Accounting Chapter 1 Quiz

Accounting Chapter 1 Quiz

9th Grade

25 Qs

quiz-placeholder

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Assessment

Quiz

Life Skills

9th Grade

Practice Problem

Hard

Created by

Stephanie Burg

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25 questions

Show all answers

1.

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.

Accounting System

Net Worth Statement

Financial Statements

Liability

Accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Accounting

Asset

Accounting System

Financial Statement

Liability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed?

Revenue

Liability

Asset

Equity

Expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned.

Equity

Asset

Liability

Revenue

Expense

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Financial Statements

GAAP

Accounting System

Accounting

Net Worth Statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities.

Asset

Liability

Personal Net Worth

Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Accounting

Accounting System

Financial Statements

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