
Ch 1 Accounting Review
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview

36 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Which of the following best describes accounting?
Options:
The process of buying and selling products
The process of recording and reporting financial information
Creating marketing strategies
Investing in stocks
Back
The process of recording and reporting financial information
2.
FLASHCARD QUESTION
Front
Who is responsible for setting Generally Accepted Accounting Principles (GAAP)?
Back
Financial Accounting Standards Board (FASB)
3.
FLASHCARD QUESTION
Front
Which of these describes a sole proprietorship? A business Owned by stockholders, A business Owned by one person, A business Owned and controlled by two or more people, A business Owned by the government
Back
A business Owned by one person
4.
FLASHCARD QUESTION
Front
What is an asset?
Back
Something a business owns that provides future benefit
5.
FLASHCARD QUESTION
Front
Which of the following is a liability? Furniture, Cash, Accounts Receivable, Loan Payable
Back
Loan Payable
6.
FLASHCARD QUESTION
Front
How is owners equity defined?
Back
The amount by which assets exceed liabilities, also called net worth or capital.
7.
FLASHCARD QUESTION
Front
What is the correct form of the accounting equation?
Back
Assets = Liabilities + Owners Equity
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?