Accounting 1: 3.01 Vocab

Accounting 1: 3.01 Vocab

9th - 12th Grade

19 Qs

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Accounting 1: 3.01 Vocab

Accounting 1: 3.01 Vocab

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Regina Leach Smith

Used 8+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A list of accounts used by a business

T-accounts

Expenses

Assets

Chart of accounts

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Accounting

Accounting Equation

Chart of accounts

Analyzing transactions

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An amount owed by a business

Owner's equity

Asset

Liability

Expense

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Anything of value that is owned

Owner's equity

Asset

Liability

Revenue

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The side of the account that is increased

Debit

Credit

Normal balance

Account

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Owner's equity

Asset

Liability

Profit

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An amount recorded on the right side of a T-account

Debit

Credit

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