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Defining Accounting Terms questions with correct answers.
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  • Accounting 101
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  • Accounting 101

Defining Accounting Terms questions with correct answers.

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  • August 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • defining accounting terms questions with correct a

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  • Accounting 101
  • Accounting 101

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Defining Accounting Terms questions
with correct answers.

Account ANS - : a record summarizing all the information pertaining to a single item in the accounting
equation



Account Balance ANS - : the amount in an account



Account Title ANS - : the name given to an account



Accounting ANS - : Planning, recording, analyzing, and interpreting financial information



Accounting Equation ANS - : an equation showing the relationship among assets, liabilities, and owner's
equity



Accounting Records ANS - : organized summaries of a business's finical activities



Accounting System ANS - : a planned process for providing financial information that will be useful to
management



Asset ANS - : anything of value that is owned



Business Ethics ANS - : the use of ethics in making business decisions



Capital ANS - : the account used to summarize the owner's equity in the business



Equities ANS - : financial rights to the assets of a business

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