Accounting I Vocabulary Question Preview (ID: 1211)


Review Of Vocabulary Terms.

Am amount owed by a business
a) asset
b) liability
c) owner's equity
d) revenue

Question ID#: 12258 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

Anything of value that is owned.
a) asset
b) liability
c) owner's equity
d) revenue

Question ID#: 12259 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

The amount remaining after the value of all liabilities is subtracted from the value of all assets.
a) asset
b) liability
c) owner's equity
d) revenue

Question ID#: 12260 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

A business activity that changes assets, liabilities, or owner's equity.
a) balance sheet
b) equities
c) transaction
d) proprietorship

Question ID#: 12261 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

The accounting equation could be stated as
a) Liabilities=Assets +Owner's Equity
b) Owner's Equity=Assets+Owner's Equity
c) Assets=Liabilities + Owner's Equity
d) Assets=Revenue+Expenses

Question ID#: 12262 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

An increase in owner's equity resulting from the operation of a business.
a) withdrawals
b) expense
c) revenue
d) drawing

Question ID#: 12263 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

Assets taken out of a business for the owner's personal use.
a) capital
b) expense
c) revenue
d) drawing

Question ID#: 12264 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

The recording of debit and credit parts of a transaction.
a) doutble-entry accounting
b) journal
c) source document
d) entry

Question ID#: 12265 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

A form for recording transactions in chronological order.
a) ledger
b) receipt
c) sales invoice
d) journal

Question ID#: 12266 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

A group of accounts
a) journal
b) worksheet
c) balance sheet
d) ledger

Question ID#: 12267 - quick copy the above question directly into your dataset in your teacher account by entering this number into the 'Search by Question ID' under the 'Search for Question' tab during dataset creation [more info]

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