Accounting Concepts Quiz

A(n) ______ has one owner.

The time period covered by an accounting report is called ______.

A(n) ______ has at least two owners.

Money invested in a business by an owner is called ______.

The amount of money earned over and above the amount spent to keep a business operating is called ______.

Businesses that spend more than they receive operate at a ______.

A(n) ______ is concerned with the process of recording and reporting financial information.

An ______ is willing to take the risks of running a business.

______ is a type of accounting that focuses on reporting information to external users.

Generally Accepted Accounting Principles refers to ______.