Accounting Vocab Quiz_1

​ Match the photo to either asset or liability

• Liability

• 
• Asset

• 
• Asset

• 
• Liability

• 
• Asset

• 

The difference between assets and liabilities is called_____. ________ or ___________

A loan is considered to be a

• financial statement

• asset

• liability

• equity

Principles of right and wrong that guide decision making

• being honest

• ethics

• embezzlement

• going to court

What is business ethics?

_________ is the difference between assets and liabilities

A report that shows what an individual owns, owes, and difference is a:

• Income Statement

• Balance Sheet

• Net Worth Statement

• Ledger

Financial Statements are: (choose at least 2 - maybe more!)

• financial reports that summarize the financial condition and operations of a business

• an income statement

• a balance sheet

• a written check

The process of planning, recording, analyzing, and interpreting financial information is called:

• difficult

• accounting

• bookkeeping

• none of the answers listed are correct

What is a planned process designed to compile financial data and summarize the results in accounting records and reports?