Accounting Part 1 Review

Accounting Part 1 Review

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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39 questions

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1.

FLASHCARD QUESTION

Front

A list of accounts used by a business.

Back

chart of accounts

2.

FLASHCARD QUESTION

Front

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Back

accounting system

3.

FLASHCARD QUESTION

Front

Reporting income when earned and expenses when incurred.

Back

accrual basis of accounting

4.

FLASHCARD QUESTION

Front

A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

Back

balance sheet

5.

FLASHCARD QUESTION

Front

A financial statement showing the revenue and expenses for a fiscal period.

Back

income statement

6.

FLASHCARD QUESTION

Front

A person or business to whom a liability is owed.

Back

creditor

7.

FLASHCARD QUESTION

Front

An increase in equity resulting from the sale of goods or services

Back

revenue

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