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Accounting chapter 1-8 questions & correct answers.
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Accounting chapter 1-8 questions & correct answers.
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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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