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Accounting Ch. 1 Vocabulary
Test Description: Vocab Ch. 1
Instructions: Answer all questions to get your test result.
1) A financial statement that reports assets, liabilities, and owner's equity on a specific date
A
transaction
B
asset
C
account
D
balance sheet
2) Planning, recording, analyzing, and interpreting financial information
A
accounting equation
B
asset
C
accounting
D
account balance
3) An equation showing the relationship amount assets, liabilities, or owner's equity.
A
accounting records
B
accounting equation
C
transaction
D
account
4) A business activity that changes assets, liabitlies, or owner's equity.
A
transaction
B
accouting records
C
account balance
D
capital
5) A planned process for providing financial information that will be useful to management
A
accoutning records
B
transaction
C
accounting system
D
service business
6) The amount in an account
A
capital
B
account balance
C
asset
D
account
7) The amount remaining after the value of liabilities is subtracted from the value of all assets.
A
captial
B
liabilities
C
owner's equity
D
asset
8) A record summarizing all the information pertaining to a single item in the accouting equation.
A
proprietorship
B
account
C
transaction
D
equities
9) Oraganized summaries of a business's financial activities
A
accouting system
B
accounting records
C
transaction
D
account
10) Fiancial rights to a business
A
equities
B
asset
C
account balance
D
capital
*select an answer for all questions
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