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