Accounting Terminology Quiz

What is the basic storage unit for accounting data used to accumulate amounts from similar transactions?

• Accounts Payable

• Accounts Receivable

• Accounts

• Accrued Interest

What term describes claims against the farm or ranch business which have yet to be paid?

• Accounts Receivable

• Accounts Payable

• Accrued Interest

• Adjusted Basis

What is the term for amounts owed to the farm or ranch business for products sold or services rendered?

• Accounts Payable

• Accrued Interest

• Accounts Receivable

• Adjusted Basis

Which accounting method includes gross income and expenses in the period in which they are earned or incurred, regardless of when payment is received?

• Accrual Accounting Method

• Adjusted Basis

• Amortization

• Allocation

What is the term for interest owed but not yet paid?

• Accrued Interest

• Accounts Payable

• Accounts Receivable

• Adjusted Basis

What is the original cost of an asset plus the value of any improvement or alterations less the amount of depreciation, losses, or depletion?

• Accrued Interest

• Adjusted Basis

• Accounts Receivable

• Allocation

Who is a person legally vested with the right of administration of an estate?

• Beneficiary

• Administrator/Administratrix

• Allocator

• Appraiser

What is the process of assigning costs of one segment of the organization to other responsibility centers in some systematic manner?

• Allocation

• Amortization

• Accrual Accounting Method

• Adjusted Basis

What is the repayment of a loan and the interest due with a series of equal payments over a specified period of time?

• Allocation

• Amortization

• Accrual Accounting Method

• Adjusted Basis

What is an estimate of the fair market value of personal property or real estate by a certified appraiser?

• Allocation

• Appraisal

• Accrual Accounting Method

• Adjusted Basis