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Practice One
Test Description: Definitions
Instructions: Answer all questions to get your test result.
1) any amount that is owed is called
A
revenue
B
capital
C
drawing
D
liability
2) anything of value that is owned
A
business entity
B
accountant
C
asset
D
bookkeeper
3) the owner of a business
A
sole proprietorship
B
revenue
C
proprietor
D
accountant
4) the increase in owner's dquity caused by income from the sale of goods and services
A
liability
B
equities
C
fiscal period
D
revenue
5) the period of time that the books are open to record transactions and summarize accounting information
A
partnership
B
revenue
C
fiscal period
D
equities
6) an association of individuals united for a common purpose to use a common name
A
capital
B
bookkeeper
C
corporation
D
asset
7) business activity that causes changes in the value of assets, liabilities and capital
A
liability
B
partnership
C
bookkeeper
D
business transaction
8) a person responsible for recording business transactions
A
proprietor
B
accountant
C
bookkeeper
D
drawing
9) the existence of a business as an artificial individual
A
equities
B
revenue
C
asset
D
business entity
10) an owner's withdrawal of cash from his business for personal use
A
corporation
B
drawing
C
equities
D
capital
*select an answer for all questions
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