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Accounting I Vocabulary
Test Description: Review of vocabulary terms
Instructions: Answer all questions to get your test result.
1) Am amount owed by a business
A
owner's equity
B
asset
C
liability
D
revenue
2) Anything of value that is owned.
A
liability
B
revenue
C
asset
D
owner's equity
3) The amount remaining after the value of all liabilities is subtracted from the value of all assets.
A
liability
B
revenue
C
owner's equity
D
asset
4) A business activity that changes assets, liabilities, or owner's equity.
A
balance sheet
B
transaction
C
equities
D
proprietorship
5) The accounting equation could be stated as
A
Owner's Equity=Assets+Owner's Equity
B
Assets=Revenue+Expenses
C
Assets=Liabilities + Owner's Equity
D
Liabilities=Assets +Owner's Equity
6) An increase in owner's equity resulting from the operation of a business.
A
withdrawals
B
drawing
C
expense
D
revenue
7) Assets taken out of a business for the owner's personal use.
A
capital
B
drawing
C
revenue
D
expense
8) The recording of debit and credit parts of a transaction.
A
source document
B
doutble-entry accounting
C
journal
D
entry
9) A form for recording transactions in chronological order.
A
sales invoice
B
ledger
C
journal
D
receipt
10) A group of accounts
A
worksheet
B
ledger
C
journal
D
balance sheet
*select an answer for all questions
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