FALL 24 Accounting 1 FINAL

FALL 24 Accounting 1 FINAL

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Wayground Content

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29 questions

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1.

FLASHCARD QUESTION

Front

Accounting is referred to as the "language of ___________________?"

Back

business

2.

FLASHCARD QUESTION

Front

Amount owed by a business

Back

liability

3.

FLASHCARD QUESTION

Front

What are assets?

Back

Any item or property owned by the business

4.

FLASHCARD QUESTION

Front

The left side of a T-Account is called

Back

debit

5.

FLASHCARD QUESTION

Front

Which of the following correctly defines the acronym GAAP?

Back

Generally Accepted Accounting Principles

6.

FLASHCARD QUESTION

Front

Which type of accounting is used to develop information for outside sources such as investors?

Back

Financial accounting

7.

FLASHCARD QUESTION

Front

Which of the following occurs when the amount of money earned is less than the amount of money spent? Profit, Loss, Depreciation, Social Cost

Back

Loss

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