Accounting Concepts Quiz

A(n) (a)   has one owner.

The time period covered by an accounting report is called (a)   .

A(n) (a)   has at least two owners.

Money invested in a business by an owner is called (a)   .

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

Businesses that spend more than they receive operate at a (a)   .

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

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

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

Generally Accepted Accounting Principles refers to (a)   .