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