Chapter 1 Accounting

Chapter 1 Accounting

11th Grade

17 Qs

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Assessment

Quiz

Business

11th Grade

Medium

Created by

Kurtis Tatkenhorst

Used 9+ times

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17 questions

Show all answers

1.

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.

Net worth statement

Balance Sheet

Financial Statement

Income Statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business activity that changes assets, liabilities, or owner's equity

Expense

Revenue

Transaction

Account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standards and rules that accountants follow while recording and reporting financial acts.

ABCD

GAAP

APPA

MLA

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned by one person.

Proprietorship

Partnership

Corporation

Shareholders

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that performs an activity for a fee.

Goods Business

Wal-Mart

Subscription Business

Service Business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in owner's equity resulting from the operation of a business

Revenue

Expense

Cash

Accounts Receivable

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Income Statements

Financial Statements

Annual Report

Bank Statement

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