Chapter 1 Accounting Vocab
Authored by Lacey Hruby
Business
10th - 12th Grade
Used 4+ times
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23 questions
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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
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