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Accounting Ch. 1 Vocabulary
Test Description: Vocab Ch. 1
Instructions: Answer all questions to get your test result.
1) A financial statement that reports assets, liabilities, and owner's equity on a specific date
A
account
B
balance sheet
C
transaction
D
asset
2) Planning, recording, analyzing, and interpreting financial information
A
accounting equation
B
account balance
C
accounting
D
asset
3) An equation showing the relationship amount assets, liabilities, or owner's equity.
A
accounting records
B
account
C
transaction
D
accounting equation
4) A business activity that changes assets, liabitlies, or owner's equity.
A
capital
B
accouting records
C
transaction
D
account balance
5) A planned process for providing financial information that will be useful to management
A
transaction
B
accoutning records
C
accounting system
D
service business
6) The amount in an account
A
account
B
capital
C
account balance
D
asset
7) The amount remaining after the value of liabilities is subtracted from the value of all assets.
A
owner's equity
B
captial
C
asset
D
liabilities
8) A record summarizing all the information pertaining to a single item in the accouting equation.
A
equities
B
proprietorship
C
account
D
transaction
9) Oraganized summaries of a business's financial activities
A
accounting records
B
transaction
C
account
D
accouting system
10) Fiancial rights to a business
A
asset
B
account balance
C
capital
D
equities
*select an answer for all questions
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