
Accounting Basics Flashcard
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Hard
Wayground Content
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55 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of accounting?
Back
To measure financial performance
2.
FLASHCARD QUESTION
Front
Which financial statement shows a company’s financial position at a specific point in time?
Back
Balance Sheet
3.
FLASHCARD QUESTION
Front
Assets = Liabilities + ________?
Back
Equity
4.
FLASHCARD QUESTION
Front
The process of recording transactions is called:
Back
Journalizing
5.
FLASHCARD QUESTION
Front
Which account is an asset? Options: Accounts Payable, Retained Earnings, Cash, Revenue
Back
Cash
6.
FLASHCARD QUESTION
Front
What is double-entry accounting?
Back
Recording each transaction in two accounts
7.
FLASHCARD QUESTION
Front
Liabilities are best described as:
Back
Obligations owed to creditors
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