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Q 1/23
Score 0
Anything of value that is owned or controlled by an individual or business.
30
Property
Q 2/23
Score 0
When you own an item or property, you have a legal right or financial claim to that item.
30
Financial Claim
23 questions
Q.
Anything of value that is owned or controlled by an individual or business.
1
30 sec
Q.
When you own an item or property, you have a legal right or financial claim to that item.
2
30 sec
Q.
When you buy property and agree to pay for it later.
3
30 sec
Q.
The business or person selling you the property on credit.
4
30 sec
Q.
Property or items of value owned by a business. Example: Office, Furniture, cash in bank, equipment.
5
30 sec
Q.
The accounting term for the financial claim to these assets.
6
30 sec
Q.
The owner's claims to the asset of the business.
7
30 sec
Q.
True.
8
30 sec
Q.
the debts of a business. Examples: Accounts payable.
9
30 sec
Q.
True.
10
30 sec
Q.
ASSETS=LIABILITIES+OWNERS EQUITY OR ASSETS-LIABILITIES=OWNERS EQUITY.
11
30 sec
Q.
An economic event that causes a change in assets, liabilities, or owner's equity.
12
30 sec
Q.
Shows the balance for a specific item.
13
30 sec
Q.
The total amount of money ti be received in the future for goods or services sold on credit
14
30 sec
Q.
asset
15
30 sec
Q.
The amount of money owed to the creditors of a business.
16
30 sec
Q.
Credit Transaction.
17
30 sec
Q.
An account that represents the owners investment in a business.
18
30 sec
Q.
1. Identify the accounts affected (at least 2 accounts are always affected), 2. Classify the accounts affected, 3. Determine the amount of increase or decrease, 4. Make sure accounting equation stays in balance.
19
30 sec
Q.
2 Accounts.
20
30 sec
Q.
Income earned from the sale of goods and services.
21
30 sec
Q.
The price paid for goods and services used to operate a business. Ex. Advertising, monthly rent, utility bills.
22
30 sec
Q.
When the owner takes out cash or other assets from the business or personal use.
