
Accounting 1 Strands & Standards Exam

Flashcard
•
Business
•
9th - 12th Grade
•
Hard
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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