FALL 24 Accounting 1 FINAL

Front

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

Back

business

Front

Amount owed by a business

Back

liability

Front

What are assets?

Back

Any item or property owned by the business

Front

The left side of a T-Account is called

Back

debit

Front

Which of the following correctly defines the acronym GAAP?

Back

Generally Accepted Accounting Principles

Front

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

Back

Financial accounting

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

Front

Which of the following refers to a company’s moral duty to uphold laws and regulations? Profit responsibility, Regulatory responsibility, Ethical responsibility, Social cost

Back

Ethical responsibility

Front

Which of the following can be defined as an individual who owns a part of a company through stock ownership? Auditor, Shareholder, Creditor, Tax accountant

Back

Shareholder

Front

Which of the following is the first step of the accounting process?

Back

Analyze transactions