_ is the process of planning, recording, analyzing, and interpreting financial information.
Acct - Ch 1 Vocab

Quiz
•
Business
•
9th - 12th Grade
•
Medium
Kara Damm
Used 1+ times
FREE Resource
26 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting
Accounting system
Financial Statements
Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial reports that summarize the financial condition and operations of a business are called _.
Net worth statement
Business statement
Financial Statements
Personal net worth
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A planned process designed to compile financial data and summarize the results in accounting records and reports is known as (a/an) _.
Net worth statement
Accounting system
Financial Statements
Personal net worth
4.
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
Net worth system
Net worth liability
Personal net worth
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_ is anything of value that is owned.
Asset
Net worth system
Liability
Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount owed is called a _.
Asset
Net worth system
Liability
Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between personal assets and personal liabilities is called _.
personal net worth
business net work
financial statements
accounting
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