Accounting Review

Accounting Review

Assessment

Flashcard

Business

11th Grade

Easy

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the Accounting Equation?

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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