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Accounting chapter 1-8 questions & correct answers. $9.39   Add to cart
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Accounting chapter 1-8 questions & correct answers.
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  • Accounting 101

Accounting chapter 1-8 questions & correct answers.

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  • August 29, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 8 questions correct answers

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  • Accounting 101
  • Accounting 101

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Accounting chapter 1-8 questions &
correct answers.

account ANS - a record summarizing all the information pertaining to a single item in the account



account balance ANS - the amount in the account



account title ANS - the name given to an account



accounting ANS - planning, recording, analyzing, and interpreting financial information



accounting equation ANS - assets = liabilities + owner's equity



accounting records ANS - organized summaries of a business's financial activities

"the language of accounting"



accounting system ANS - a planned process for the providing financial information that will be unusual
to management. *what is bought and sold



asset ANS - anything of value that is owned



business ethics ANS - the use of ethics in making business decisions



equities ANS - financial rights to the asets of a business



capital ANS - the accounting used to sumarize te owner's equity in a business



ethics ANS - the principles of right and wring that quide an individual in making decisions

, expense ANS - a decrease in owner's equity resulting from the operation of a business



financial statements ANS - financial reports that summarize the financial condition nd operations of a
business



owner's equity ANS - the amount remaining after the value of all liabilities is subtracted from the value
of all assets



proprietorship ANS - business owned by one person- simplest type of business



revenue ANS - an increase in owner's equity resulting from the operation of a business



sale on account ANS - a sale for which cash will be recieved at a later date

- charge sale



service business ANS - a business that performs an activity



transaction ANS - a business activity that changes assets, liabilities, or owner's equity



withdrawals ANS - assets taken out of a business for the owner's personal use



chart of accounts ANS - a list of accounts used by a business



credit ANS - an amount recorded on the right side of a T account



debit ANS - an amount recorded on the left side of a T account



normal balance ANS - the side of the account that is increased

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