Accounting Chapter 1

Accounting Chapter 1

11th Grade

20 Qs

quiz-placeholder

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Accounting Chapter 1

Accounting Chapter 1

Assessment

Quiz

Business

11th Grade

Medium

Created by

Andy Schafer

Used 6+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Balance Sheet

Income Statement

Net Worth Statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Planning, recording, analyzing, and interpreting financial information

Accouting

Finance

Equity

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

An Equation showing the relationship among assets, liabilities, and owner's equity.

Accounting Equation

Net Worth Statement

Liability

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The Standards and Rules that accountants follow while recording and reporting financial activities.

GAAP

SAAP

GRAP

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The amount that remains after Liabilities are subtracted from Assets (think accounting equation).  

Owner's Equity

Assets

Liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Anything that is owned that has value

Liability

Equity

Asset

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Sale for which cash will be received at a later date.

Accounts Payable

Sale on Account

Equity

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