
Chapter 1 Accounting
Authored by Kurtis Tatkenhorst
Business
11th Grade
Used 9+ times

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17 questions
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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.
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.
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
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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