Accounting Terms Review 1-1
Authored by Hayley Arredondo
Financial Education
9th - 12th Grade
Used 8+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is accounting?
Financial reports that summarize the financial condition and operations of a business.
The process of planning, recording, analyzing, and interpreting financial information.
A planned process designed to compile financial data and summarize the results in accounting records and results.
Anything of value that is owned.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is equity?
The difference between assets and liabilities.
An amount owed.
The principles of right and wrong that guide an individual in making decisions.
A planned process designed to compile financial data and summarize the results in accounting records and reports.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting system?
Financial reports that summarize the financial condition and operations of a business.
The difference between personal assets and personal liabilities.
A planned process designed to compile financial data and summarize the results in accounting records and reports.
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are financial statements?
Financial reports that summarize the financial condition and operations of a business.
A planned process designed to compile financial data and summarize the results in accounting records and reports.
The use of ethics in making business decisions.
The difference between personal assets and personal liabilities.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an asset?
An amount owed
A planned process designed to compile financial data and summarize the results in accounting records and reports.
The principles of right and wrong that guide an individual in making decisions.
Anything of value that is owned.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a net worth statement?
The process of planning, recording, analyzing, and interpreting financial information.
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
The difference between assets and liabilities.
Anything of value that is owned.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is liability?
The principles of right and wrong that guide an individual in making decisions.
Anything of value that is owned.
An amount owed.
The process of planning, recording, analyzing, and interpreting financial information.
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