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Basic Accounting Terms 1

Authored by CAC Club

Professional Development

Professional Development

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Basic Accounting Terms 1
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets taken out of a business for the owner's personal use

capital
withdrawals
equities
revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease in owner's equity resulting from the operation of a business

account
capital
asset
expense

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amount owed by a business

liability
asset
capital
account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

transaction
expense
revenue
sale on account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned

account
asset
withdrawal
expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned by one person

service business
revenue
expense
proprietorship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount in an account

account title
revenue
account balance
accounting records

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