
Accounting Chapter 3 Review
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Business
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Hard
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1.
FLASHCARD QUESTION
Front
Grace is learning about accounting principles. She comes across the formula "Assets = Liabilities + Owner's Equity". This formula is known as the
Back
accounting equation
2.
FLASHCARD QUESTION
Front
Mia runs a small bakery and needs to keep track of the amount of money she owes to her suppliers. This amount is known as ______.
Back
accounts payable
3.
FLASHCARD QUESTION
Front
William owns a small bakery and is reviewing his financial statements. He notices that the oven, which is crucial for his business operations, is listed as a(n) ____.
Back
asset
4.
FLASHCARD QUESTION
Front
Emma recently inherited something of value from her grandparents. This item, which she now owns or controls, is called ____.
Back
property
5.
FLASHCARD QUESTION
Front
Rohan runs a small bakery and the money he earns from selling cakes and pastries is called _____
Back
revenue
6.
FLASHCARD QUESTION
Front
Mason is reviewing the financial records of his small cafe. He notices that the _____ are the prices paid for goods or services used to operate the business.
Back
expenses
7.
FLASHCARD QUESTION
Front
When Liam started his new business, his initial investment was recorded in the ______ account.
Back
capital
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