Accounting Pretest

A balance sheet reports a business's financial

• Condition over a specific period of time

• Progress over a specific period of time

• Condition on a specific date

• Progress on a specific date

______________________ is the transfer of journalized transactions to their accounts.

• Posting
• Recording
• Updating
• Journalizing

The accounting equation must remain in balance after each ________.

• transaction

• credit

• account

• debit

Assets = Liabilities _____Owner's Equity

• +

• _

• x

• /

A separate record used to summarize changes in each assets, liabilities, and owner's equity.

• Accountant

• Account

• Account Title

• Count

Planning, recording, analyzing, and interpreting financial information.

• accounting

• transaction

• equities

• accounting equation

Organized summaries of a business's financial activities.

• accounting

• accounting records

• accounting equations

• accounting systems

The principles of right and wrong that guide an individual in

making decisions.

• ethics

• business ethics

• withdrawals

• financial statements

If a company has total liabilities of $50,000 and owners equity of 30,000, what are its total assets?

• $20,000

• $50,000

• $80,000

• $30,000

Which of the following is an example of a liability?

• Loan

• Building

• Sales

• Accounts receivable