Accounting 9 weeks test

planning, recording, analyzing, and interpreting financial information

• accounting

• accounting records

• file maintenance

• financial statements

Financial reports that summarize the financial condition and operations of a business

• accounting

• file maintenance

• financial statements

• accounting equation

a business that performs an activity for a fee

• accounting

• financial statements

• accounting records

• service business

A business owned by one person

• proprietorship

• service business

• accounting

• accounting records

Anything of value that is owned

• asset

• liability

• owner's equity

• equity

Financial rights to the assets of a business

• asset

• equities

• revenue

• sales

An amount owed by a business

• asset

• owner's equity

• equities

• liability

the amount remaining after the value of all liabilities is subtracted from the value of all assets

• asset

• liability

• owner's equity

• none of the above

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

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

• accounting equation

• accounting records

• records equation

• financial statements