Accounting & Finance Terms: Question Preview (ID: 13614)


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The system of recording and reporting financial activity and transactions.
a) audit b) accounting c) budget d) expenses
A report showing all assets, liabilities, and owner's equity of a business as of a specific date.
a) liabilities b) statement of change in owner's equity c) income statement d) balance sheet
A report showing the revenue, expenses, and income (or loss) of a business for a specific time period.
a) balance sheet b) income statement c) statement of change in owner's equity d) accounting
Financial statement that reports the changes that have occurred in the owner's equity account during the fiscal period
a) balance sheet b) income statement c) statement of change in owner's equity d) expenses
A plan that shows what you expect to earn and spend in a certain time period
a) assets b) liabilities c) owner's equity d) budget
A professional whose work mainly involves checking on the accuracy of work performed by bookkeepers and accountants
a) CPA b) Auditor c) Bank Teller d) Accountant
Accountants who meet specific educational requirements and pass a national exam.
a) Bookkeeper b) Bank Teller c) Accountant d) CPA
A worker who handles bank deposits and withdrawals & accepts loan payments.
a) Bank Teller b) Auditor c) CPA d) Accountant
Items that are owned by a company
a) assets b) liabilities c) owner's equity d) profit
Items that are owed by a company
a) assets b) liabilities c) owner's equity d) profit
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