Accounting I Vocabulary Question Preview (ID: 1211)


Review Of Vocabulary Terms. TEACHERS: click here for quick copy question ID numbers.

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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