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Accounting Chapter 1 Vocabulary
Test Description: Vocabulary review
Instructions: Answer all questions to get your test result.
1) A decrease in owner's equity resulting from the operation of a business.
A
liability
B
withdrawals
C
expense
D
asset
2) The account used to summarize the owner's equity in the business.
A
asset
B
account balance
C
capital
D
expense
3) Assets taken out of a business for the owner's personal use.
A
revenue
B
liability
C
withdrawals
D
expense
4) The amount in an account.
A
capital
B
account balance
C
asset
D
equities
5) Organized summaries of a business's financial activities.
A
account balance
B
accounting records
C
accounting system
D
financial statements
6) A business that performs an activity for a fee.
A
service business
B
revenue
C
withdrawals
D
sale on account
7) An equation showing the relationship among assets, liabilities and owner's equity.
A
accounting equation
B
financial statements
C
owner's equity
D
account balance
8) Planning, recording, analyzing, and interpreting financial information.
A
ethics
B
transaction
C
proprietorship
D
accounting
9) A business activity that changes assets, liabilities, or owner's equity.
A
accounting
B
transaction
C
expense
D
asset
10) The principles of right and wrong that guide an individual in making decisions.
A
business ethics
B
withdrawals
C
ethics
D
proprietorship
11) A business owned by one person.
A
capital
B
proprietorship
C
revenue
D
service business
12) Financial reports that summarize the financial conditions and operations of a business.
A
financial statements
B
revenue
C
accounting records
D
account balance
13) The amount remaining after the value of all liabilities is subtracted from the value of all assets.
A
capital
B
owner's equity
C
account balance
D
expense
14) A planned process for providing the financial information that will be useful to management.
A
accounting system
B
accounting equation
C
financial statements
D
accounting records
15) An amount owed by a business.
A
account balance
B
asset
C
liability
D
sale on account
16) Financial rights to the assets of a business.
A
asset
B
revenue
C
capital
D
liability
17) An increase in owner's equity resulting from the operation of a business.
A
capital
B
owner's equity
C
withdrawals
D
equities
18) A record summarizing all the information pertaining to a single item in the accounting equation.
A
account balance
B
accounting record
C
account title
D
account
19) A sale for which cash will be received at a later date.
A
liability
B
revenue
C
sale on account
D
asset
20) Anything of value that is owned.
A
equities
B
account balance
C
liability
D
asset
*select an answer for all questions
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