What is the purpose of the statement of cash flows?

To report the sources and uses of cash during a period

To report the financial position of a company at a specific point in time

To report the revenues and expenses of a company

To report the financial performance of a company over a period of time

What is the difference between a balance sheet and an income statement?

A balance sheet reports financial position at a specific point in time, while an income statement reports financial performance over a period of time

A balance sheet includes assets and liabilities, while an income statement includes revenues and expenses

A balance sheet includes revenues and expenses, while an income statement includes assets and liabilities

A balance sheet reports financial performance over a period of time, while an income statement reports financial position at a specific point in time

What is a dishonored check?

A check that a bank refuses to pay

A check that a bank accepts and processes

A check that is endorsed by the payee

What is a bank statement?

A report of deposits, withdrawals, and bank balance sent to a depositor by a bank

A report of stock investments sent to a depositor by a bank

A report of credit card transactions sent to a depositor by a bank

A report of loan payments sent to a depositor by a bank

What is the difference between a current asset and a non-current asset?

A current asset is expected to be used or converted into cash within one year, while a non-current asset is expected to be used or converted into cash after one year

A current asset is tangible, while a non-current asset is intangible

A current asset is more valuable than a non-current asset

A current asset is expected to be used or converted into cash after one year, while a non-current asset is expected to be used or converted into cash within one year

What is a blank endorsement?

An endorsement consisting only of the endorser’s signature

An endorsement restricting further transfer of a check’s ownership

An endorsement with a stamp on the back of a check

An endorsement indicating a new owner of a check

What is the purpose of the adjusting entries in accounting?

To update the general ledger accounts at the end of an accounting period

To close the revenue and expense accounts

To record transactions that have not been previously recorded

To prepare financial statements

An amount of cash kept on hand and used for making small payments

An amount of cash kept in a savings account

An amount of cash kept in a checking account

An amount of cash kept on hand and used for making large payments

What is the purpose of a trial balance?

To determine the accuracy of the accounting records

To prepare financial statements

What is the accounting equation?

Assets = Liabilities + Owner's Equity

Assets - Liabilities = Owner's Equity

Liabilities = Assets + Owner's Equity

Owner's Equity = Assets - Liabilities

What is the difference between a voided check and a canceled check?

A voided check is not processed, while a canceled check is processed

A voided check is unpaid, while a canceled check is paid

A voided check is paid, while a canceled check is unpaid

A voided check is processed, while a canceled check is not processed

What is a deposit slip?

A bank form for adding money to an account

A bank form for withdrawing money

A bank form for listing account transactions

A bank form for transferring funds

Accounting Vocab

Authored by Jennifer Miller

Financial Education

9th - 12th Grade

Used 7+ times

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19 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a checking account?

A bank account for receiving wire transfers

A bank account for investing in stocks

A bank account for ordering payments

A bank account for saving money

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a debit card?

To withdraw cash from an ATM

To transfer funds between accounts

To deposit money into a checking account

To automatically deduct the amount of a purchase from the checking account

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a credit and a debit in accounting?

A credit increases assets and decreases liabilities, while a debit decreases assets and increases liabilities

A credit decreases assets and increases liabilities, while a debit increases assets and decreases liabilities

A credit increases assets and decreases owner's equity, while a debit decreases assets and increases owner's equity

A credit decreases assets and increases owner's equity, while a debit increases assets and decreases owner's equity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a petty cash slip?

A form showing proof of a petty cash payment

A form for depositing money into a petty cash fund

A form for withdrawing money from a petty cash fund

A form for transferring funds to a petty cash fund

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between cash basis accounting and accrual basis accounting?

Cash basis accounting is more accurate than accrual basis accounting

Cash basis accounting records revenues and expenses when cash is received or paid, while accrual basis accounting records revenues and expenses when they are earned or incurred

Cash basis accounting is used by large corporations, while accrual basis accounting is used by small businesses

Cash basis accounting records revenues and expenses when they are earned or incurred, while accrual basis accounting records revenues and expenses when cash is received or paid

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the cost of goods sold (COGS) in accounting?

To calculate the net income of a company

To calculate the value of a company's inventory

To calculate the total expenses of a company

To calculate the cost of producing or purchasing the products that a company sells

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an electronic funds transfer?

A manual cash payments system

A computerized cash payments system

A paper-based cash payments system

A phone-based cash payments system

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