
Basic Accounting Terms
Authored by Lawrence Hood
Other
7th - 12th Grade
Used 76+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A type of asset that represents physical goods for sale.
Contributed Capital
Inventory
Cash in Banks
Account Receivable
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The portion of a business that belongs to the owners.
Equity
Revenue
Assets
Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic resources of the entity. Include such items as cash, accounts receivables, inventory, land, buildings, equipment, intangible assets and others.
Income Statement
Accounts Payable
Cash Flows Statement
Assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Amounts owed to others relating to loans, credits and other types of obligations.
Liabilities
Owners Equity
Revenue
Assets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounting _____ is a clearly defined economic unit.
unit
account
entity
business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting procedure of recoding every transaction with two or more accounts. For each transaction debits = credits.
Double Entry Accounting
Single Entry Accounting
Debit Accounting
Credit Accounting
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cost that occurs as part of a company's operating activities during a specified accounting period.
Revenues
Expenses
Profit
Retained Earnings
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