Accounting 1 Strands & Standards Exam

Accounting 1 Strands & Standards Exam

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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101 questions

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1.

FLASHCARD QUESTION

Front

Which term is associated with "left" or "left-side"? Options: Debit, Plus, Minus, Credit

Back

Debit

2.

FLASHCARD QUESTION

Front

Revenues minus expenses equals:

Back

Net Income

3.

FLASHCARD QUESTION

Front

What will usually cause the liability account Accounts Payable to increase?

Back

Credit

4.

FLASHCARD QUESTION

Front

State the concept- The same accounting procedure must be followed in the same way in each accounting period

Back

consistency

5.

FLASHCARD QUESTION

Front

What principle is illustrated by Mrs. Do having separate financial reports for her businesses, Do Laundry Shop and Do Convenience Store?

Back

Business Entity

6.

FLASHCARD QUESTION

Front

Which accounting principle is being violated by Kala Corp for not including the possible devaluation of the yen in this year's financial statements? Options: Materiality, Disclosure, Conservatism

Back

Disclosure

7.

FLASHCARD QUESTION

Front

The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

Back

Matching Principle

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