Accounting I Vocabulary: Question Preview (ID: 1211)

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Am amount owed by a business
a) asset b) liability c) owner's equity d) revenue
Anything of value that is owned.
a) asset b) liability c) owner's equity d) revenue
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
a) asset b) liability c) owner's equity d) revenue
A business activity that changes assets, liabilities, or owner's equity.
a) balance sheet b) equities c) transaction d) proprietorship
The accounting equation could be stated as
a) Liabilities=Assets +Owner's Equity b) Owner's Equity=Assets+Owner's Equity c) Assets=Liabilities + Owner's Equity d) Assets=Revenue+Expenses
An increase in owner's equity resulting from the operation of a business.
a) withdrawals b) expense c) revenue d) drawing
Assets taken out of a business for the owner's personal use.
a) capital b) expense c) revenue d) drawing
The recording of debit and credit parts of a transaction.
a) doutble-entry accounting b) journal c) source document d) entry
A form for recording transactions in chronological order.
a) ledger b) receipt c) sales invoice d) journal
A group of accounts
a) journal b) worksheet c) balance sheet d) ledger
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