Accounting Fall Semester Test Study Guide

Accounting Fall Semester Test Study Guide

Assessment

Flashcard

Business

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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74 questions

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1.

FLASHCARD QUESTION

Front

What is the accounting equation?

Back

Assets = Liability + Owner's Equity

2.

FLASHCARD QUESTION

Front

What is the purpose of accounting records?

Back

To organize business's financial records

3.

FLASHCARD QUESTION

Front

What is the definition of an expense in accounting?

Back

A decrease in owner's equity resulting from the operation of a business

4.

FLASHCARD QUESTION

Front

What is the purpose of a sales invoice?

Back

To record a sale on account

5.

FLASHCARD QUESTION

Front

What is the first step in the posting procedure?

Back

Writing the date

6.

FLASHCARD QUESTION

Front

What is the purpose of a bank statement?

Back

To report deposits, withdrawals, and bank balances

7.

FLASHCARD QUESTION

Front

What is the purpose of a debit card?

Back

To automatically deduct the amount of a purchase from the checking account

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