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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| plannning,recording,analyzing, & interpreting financial information | accounting
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| planned process for providing financial information that will be useful to management | accounting system
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| organized summaries of a business's financial activities | accounting records
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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
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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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| an amount owed by a business | liability
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| amount remaining after the value of all liabilities is subtracted from the value of all assets | owner's equity
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| equation showing the relationship among assets; liabilities; & owner's equity | accounting equation
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| a business activity that changes assets, liabilities; & owner's equity | transaction
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| a record summarizing all the information pertaining to a single item in the accounting equation | balance sheet
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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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| a financial statement that reports assets; liabilities; and owner's equity on a specific date | account
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| accounting is a _______ of business | language
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| you should keep personal & business records _______ | separate
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| the relationship among assets; liabilities; & owner's equity can be written as _______ | an equation
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| the accounting equation ALWAYS has to be _________ | in balance
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| owners equity account | capital account
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| when an item is bought and paid for at a later date | buying on account
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| when cash is paid on account; what is increased? | liability
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| on a balance sheet a single line means______ | amounts are added or subtracted
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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:
kunk214
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