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Acct 1 - Chp 1
Test Description: Chapter 1 Terms
Instructions: Answer all questions to get your test result.
1) A financial statement that reports assets, liabilites, and owner\'s equity on a specific date.
A
Accountint
B
Transaction
C
Balance Sheet
D
Accounting Equation
2) An equation showing the relationship among assets, liabilities, and owner\'s equity.
A
Accounting Equation
B
Accountin System
C
Accounting Records
D
Accounting System
3) A business owned by one person.
A
Proprietorship
B
Owner\'s equity
C
Liability
D
Capital
4) The account used to summarize the owner's equity in the business.
A
Owner\'s Equity
B
Service Business
C
Liability
D
Capital
5) Anything of value that is owned.
A
Asset
B
Equity
C
Liability
D
Account
6) A business activity that changes assets, liabilities, or owner\'s equity.
A
Service Business
B
Transaction
C
Accounting
D
Liability
7) Financial rights to the asssets of a business.
A
Liability
B
Equities
C
Owner's equity
D
Account
8) A business that performs an activity for a fee.
A
Proprietorship
B
Capital
C
Service Business
D
Account
9) An amount owed by a business.
A
Liability
B
Asset
C
Owner's Equity
D
Capital
10) A planned process for providing financial information that will be useful to management.
A
Service Business
B
Accounting System
C
Accounting
D
Transaction
*select an answer for all questions
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