Accounting 1 Chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A person who plans, summarizes, analyzes and interprets accounting information | Accountant
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| Planning, recording, analyzing, and interpreting financial information | Accounting
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| Anything of value that is owned | Asset
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| Financial rights to the assets of a business | Equities
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| The amount remaining after the value of all liabilities is subtracted from the value of all assets | Owner's Equity
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| The relationship among assets, liabilities, and owner's equity | Accounting Equation
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| An amount owed by a business | Liability
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| The principles of right and wrong that guide an individual in making decisions | Ethics
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| The use of ethics in making business decisions | Business Ethics
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| A business activity that changes assets, liabilities or owner's equity | Transaction
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| When business state transactions in numbers that have common values | Unit of Measurement
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| Financial information is recorded and reported separately from the owner's personal financial information | Business Entity
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| A record summarizing all the information pertaining to a single item in the accounting equation | Account
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| The name given to an account | Account Title
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| The amount in an account | Account Balance
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| The account used to summarize the owner's equity in a business | Capital
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| An increase in owner's equity resulting from the operation of the business | Revenue
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| A sale for which cash will be received at a later date | Sale on Account
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| When revenue is recorded at the time goods or services are sold | Realization of Revenue
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| A decrease in owner's equity resulting from the operation of the business | Expense
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| Assets taken out of a business for the owner's personal use | Withdrawals
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| A business that performs an activity for a fee | Service Business
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| A business owned by one person | Proprietorship (Sole)
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| The language of business | Accounting
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| A person who does general accounting work plus some summarizing and analyzing of accounting information | Bookkeeper
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| Designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements | Certified Public Accountant (CPA)
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| The same accounting procedures must be followed in the same way in each accounting period | Consistent Reporting
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| A person who does general kinds of office tasks, including some accounting tasks | General Office Clerk
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| A business in which two or more people combine their assets and skills | Partnership
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
TammieVanScyoc
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