Accounting Chapter 1 Lesson 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 | the process of planning, recording, analyzing and interpreting financial information
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| accounting system | planned process designed to compile financial data and summarize the results in accounting records and reports
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| financial statements | reports that summarize the financial condition and operation of a business
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| net worth statement | a formal report that shows what an invididual owns, what an individual owes, and the difference between the two
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| asset | anything of value that is owned
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| liability | amounts that are owed
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| personal net worth | the difference between the personal assets and personal liabilities
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| equity | the difference between assets and liabilities
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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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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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