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


Chapter 1 Terms. TEACHERS: click here for quick copy question ID numbers.

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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