Accounting S1 Final Exam Review
Quiz
•
Business
•
11th Grade
•
Practice Problem
•
Medium
Robyn Sanders
Used 9+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Planning, recording, analyzing, and interpreting financial information is called:
accounting
ethics
transaction
revenue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of the accounting process is to provide information to:
idividuals
small businesses
large corporations
all of the answers are correct
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A planned process for providing financial information that will be useful to management:
accounting system
ethics
transaction
capital
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GAAP is a __________ accounting standard.
required
generally accepted
used by all businesses
banking
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business activity that changes assets, liabilities, or owner's equity:
transaction
expense
revenue
sale on account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial reports that summarize the financial condition and operations of a business are referred to as:
financial statements
ethics
withdrawals
equities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An equation showing the relationship among assets, liabilities and owner's equity is the:
business equation
quantitative equation
annuity equation
accounting equation
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