Practice One: Question Preview (ID: 20351)


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any amount that is owed is called
a) revenue b) liability c) capital d) drawing
anything of value that is owned
a) accountant b) business entity c) bookkeeper d) asset
the owner of a business
a) proprietor b) revenue c) sole proprietorship d) accountant
the increase in owner's dquity caused by income from the sale of goods and services
a) liability b) equities c) revenue d) fiscal period
the period of time that the books are open to record transactions and summarize accounting information
a) partnership b) fiscal period c) equities d) revenue
an association of individuals united for a common purpose to use a common name
a) corporation b) capital c) asset d) bookkeeper
business activity that causes changes in the value of assets, liabilities and capital
a) bookkeeper b) liability c) partnership d) business transaction
a person responsible for recording business transactions
a) accountant b) bookkeeper c) proprietor d) drawing
the existence of a business as an artificial individual
a) asset b) equities c) revenue d) business entity
an owner's withdrawal of cash from his business for personal use
a) drawing b) capital c) corporation d) equities
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