Accounting 1 State Test Review

Front

All activities included in recording financial information for a fiscal period is known as the:

Back

Accounting cycle

Front

Money taken out of the business by an owner for personal use is a/an:

Back

drawing/withdrawal

Front

A one-owner business is known as a: cooperative, corporation, partnership, sole proprietorship

Back

sole proprietorship

Front

Recording business transactions in chronological order is:

Back

journalizing

Front

Checks, receipts, invoices, memos, etc. that furnish proof that a transaction has taken place are called:

Back

source documents

Front

All accounts that are closed at the end of a fiscal period are called what kind of accounts?

Back

Temporary

Front

A business that charges fees for work performed is a: department store, grocery store, merchandising business, service business

Back

service business

Front

Any economic event or activity that affects at least two accounts is/an:

Back

Business transaction

Front

When financial records for a business and its owner's personal belongings are separate, this is an application of the concept:

Back

Business Entity

Front

The length of time for which a business analyzes and reports financial data is a:

Back

Fiscal Period