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Accounting Glossary

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

Set of concepts used to measure and report financial information.

a)

Activity

b)

Accounting

c)

Credit

d)

Cash

2.

Business organization where ownership is represented.

a)

Employee

b)

Credit card

c)

Corporation

d)

Account

3.

Financial statement that presents a firm's assets, liabilities.

a)

Cash

b)

Accounting

c)

Credit

d)

Balance sheet

4.

Concept that relates to income from continuing operations

a)

Earnings

b)

Credit

c)

Cash

d)

Balance sheet

5.

Planning tool that outlines the financial plans for an organization

a)

Credit card

b)

Budget

c)

Balance sheet

d)

Activity

6.

Person who works for a specific business.

a)

Accounting

b)

Corporation

c)

Employee

d)

Auditing

7.

Items acceptable to a bank for deposit and free from restrictions.

a)

Account

b)

Budget

c)

Credit card

d)

Cash

8.

Record that is kept for each asset, liability, equity, revenue, expense.

a)

Credit

b)

Account

c)

Cash

d)

Budget

9.

Economic resources owned by an entity.

a)

Account

b)

Balance sheet

c)

Assets

d)

Budget

10.

Process used to allocate the cost of a long-lived property.

a)

Earnings

b)

Activity

c)

Depreciation

d)

Account