Accounting Terms Quiz

Accounting Terms Quiz

9th Grade

16 Qs

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Accounting Terms Quiz

Accounting Terms Quiz

Assessment

Quiz

Business

9th Grade

Practice Problem

Medium

Created by

Jennifer Davis

Used 54+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Assets = Liabilities + Equity

Accounting

Accounting Equation

Double-Entry Method

Debit

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Income Statement

Balance Sheet

Capital Flow

Accounting

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Liability

Asset

Debit

Corporation

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Right side of the T-chart.

Debit

Accounting

Credit

LLC

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Income Statement

Balance Sheet

Accounting Equation

Accounting

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Debit

Credit

Accounting

Double-Entry Method

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

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