Accounting I - Chapter 1 Terms

Accounting I - Chapter 1 Terms

9th - 12th Grade

30 Qs

quiz-placeholder

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Accounting I - Chapter 1 Terms

Accounting I - Chapter 1 Terms

Assessment

Quiz

Life Skills

9th - 12th Grade

Practice Problem

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Created by

Janna Kohler

Used 5+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of planning, recording, analyzing, and interpreting financial information

Accounting

Financial advising

Accounting system

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A planned process designed to compile financial data and summarize the results in accounting records and reports

Accounting system

Financial statement system

Accounting equation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Net worth statements

Financial statements

Source documents

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A formal report that shows what an individual owns, what they owe, and the difference between the two

Financial statement

Net worth statement

Asset & liability statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned

Asset

Liability

Expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed

Asset

Liability

Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities

Personal net worth

Equity

Personal gross worth

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