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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER
2 VOCAB EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -19 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: The amount remaining after the value of all liabilities is subtracted from the value of all assets
Answer:
Owner's Equity Question 2: An equation showing the relationship among assets, liabilities, and owner's equity
Answer:
Accounting Equation Question 3: An increase in owner's equity resulting from the operation of a business
Answer:
Revenue
Question 4: The name given to an account
Answer:
Account title
Question 5: A record summarizing all the information pertaining to a single item in the accounting equation
Answer:
Account Question 6: A decrease in owner's equity resulting from the operation of a business
Answer:
Expense
Question 7: Anything of value that is owned
Answer:
Asset
Question 8: The account used to summarize the owner's equity in a business
Answer:
Capital
Question 9: The amount in an acount
Answer:
Account balance
Question 10: When revenue is recorded at the time goods or services are sold
Answer:
Realization of Revenue
Question 11: An amount owed by a business
Answer:
Liabilities Question 12: When financial statements are prepared with the expectation that a business will remain in operation indefinitely
Answer:
Going Concern
Question 13: The totals have been verified as correct
Answer:
Double rule Question 14: A business activity that changes assets, liabilities, or owner's equity
Answer:
Transaction Question 15: When business transactions are stated in numbers that have common values; using a common unit of measurement
Answer:
Unit of measurement Question 16: When a business' financial information is recorded and reported separately from the owner's personal financial information
Answer:
Business entity
Question 17: A sale for which cash will be received at a later date
Answer:
Sale on Account
Question 18: Assets taken out of a business for the owner's personal use
Answer:
Withdrawals
Question 19: Amounts are to be added or subtracted
Answer:
Single rule
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