Accounting Terms

Accountants who meet specific educational requirements and pass a national examination.

• certified public accountant

• bank teller

• controller

• manager

Which items would you find on a balance sheet?

• assets

• liabilities

• owner's equity

• all answers

The system of recording and reporting financial activity and transactions.

• accounting

• audit

• liabilities

• expenses

Results when a business' expenses are greater than its income.

• profit

• loss

• income

• checks

The amount of money that a company earns is called...

• revenue

• liabilities

• budget

• statements

What is net worth of a business?

• income statement

• balance sheet

• owner's equity

• statement

A worker who handles bank deposits and withdrawals.

• bank teller

• CPA

• accountant

• auto mechanic

Which of the following are assets?

• buildings you own

• land

• office equipment

• all of the answers are correct

Which is a liability?

• taxes to be paid

• land

• office equipment

• buildings you own

Which items are on an income statement?

• revenue

• expenses

• net income

• all answers are correct