Accounting Chapter 1 Vocabulary Question Preview (ID: 38237)


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A decrease in owner's equity resulting from the operation of a business.
a) asset
b) liability
c) expense
d) withdrawals

The account used to summarize the owner's equity in the business.
a) account balance
b) capital
c) expense
d) asset

Assets taken out of a business for the owner's personal use.
a) liability
b) expense
c) withdrawals
d) revenue

The amount in an account.
a) account balance
b) asset
c) capital
d) equities

Organized summaries of a business's financial activities.
a) financial statements
b) accounting system
c) account balance
d) accounting records

A business that performs an activity for a fee.
a) revenue
b) sale on account
c) service business
d) withdrawals

An equation showing the relationship among assets, liabilities and owner's equity.
a) account balance
b) accounting equation
c) financial statements
d) owner's equity

Planning, recording, analyzing, and interpreting financial information.
a) accounting
b) ethics
c) proprietorship
d) transaction

A business activity that changes assets, liabilities, or owner's equity.
a) accounting
b) asset
c) expense
d) transaction

The principles of right and wrong that guide an individual in making decisions.
a) business ethics
b) ethics
c) withdrawals
d) proprietorship

A business owned by one person.
a) service business
b) proprietorship
c) capital
d) revenue

Financial reports that summarize the financial conditions and operations of a business.
a) account balance
b) accounting records
c) financial statements
d) revenue

The amount remaining after the value of all liabilities is subtracted from the value of all assets.
a) account balance
b) capital
c) owner's equity
d) expense

A planned process for providing the financial information that will be useful to management.
a) accounting system
b) accounting records
c) accounting equation
d) financial statements

An amount owed by a business.
a) account balance
b) asset
c) liability
d) sale on account

Financial rights to the assets of a business.
a) revenue
b) asset
c) liability
d) capital

An increase in owner's equity resulting from the operation of a business.
a) capital
b) equities
c) owner's equity
d) withdrawals

A record summarizing all the information pertaining to a single item in the accounting equation.
a) account
b) account balance
c) account title
d) accounting record

A sale for which cash will be received at a later date.
a) liability
b) asset
c) revenue
d) sale on account

Anything of value that is owned.
a) account balance
b) asset
c) liability
d) equities

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