Accounting Terms Chapter 1

Accounting Terms Chapter 1

10th Grade

23 Qs

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Accounting Terms Chapter 1

Accounting Terms Chapter 1

Assessment

Quiz

Business

10th Grade

Practice Problem

Easy

Created by

Natasha Zagada

Used 7+ times

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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Owner's Equity

Accounting Equation

Withdrawals

Sale on Account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A planned process for providing financial information that will be useful to management.

Proprietorship

Accounting Equation

Accounting System

Ethics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities.

Account

Personal Net Worth

Capital Account

GAAP

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial reports that summarize the financial conditions and operations of a business.

GAAP

Accounting Equation

Account

Financial Statements

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between assets and liabilities

Equity

Creditor

Transaction

Withdrawal

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that performs an activity for a fee.

Customer Service

Product Business

Proprietorship

Service Business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned by one person.

Service Business

Owner's Equity

Proprietorship

Creditor

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