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