Accounting Terms Quiz 1

What is the process of recording financial transactions?

• Revenue

• Abatement

• Expenditure

• Accounting

What is the cancellation of an expenditure or revenue?

• Abatement

• Revenue

• Expenditure

• Accounting

What are the costs of goods and services delivered?

• Abatement

• Expenditure

• Revenue

• Accounting

What is the increase in a fund's financial resource?

• Expenditure

• Revenue

• Accounting

• Abatement

What is a period of time in which records are maintained and financial statements are prepared?

• Statement

• Accounting Period

• Accounts Payable

• Accounts Receivable

What is a presentation of financial data that shows the financial position and results of financial operations?

• Accounting Period

• Statement

• Accounts Payable

• Accounts Receivable

What are amounts due and owed from private persons, business firms, governmental units, or others for goods received and/or services?

• Accounting Period

• Accounts Payable

• Accounts Receivable

• Statement

What are amounts due and owed to private persons, business firms, governmental units, or others for goods received and/or services?

• Accounts Payable

• Accounting Period

• Statement

• Accounts Receivable

In which method of accounting is revenue recorded when earned?

• Appraisal

• Apportionment

• Allocation

• Accrual Basis

What is the division or distribution in accordance with a predetermined plan?

• Accrual Basis

• Allocation

• Apportionment

• Appraisal