Finance exam

Financial reports that summarize the financial condition and operations of a business are called financial

• summaries

• records

• statements

• outputs

A business owned by one person is called a

• proprietorship

• corporation

• partnership

• common-law business

Anything of value that is owned is called a(n)

• expense

• asset

• liability

• possession

The amount remaining after the value of all liabilities is subtracted from the value of all assets is called

• profit

• loss

• owner's equity

• account balance

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

• deposit

• withdrawal

• deal

• transaction

Cash is classified as a(n)

• Asset
• Liability
• Owner's Equity
• Revenue

Prepaid Insurance is classified as a(n)

• Asset
• Liability
• Owner's Equity 
• Revenue

The Accounting Equation is

• Assets = Owner's Equity
• Assets + Liabilities = Owner's Equity
• Assets - Liabilities = Owner's Equity
• Assets = Liabilities + Owner's Equity

Sales is classified as a(n)

• Asset
• Liability
• Owner's Equity
• Revenue

What type of an account is cash?

• ASSET

• LIABILITIES

• OWNER'S EQUITY