Accounting Terms Unit 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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| Accountant | a person who plans, summarizes, analyzes, and interprets accounting information
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| Accounting | planning, recording, analyzing, and interpreting financial information
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| Accounting concepts | commonly accepted concepts that guide accounting personnel in their work
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| Accounting period cycle | changes in financial information are reported for a specific period of time in the form of financial statements
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| Adequate disclosure concept | financial statements contain all information necessary to understand a business' financial condition
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| Bookkeeper | a person who does general accounting work plus some summarizing and analyzing of accounting information
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| Business entity | financial information is recorded and reported separately from the owner's personal financial information
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| Business ethics | the use of personal ethics in making business decisions
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| Consistent reporting | the same accounting procedures must be followed in the same way in each accounting period
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| Corporation | a legal entity that is separate and distinct from its owners
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| Ethics | the principles of right and wrong that guide an individual in making decisions
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| Ethical business practices | moral values and principles that determine our conduct in the business world
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| General office clerk | a person who does general kinds of office tasks, including some accounting tasks
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| Going concern concept | financial statements are prepared with the expectation that a business will remain in operation indefinitely
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| Historical cost | when the actual amount paid for merchandise or other items bought is recorded
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| Honesty | the quality or fact of being honest; truthfulness
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| Integrity | adherence to moral and ethical principles; soundness of moral character; honesty
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| Merchandising business | a business that purchases and sells goods
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| Objective evidence | a source document is prepared for each transaction
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| Partnership | a business in which two or more people combine their assets and skills
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| Privacy | freedom from unauthorized intrusion; state of being let alone and ablility to keep personal matters confidential
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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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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:
KIMBRIEL
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