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Practice One
Test Description: Definitions
Instructions: Answer all questions to get your test result.
1) any amount that is owed is called
A
liability
B
revenue
C
drawing
D
capital
2) anything of value that is owned
A
asset
B
bookkeeper
C
business entity
D
accountant
3) the owner of a business
A
revenue
B
accountant
C
proprietor
D
sole proprietorship
4) the increase in owner's dquity caused by income from the sale of goods and services
A
fiscal period
B
revenue
C
equities
D
liability
5) the period of time that the books are open to record transactions and summarize accounting information
A
fiscal period
B
partnership
C
equities
D
revenue
6) an association of individuals united for a common purpose to use a common name
A
asset
B
bookkeeper
C
capital
D
corporation
7) business activity that causes changes in the value of assets, liabilities and capital
A
liability
B
bookkeeper
C
business transaction
D
partnership
8) a person responsible for recording business transactions
A
drawing
B
accountant
C
proprietor
D
bookkeeper
9) the existence of a business as an artificial individual
A
equities
B
business entity
C
asset
D
revenue
10) an owner's withdrawal of cash from his business for personal use
A
corporation
B
drawing
C
equities
D
capital
*select an answer for all questions
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