Accounting S1 Final Exam Review

Front

Planning, recording, analyzing, and interpreting financial information is called:

Back

accounting

Front

The purpose of the accounting process is to provide information to: individuals, small businesses, large corporations, all of the answers are correct

Back

all of the answers are correct

Front

A planned process for providing financial information that will be useful to management:

Back

accounting system

Front

GAAP is a __________ accounting standard.

Back

generally accepted

Front

A business activity that changes assets, liabilities, or owner's equity:

Back

transaction

Front

Financial reports that summarize the financial condition and operations of a business are referred to as:

Back

financial statements

Front

An equation showing the relationship among assets, liabilities and owner's equity is the:

Back

accounting equation

Front

The accounting equation is stated as: Assets + Liabilities = Owner's Equity, Assets + Owner's Equity = Liabilities, Assets = Liabilities + Owner's Equity, All of these answers are correct

Back

Assets = Liabilities + Owner's Equity

Front

An acceptable variation of the accounting equation is:

Back

Assets - Liabilities = Owner's Equity

Front

The left side of a T account is the:

Back

debit side