Chapter 1 Vocab: Question Preview (ID: 26386)


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A record summarizing all the information pertaining to a single item in the accounting equation
a) account
b) record
c) transaction
d) receipt

This is applied when business transactions are stated in numbers that have common value
a) business entity concept
b) historical cost
c) unit of measurement concept
d) value concept

A business activity that changes assets, liabilities, or owner's equity
a) record
b) accounting
c) transaction
d) sale

The use of ethics in making business decisions
a) work ethics
b) business ethics
c) personal ethics
d) workplace ethics

The principles of right and wrong that guide an individual in making decisions
a) values
b) morals
c) character
d) ethics

Financial rights to the assets of a business
a) liabilities
b) ownership
c) revenue
d) equities

An amount owed by a business
a) asset
b) liability
c) owner's equity
d) expense

An equation showing the relationship among assets, liabilities, and owner's equity
a) asset equation
b) owner's equation
c) record equation
d) accounting equation

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

This is applied when a business's financial information is recorded and reported separately from the owner's personal financial information
a) business entity concept
b) unit of measurement
c) historical cost concept
d) accounting concept

A business owned by one person
a) proprietorship
b) partnership
c) corporation
d) LLC

A business that performs an activity for a fee
a) merchandising business
b) service business
c) partnership
d) proprietorship

Organized summaries of a business's financial activities
a) accounting records
b) accounting system
c) record keeping
d) accounting

A planned process for providing financial information that will be useful to management
a) accounting record
b) accounting system
c) accounting
d) record keeping

Planning, recording, analyzing, and interpreting financial information
a) bookkeeping
b) records
c) accounting
d) filing

The standards and rules that accountants follow while recording/reporting financial activities
a) GASP
b) GAAP
c) PAAG
d) APAG

Assets taken out of a business for the owner's personal use
a) revenue
b) expense
c) investment
d) withdrawal

The name given to an account
a) account
b) account title
c) account balance
d) record

The amount in an account
a) account title
b) record balance
c) account balance
d) remaining balance

The ACCOUNT used to summarize the owner's equity in a business
a) asset
b) liability
c) capital
d) revenue

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