Practice One Question Preview (ID: 20351)
Definitions.
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an owner's withdrawal of cash from his business for personal use
a) drawing
b) capital
c) corporation
d) equities
the existence of a business as an artificial individual
a) asset
b) equities
c) revenue
d) business entity
a person responsible for recording business transactions
a) accountant
b) bookkeeper
c) proprietor
d) drawing
business activity that causes changes in the value of assets, liabilities and capital
a) bookkeeper
b) liability
c) partnership
d) business transaction
an association of individuals united for a common purpose to use a common name
a) corporation
b) capital
c) asset
d) bookkeeper
the period of time that the books are open to record transactions and summarize accounting information
a) partnership
b) fiscal period
c) equities
d) revenue
the increase in owner's dquity caused by income from the sale of goods and services
a) liability
b) equities
c) revenue
d) fiscal period
the owner of a business
a) proprietor
b) revenue
c) sole proprietorship
d) accountant
anything of value that is owned
a) accountant
b) business entity
c) bookkeeper
d) asset
any amount that is owed is called
a) revenue
b) liability
c) capital
d) drawing
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