Accounting -- Semester Test

Planning, recording, analyzing and interpreting financial information. Fill in the blank with the correct accounting term.

• Accounting

• Auditing

• Budgeting

• Bookkeeping

Anything of value that is owned. Fill in the blank with the correct accounting term.

• Asset

• Liability

• Expense

• Revenue

An amount owed by a business. Fill in the blank with the correct accounting term.

• Liability

• Asset

• Revenue

• Equity

The amount remaining after the value of all liabilities is subtracted from the value of all assets. Fill in the blank with the correct accounting term.

• Owner's equity

• Gross profit

• Revenue

• Depreciation

An equation showing the relationship among assets, liabilities, and owner's equity. Assets = Liabilities + Owners Equity. Fill in the blank with the correct accounting term.

• Accounting equation

• Balance sheet

• Income statement

• Trial balance

A business activity that changes assets, liabilities, or owner's equity. Fill in the blank with the correct accounting term.

• Transaction

• Invoice

• Receipt

• Statement

A record summarizing all the information pertaining to a single item in the accounting equation. Fill in the blank with the correct accounting term.

• Account

• Ledger

• Journal

• Statement

The name given to an account. Fill in the blank with the correct accounting term.

• Account title

• Ledger balance

• Trial balance

• Journal entry

The amount in an account. Fill in the blank with the correct accounting term.

• Account balance

• Account payable

• Account receivable

• Account statement

An increase in owner's equity resulting from the operation of a business. Fill in the blank with the correct accounting term.

• Revenue

• Liability

• Expense

• Asset