Accounting Ch. 1 Vocabulary Question Preview (ID: 10435)


Vocab Ch. 1. TEACHERS: click here for quick copy question ID numbers.

A financial statement that reports assets, liabilities, and owner's equity on a specific date
a) account
b) balance sheet
c) transaction
d) asset

Planning, recording, analyzing, and interpreting financial information
a) accounting
b) asset
c) accounting equation
d) account balance

An equation showing the relationship amount assets, liabilities, or owner's equity.
a) accounting records
b) transaction
c) account
d) accounting equation

A business activity that changes assets, liabitlies, or owner's equity.
a) capital
b) account balance
c) transaction
d) accouting records

A planned process for providing financial information that will be useful to management
a) accoutning records
b) transaction
c) accounting system
d) service business

The amount in an account
a) account balance
b) asset
c) capital
d) account

The amount remaining after the value of liabilities is subtracted from the value of all assets.
a) owner's equity
b) captial
c) asset
d) liabilities

A record summarizing all the information pertaining to a single item in the accouting equation.
a) equities
b) proprietorship
c) transaction
d) account

Oraganized summaries of a business's financial activities
a) transaction
b) accounting records
c) account
d) accouting system

Fiancial rights to a business
a) account balance
b) capital
c) equities
d) asset

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