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accounting vocab

Authored by Tanner Western

Business

10th Grade

accounting vocab
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  • ethics

The principles of right and wrong that guide an individual in making decisions.

Any business activity that changes assets, liabilities, or owner’s equity.

A formal written document that describes the nature of a business and how it will operate.

The name given to an account.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

business ethics

The principles of right and wrong that guide an individual in making decisions.

Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.

The use of ethics in making business decisions.

A business owned by one person.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

accounting

An amount owed.

The process of planning, recording, analyzing, and interpreting financial information.

Financial reports that summarize the financial condition and operations of a business.

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

financial statements

Financial reports that summarize the financial condition and operations of a business.

A planned process designed to compile financial data and summarize the results in accounting records and reports.

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

The difference between assets and liabilities.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

asset

An amount owed.

Anything of value that is owned.

The principles of right and wrong that guide an individual in making decisions.

An amount owed.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

accounting system

The use of ethics in making business decisions.

Financial reports that summarize the financial condition and operations of a business.

The difference between personal assets and personal liabilities.

A planned process designed to compile financial data and summarize the results in accounting records and reports.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

liability

The principles of right and wrong that guide an individual in making decisions.

An amount owed.

The difference between assets and liabilities.

  • Anything of value that is owned.

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