Acct 1 - Chp 1: Question Preview (ID: 2392)

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A financial statement that reports assets, liabilites, and owner\'s equity on a specific date.
a) Accounting Equation b) Transaction c) Balance Sheet d) Accountint
An equation showing the relationship among assets, liabilities, and owner\'s equity.
a) Accountin System b) Accounting System c) Accounting Records d) Accounting Equation
A business owned by one person.
a) Capital b) Liability c) Owner\'s equity d) Proprietorship
The account used to summarize the owner's equity in the business.
a) Capital b) Service Business c) Owner\'s Equity d) Liability
Anything of value that is owned.
a) Liability b) Asset c) Account d) Equity
A business activity that changes assets, liabilities, or owner\'s equity.
a) Transaction b) Accounting c) Service Business d) Liability
Financial rights to the asssets of a business.
a) Owner's equity b) Liability c) Account d) Equities
A business that performs an activity for a fee.
a) Service Business b) Proprietorship c) Account d) Capital
An amount owed by a business.
a) Asset b) Liability c) Owner's Equity d) Capital
A planned process for providing financial information that will be useful to management.
a) Accounting System b) Accounting c) Transaction d) Service Business
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