Accounting Ch.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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| accounting | Planning, recording, analyzing, and interpreting financial information.
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| accounting system | A planned process for providing financial information that will be useful to management.
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| accounting records | Organized summaries of a business's financial activities .
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| financial statements | Financial reports that summarize the financial condition and operations of a business.
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| service buisness | A business that performs an activity for a fee.
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| proprietorship | A business owned by one person.
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| asset | Anything of value that is owned.
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| equities | Financial right to the assets of a business.
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| liabilty | An amount owed by a business.
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| owner's equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets.
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| accounting equation | An equation showing
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| ethics | The principles of right and wrong that guide an individual in making decisions.
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| business ethics | The use of ethics in making business decisions.
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| transaction | A business activity that changes assets, liabilities, or owner's equity.
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| account | A record summarizing all the information pertaining to a single item in the accounting equation
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| account title | the name given to an account
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| account balance | the amount in an account
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| capital | The account used to summarize the owner's equity in the business
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| revenue | An increase in owner's equity resulting from the operation of a business.
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| sale on account | A sale for which cash will be received at a later date
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| expense | A decrease in owner's equity
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| withdrawls | assets taken out of the business for the owner's personal use
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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.
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.
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:
bailey.baucom69
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