Accounting Terms iCEV Quiz

What is the definition of Accounting in the context of the provided material?

• The process of keeping track of a business' finances

• A financial statement that provides information about a company's present condition

• Assets = Liabilities + Equity

• A financial tool that provides information about a company's past performance

What does Debit refer to according to the material?

• Must be balanced – meaning both sides of the equation must be equal

• Left side of the T-chart

• Right side of the T-chart

• An item of value owned by a company

According to the material, what does Credit signify?

• Right side of the T-chart

• Must be balanced – meaning both sides of the equation must be equal

• Left side of the T-chart

• An item of value owned by a company

What is the Balance Sheet as defined in the document?

• A financial tool that provides information about a company's past performance

• The process of keeping track of a business' finances

• The process of recording and processing the accounting events of a company

• A financial statement that provides information about a company's present condition

What does the term Sole Proprietorship mean as per the learning material?

• A business type that combines the benefits of partnership's flexibility and a corporation's protection

• A business that is owned by one person who typically runs and manages the business

• Two or more people who share the ownership of a single business

• An organization that is made up of many owners who are not normally in the decision-making and operations of the business, but they have an interest in the company

What is the definition of a Corporation as provided in the material?

• A business type that combines the benefits of partnership's flexibility and a corporation's protection

• A business that is owned by one person who typically runs and manages the business

• An organization that is made up of many owners who are not normally in the decision-making and operations of the business, but they have an interest in the company

• Two or more people who share the ownership of a single business