Accounting 1 Final

Accounting 1 Final

Assessment

Flashcard

Other

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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55 questions

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1.

FLASHCARD QUESTION

Front

The standards and rules that accountants follow while recording and reporting financial activities are the ________________.

Back

GAAP (Generally Accepted Accounting Principles)

2.

FLASHCARD QUESTION

Front

Anything of value that is owned is an ___________.

Back

Asset

3.

FLASHCARD QUESTION

Front

A business paper from which information is obtained for a journal entry is a ________________.

Back

Source Document

4.

FLASHCARD QUESTION

Front

The recording of debit and credit parts of a transaction is called _________________

Back

Double-entry Accounting

5.

FLASHCARD QUESTION

Front

A check with a future date on it is a ________________.

Back

Postdated Check

6.

FLASHCARD QUESTION

Front

A bank account from which payments can be ordered by a depositor is a __________________.

Back

Checking Account

7.

FLASHCARD QUESTION

Front

An endorsement restricting further transfer of a check's ownership is called a ___________________.

Back

Restrictive Endorsement

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