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Accounting Quiz Ch 1

Quiz by John Peters

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29 questions
Show answers
  • Q1
    The process of planning, recording, analyzing, and interpreting financial information

    Liability

    Accounting

    Business Ethics

    300s
  • Q2
    A planned process designed to compile financial data and summarize the results in accounting records and reports

    Account

    Sale on account

    Accounting System
    300s
  • Q3
    Financial reports that summarize the financial condition and operations of a business

    Accounting balance

    Financial Statement

    Service Business

    300s
  • Q4
    Anything of value that is owned
    Asset

    Liability

    Expense

    300s
  • Q5
    An amount owed
    Liability

    Capital

    Revenue

    300s
  • Q6
    The principles of right and wrong that guide an individual in making decisions

    Expense

    Liability

    Ethics
    300s
  • Q7
    The use of ethics in making business decisions
    Business ethics

    Owner's Equity

    Accounting

    300s
  • Q8
    A business that performs an activity for a fee
    Service Business

    Transaction

    Capital

    300s
  • Q9
    A business owned by one person

    LLC

    Account

    Proprietorship
    300s
  • Q10
    Financial rights to the assets of a business

    Account Title

    Equities

    Ethics

    300s
  • Q11
    The amount remaining after the value of all liabilities is subtracted from the value of all assets

    Ethics

    Revenue

    Owner's Equity
    300s
  • Q12
    The equation showing the relationship among assets, liabilities, and owner's equity

    Assets

    Expense

    Accounting equation
    300s
  • Q13
    Any business activity that changes assets, liabilities, or owner's equity

    Business Ethics

    Accounting system

    Transaction
    300s
  • Q14
    A record that summarizes all transactions pertaining to a single item in the accounting equation

    Accounting Equation

    Sale on account

    Account
    300s
  • Q15
    The name given to an account

    Account Balance

    Proprietorship

    Account Title
    300s

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