
Accounting 1 Chapter 1 Cengage
Authored by Michael Cassidy
10th - 12th Grade
Used 120+ times

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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Difference between increases and decreases.
equity
owner's equity
account
account balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anything of value owned.
liability
asset
equity
expense
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets = liabilities + owner's equity
accounting formula
accounting statement
accounting equation
accounting system
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Account used to summarize owner's equity.
capital account
revenue
expense
equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Difference between assets and liabilities.
account
equity
transaction
sales on account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Planning, recording, analyzing, and interpreting financial information.
accounting system
transaction
net worth statement
accounting
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets taken for personal use.
liabilities
withdrawals
revenue
expenses
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