Accounting Terms Quiz

Assets = Liabilities + Equity

• Accounting

• Accounting Equation

• Double-Entry Method

• Debit

A financial tool that provides information about a company's past performance.

• Income Statement

• Balance Sheet

• Capital Flow

• Accounting

Obligations of the business to transfer something of value to another party.

• Liability

• Asset

• Debit

• Corporation

Right side of the T-chart.

• Debit

• Accounting

• Credit

• LLC

A financial statement that provides information about a company's present condition.

• Income Statement

• Balance Sheet

• Accounting Equation

• Accounting

Must be balanced - meaning both sides of the equation must be equal.

• Debit

• Credit

• Accounting

• Double-Entry Method

An organization that is made up of many owners who are not normally in the decision-making and operations of the business, but they have an interest in the company.

• Partnership

• Corporation

• LLC

• Sole Proprietorship

An item of value owned by a company.

• Equity

• Asset

• Liability

• Credit

The process of keeping track of a business' finances.

• Income Statement

• Double-Entry Method

• Asset

• Accounting

Left side of the T-chart.

• LLC

• Credit

• Debit

• Accounting