Intro to Accounting

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

A decrease in owner's equity resulting from the operation of a business

• account
• capital
• asset
• expense

Amount owed by a business

• liability
• asset
• capital
• account

A business activity that changes assets, liabilities, or owner's equity

• transaction
• expense
• revenue
• sale on account

Anything of value that is owned

• account
• asset
• withdrawal
• expense

The amount in an account

• account title
• revenue
• account balance
• accounting records

Revenues minus expenses equals _____________________.

• Profit

• Overhead

• Income

• None of the above

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

A record of a single item in the accounting equation.

• Balance

• Account

• Accounting

• Records

A company owned by a group of people authorized to act as a single entity.

• Partnership

• Corporation

• Non-Profit

• All of the above