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Acct Ch1 v9
Accounting Terms Chapter 1 Version 9
| Question | Answer |
|---|---|
| The type of business that performs a business activity for a fee. Offers a non-tangible product. | Service Business |
| A business that is owned by one person. | Sole Proprietorship |
| Something of Value | Asset |
| Classification of the Cash Account | Asset |
| Classification of the Prepaid Insurance Account | Asset |
| Classification of an Accounts Receivable account. | Asset |
| Classification of an Accounts Payable account. | Liability |
| Accounting Equation | A=L+OE |
| Amount remaining after the value of all liabilities are subtracted from all assets | Owner's Equity |
| Any business activity that changes assets, liabilities or owner's equity | Transaction |
| The amount in an account | Account Balance |
| The account used to summarize the owner's equity in a business in a sole proprietorship | Capital |
| An increase in the owner's equity resulting from the sale of goods or services. | Revenue |
| Sale on Account increases a revenue account and a ______________ account. | Accounts Receivable |
| When an owner takes out cash or other assets for personal use it affects the _________ account. | Drawing |
| The standards and rules that accountants follow while recording and reporting financial activities. | GAAP |
| The accounting concept that states a business's financial information is recorded and reported separately from the owner's personal financial information. | Business Entity |
Created by:
lpenner
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