What is the Accounting Equation?
Accounting Review

Flashcard
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Business
•
11th Grade
•
Easy
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1.
FLASHCARD QUESTION
Front
Back
Assets = Liabilities + Owner's Equity
2.
FLASHCARD QUESTION
Front
What does the acronym GAAP stand for?
Back
Generally Accepted Accounting Principles
3.
FLASHCARD QUESTION
Front
Accounting can be defined as:
Back
The process of recording financial transactions pertaining to business
4.
FLASHCARD QUESTION
Front
An asset can be defined as
Back
A resource with monetary value that is owned by a business, individual, or country
5.
FLASHCARD QUESTION
Front
Which of the companies below committed large scale fraud by using unethical accounting practices? Wintrust Financial, KPMG, Ally Financial, Enron
Back
Enron
6.
FLASHCARD QUESTION
Front
Items such as: land, inventory, and equipment can all be classified as what?
Back
Assets
7.
FLASHCARD QUESTION
Front
A credit is an entry that increases a liability or decreases an asset.
Back
True
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