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Chapter 1 Vocab
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1) Assets taken out of a business for the owner's personal use
A
revenue
B
investment
C
withdrawal
D
expense
2) The standards and rules that accountants follow while recording/reporting financial activities
A
GASP
B
PAAG
C
GAAP
D
APAG
3) Planning, recording, analyzing, and interpreting financial information
A
records
B
filing
C
bookkeeping
D
accounting
4) A planned process for providing financial information that will be useful to management
A
accounting
B
record keeping
C
accounting system
D
accounting record
5) Organized summaries of a business's financial activities
A
accounting records
B
accounting
C
record keeping
D
accounting system
6) A business that performs an activity for a fee
A
proprietorship
B
partnership
C
service business
D
merchandising business
7) A business owned by one person
A
LLC
B
corporation
C
proprietorship
D
partnership
8) This is applied when a business's financial information is recorded and reported separately from the owner's personal financial information
A
accounting concept
B
unit of measurement
C
historical cost concept
D
business entity concept
9) Anything of value that is owned
A
revenue
B
owner's equity
C
asset
D
liability
10) Financial rights to the assets of a business
A
revenue
B
equities
C
ownership
D
liabilities
11) An amount owed by a business
A
owner's equity
B
asset
C
expense
D
liability
12) An equation showing the relationship among assets, liabilities, and owner's equity
A
asset equation
B
owner's equation
C
accounting equation
D
record equation
13) The principles of right and wrong that guide an individual in making decisions
A
morals
B
character
C
values
D
ethics
14) The use of ethics in making business decisions
A
personal ethics
B
workplace ethics
C
business ethics
D
work ethics
15) A business activity that changes assets, liabilities, or owner's equity
A
record
B
transaction
C
accounting
D
sale
16) This is applied when business transactions are stated in numbers that have common value
A
business entity concept
B
value concept
C
historical cost
D
unit of measurement concept
17) A record summarizing all the information pertaining to a single item in the accounting equation
A
transaction
B
record
C
receipt
D
account
18) The name given to an account
A
account balance
B
account title
C
account
D
record
19) The amount in an account
A
account balance
B
remaining balance
C
account title
D
record balance
20) The ACCOUNT used to summarize the owner's equity in a business
A
liability
B
asset
C
capital
D
revenue
*select an answer for all questions
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