FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

1 VOCAB EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -22 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: An amount owed by a business

Answer:

Liability Question 2: Generally Accepted Accounting Principles- The standards and rules that accountants follow while recording and reporting financial activities

Answer:

GAAP Question 3: A business activity that changes assets, liabilities, or owner's equity

Answer:

Tracnsaction

Question 4: The name given to an account

Answer:

Account title

Question 5: A business that performs an activity for a fee

Answer:

Service business Question 6: A financial statement that reports assets, liabilities, and owner's equity on a specific date

Answer:

Balance sheet Question 7: A planned process for providing financial information that will be useful to management

Answer:

Accounting system

Question 8: Financial rights to the assets of a business

Answer:

Equities

Question 9: Organized summaries of a business's financial activities

Answer:

Accounting records Question 10: The amount remaining after the value of all liabilities is subtracted from the value of all assets

Answer:

Owner's equity Question 11: When business transactions are stated in numbers that have common values; using a common unit of measurement

Answer:

Unit of measurement Question 12: An equation showing the relationship among assets, liabilities, and owner's equity

Answer:

Accounting equation

Question 13: When financial statements are prepared with the expectation that a business will remain in operation indefinitely

Answer:

Going concern Question 14: Planning, recording, analyzing, and interpreting financial information

Answer:

Accounting

Question 15: A business owned by one person

Answer:

Proprietorship Question 16: Financial Accounting Standards Board- the organization who has the authority to set accounting standards by getting input and feedback from many sources

Answer:

FASB Question 17: A business's financial information is recorded and reported separately from the owner's personal financial information

Answer:

Business entity Question 18: A record summarizing all the information pertaining to a single item in the accounting equation

Answer:

Account

Question 19: The account used to summarize the owner's equity in a business

Answer:

Capital Question 20: the Securities and Exchange Commission has the authority to establish GAAP

Answer:

SEC

Question 21: The amount in an account

Answer:

Account balance

Question 22: Anything of value that is owned

Answer:

Asset