Search Header Logo

Chapter 1 Accounting Vocab

Authored by Lacey Hruby

Business

10th - 12th Grade

Used 4+ times

Chapter 1 Accounting Vocab
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Accounting

Accounting System

Ethics

Proprietorship

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

Accounting System

Ethics

Proprietorship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Business Plan

Accounting System

Financial Statements

GAAP

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Personal Net Worth

Business Plan

Financial Statements

Net Worth Statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities.

Personal Net Worth

Owner's Equity

Accounting Equation

Net Worth Statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned.

Creditor

Asset

Liability

Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed.

Creditor

Asset

Liability

Equity

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?