Vocabulary Quiz (10 Questions) Unit 1

What is an account used to summarize the owner’s equity in a business?

• Account Title

• Transaction

• Capital Account

• Assets

What is a formal written document that describes the nature of a business and how it will operate?

• Owner's Equity

• Accounting System

• Agenda

• Business Plan

What is the Accounting Equation?

• Assets=Liabilities-Owners Equity

• Assets+Accounts Payable=Owners Equity

• Assets=Liabilities+Owners Equity

• Accounts Receivable =Assets+Accounts Payable

An asset is:

• Liability

• Credit

• Accounts Payable

• Anything of value that is owned

What is a planned process designed to compile financial data and summarize the results in accounting records and reports?

• Accounting System

• Debits and Credits

• Equity

• Business Ethics

What is the difference between the increases and decreases in an account?

• Equity

• Assets

• Account Balance

• Normal Balance

What is the process of planning, recording, analyzing, and interpreting financial information?

• Balancing

• Analyzing

• Accounting

• Capital Account

What is: the use of ethics in making business decisions?

• Business Ethics

• Business Planning

• Business Negoitaions

• Business Accounting

What is the account title?

• The number where the debit and credits are listed

• The name given to an account

• The number given to track an account

• The name of the accounting equation

What is a record that summarizes all the transactions pertaining to a single item in the accounting equation?

• Sales

• Expense

• Owner's Equity

• Account