockholders' equity10s
- Q6An equation showing the relationship among assets, liabilities, and owner's equity.Accounting Equation10s
- Q7Original business papers from which information about business transactions is obtained.Source Documents10s
- Q8The recording of debit and credit parts of a transaction.Double-entry accounting10s
- Q9A form for recording transactions in chronological order.Journal10s
- Q10A journal used to record only one kind of transaction.Special Journal10s
- Q11A record summarizing all the information pertaining to a single item in the accounting equation.Account10s
- Q12A group of accounts.Ledger10s
- Q13A ledger that contains all accounts needed to prepare financial statements.General Ledger10s
- Q14A ledger that is summarized in a single general ledger account.Subsidiary Ledger10s
- Q15An account in a general ledger that summarizes all accounts in a subsidiary ledger.Controlling Account10s