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ACCT. 1-QUIZ-CHAPTER 3

Quiz by Teresa

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23 questions
Show answers
  • Q1
    Anything of value that is owned or controlled by an individual or business.
    Property
    30s
  • Q2
    When you own an item or property, you have a legal right or financial claim to that item.
    Financial Claim
    30s
  • Q3
    When you buy property and agree to pay for it later.
    Credit
    30s
  • Q4
    The business or person selling you the property on credit.
    Creditor
    30s
  • Q5
    Property or items of value owned by a business. Example: Office, Furniture, cash in bank, equipment.
    Assets
    30s
  • Q6
    The accounting term for the financial claim to these assets.
    Equity
    30s
  • Q7
    The owner's claims to the asset of the business.
    Owners Equity
    30s
  • Q8
    True.
    T or F- The word equities refers to claims against the assets of business by both creditors and owners.
    30s
  • Q9
    the debts of a business. Examples: Accounts payable.
    Liabilities
    30s
  • Q10
    True.
    T or F- A creditor has a financial claim to the assets of a business
    30s
  • Q11
    ASSETS=LIABILITIES+OWNERS EQUITY OR ASSETS-LIABILITIES=OWNERS EQUITY.
    Accounting Equation
    30s
  • Q12
    An economic event that causes a change in assets, liabilities, or owner's equity.
    Business Transaction
    30s
  • Q13
    Shows the balance for a specific item.
    Account
    30s
  • Q14
    The total amount of money ti be received in the future for goods or services sold on credit
    Accounts receivable
    30s
  • Q15
    asset
    Accounts receivable is an
    30s

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