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Accounting Study Guide 1

Authored by Kristen Reaves

Business

9th - 12th Grade

Used 3+ times

Accounting Study Guide 1
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of planning, recording, analyzing, and interpreting financial information. (p. 6)

accounting

account balance

account title

accounting equation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A planned process designed to compile financial data and summarize the results in accounting records and reports. (p. 6)

accounting

account balance

accounting system

accounting equation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial reports that summarize the financial condition and operations of a business. (p. 6)

financial statements

account balance

net worth statement

accounting equation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A formal report that shows what an individual owns, what an individual owes, and the difference between the two. (p. 7)

business plan

account balance

financial statements

net worth statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned. (p. 7)

liability

asset

capital account

owner's equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An amount owed. (p. 7)

liability

creditor

GAAP

revenue

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities. (p. 7)

business plan

account balance

personal net worth

equities

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