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Accounting Test: Vocabulary Quiz!

Question 1 of 3

Q1 . Planning, recording, analyzing, and interpreting financial information.

Q2 . A business owned by one person.

Q3 . Organized summaries of a business's financial activities.

Q4 . The amount in an account.

Q5 . The amount remaining after the value of all liabilities is subtracted from the value of all assets.

Q6 . A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Q7 . Anything of value owned.

Q8 . A business activity that changes assets, liabilities, or owner's equity.

Q9 . The name was given to an account.

Q10 . A planned process for providing financial information that will be useful to management.

Q11 . A business that performs an activity for a fee.

Q12 . An equation showing the relationship among assets, liabilities, and owner's equity Assets = Liabilities + Owner's Equity

Q13 . The account used to summarize the owner's equity in a business.

Q14 . Financial rights to the assets of a business.

Q15 . An amount owed by a business.

Q16 . A record summarizing all the information pertaining to a single item in the accounting equation.

Q17 . Planning, recording, analyzing, and interpreting financial information.

Q18 . A business owned by one person.

Q19 . Organized summaries of a business's financial activities.

Q20 . The amount in an account.

Q21 . The amount remaining after the value of all liabilities is subtracted from the value of all assets.

Q22 . A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Q23 . Anything of value owned.

Q24 . A business activity that changes assets, liabilities, or owner's equity.

Q25 . The name was given to an account.

Q26 . A planned process for providing financial information that will be useful to management.

Q27 . A business that performs an activity for a fee.

Q28 . An equation showing the relationship among assets, liabilities, and owner's equity Assets = Liabilities + Owner's Equity

Q29 . The account used to summarize the owner's equity in a business.

Q30 . Financial rights to the assets of a business.

Q31 . An amount owed by a business.

Q32 . A record summarizing all the information pertaining to a single item in the accounting equation.