FALL 24 Accounting 1 Review

Front

Accounting is referred to as the "language of ___________________?"

Back

business

Front

Amount owed by a business

Back

liability

Front

What are assets?

Back

Any item or property owned by the business

Front

The left side of a T-Account is called

Back

debit

Front

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

Back

Accounting

Front

A Bank Loan is classified as a: revenue, expense, asset, liability

Back

liability

Front

The owner invests personal cash in the business. Assets will

Back

increase

Front

Which of the following correctly defines the acronym GAAP?

Back

Generally Accepted Accounting Principles

Front

Which type of accounting is used to develop information for outside sources such as investors?

Back

Financial accounting

Front

Which of the following occurs when the amount of money earned is less than the amount of money spent? Profit, Loss, Depreciation, Social Cost

Back

Loss