Chapter 1 Section 1 Terms
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 System | A planned process for providing financial information that will be useful to management.
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| Accounting Records | Organized summaries of a business's financial activities.
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| Financial Statments | The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
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| Service Business | A business taht performs an activity for a fee.
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| Proprietorship | A business owned by one person.
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| Asset | Anything value that is owned.
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| Equities | Financial rights to the assets of a business.
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| Liability | An amount owed by a business.
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| Owner's Equity | The amount remiaining after the value of all liabilities is subtracted from the value of all assets.
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| Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity.
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| Ethics | The principles of right and wrong that guide an individiual 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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