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Accounting Chapter 1

Authored by Tina Walters

Business

11th Grade

Used 1+ times

Accounting Chapter 1
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29 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting?

The process of recording, summarizing, analyzing, and reporting financial transactions of a business.

The process of managing human resources in a business.

The process of manufacturing goods in a business.

The process of marketing products and services in a business.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main objectives of accounting?

To provide financial information, facilitate decision-making, ensure compliance, and enable effective communication.

To analyze market trends, forecast future sales, and develop marketing strategies.

To manage payroll, track inventory, and process invoices.

To maximize profits, minimize expenses, and reduce taxes.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Assets = Liabilities - Equity

Assets + Liabilities = Equity

Assets = Liabilities + Equity

Assets - Liabilities = Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Accounting

keeping records of all financial transactions related to an individual

what you owe

financial information

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Accounting system

compile financial data, summarize the results in accounting records and reports

information that must be documented

language of business

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

financial statements

financial reports that summarize the financial conditions and operations of a business

is a planned process to compile financial data

what you earn in total

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Net Worth Statement

A financial report that shows what an individual owns and owes

language of business

amounts owed to friends and family

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