Chapter 2
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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| Property | show 🗑
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| Property rights | show 🗑
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| show | an agreement to pay for a purchase at a later time; an entry to the right side of a T account.
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| show | a person or business that has a claim to the assets of a business; a person or business to which money is owed.
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| show | property or economic resources owned by a business or individual.
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| Equity | show 🗑
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| Owner's equity | show 🗑
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| Liabilities | show 🗑
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| Basic accounting equation | show 🗑
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| show | a business event, such as the buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner's equity of a business.
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| show | subdivision under the three sections of the basic accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity.
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| show | an amount to be received from a customer for goods or services sold on credit.
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| show | an amount owed to a creditor for goods or services bought on credit.
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| Capital | show 🗑
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| On account | show 🗑
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| show | income earned by a business from its operations; revenue increases owner's equity.
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| Expense | show 🗑
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| show | the removal of cash or other asset from the business by the owner for person 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:
jae.moore124
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