Accounting Terms Chapter 1

Accounting Terms Chapter 1

Assessment

Flashcard

Business

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

Used 1+ times

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22 questions

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1.

FLASHCARD QUESTION

Front

Financial rights to the assets of a business are called

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Back

equities

2.

FLASHCARD QUESTION

Front

A business activity that changes assets, liabilities, or owner's equity

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Back

transaction

3.

FLASHCARD QUESTION

Front

Anything of value that is owned

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Back

asset

4.

FLASHCARD QUESTION

Front

The name given to an account

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Back

account title

5.

FLASHCARD QUESTION

Front

A business owned by one person

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Back

proprietorship

6.

FLASHCARD QUESTION

Front

The amount in an account

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Back

account balance

7.

FLASHCARD QUESTION

Front

A business that performs an activity for a fee

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Back

service business

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