Accounting Final Exam 1

Planning, recording, analyzing, and interpreting financial information.

• accounting

• accounting system

• double entry accounting

• accounting records

A planned process for providing financial information that will be useful to management.

• accounting

• accounting system

• double entry accounting

• accounting records

Organized summaries of a business's financial activities are called this.

• accounting

• accounting system

• double entry accounting

• accounting records

A record summarizing all the information pertaining to a single item in the accounting equation.

• account

• account balance

• accounting records

• file maintenance

The amount in an account.

• account balance

• accounting records

• account

• money

The series of accounting activities included in recording financial information for a fiscal period.

• accounting records

• accounting cycle

• file maintenance

• account title

An equation showing the relationship among assets, liabilities, and owner's equity.

• accounting equation

• equation of accounting

• accounting records

• cash equation

Select the correct accounting equation.

• assets = liabilities - owner's equity

• assets + liabilities = owner's equity

• assets = liabilities + owner's equity

• assets = liabilities = owner's equity

The number assigned to an account.

• account title

• account balance

• account number

• phone number

The name given to an account.

• account title

• account balance

• account

• file maintenance