What is the process of recording, summarizing, and analyzing financial transactions called?

Basic Accounting Terms Quiz

Quiz
•
Business
•
9th Grade
•
Easy
Becki Koepke
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Auditing
Accounting
Budgeting
Forecasting
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: Assets = Liabilities + ________.
Revenue
Owner’s Equity
Expenses
Income
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following are resources owned by a business that have economic value?
Liabilities
Assets
Expenses
Revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are debts or obligations a business owes called?
Assets
Liabilities
Revenue
Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owner's financial interest in the business is known as what?
Revenue
Owner’s Equity
Assets
Liabilities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income earned from business operations is referred to as:
Expenses
Revenue
Assets
Liabilities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Costs incurred to operate the business are known as:
Revenue
Expenses
Assets
Liabilities
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