Chapter 1 vocab
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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| show | Accounting
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| A planned process for providing financial information that will be useful to management | show 🗑
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| show | Accounting records
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| A business that performs an activity for a fee | show 🗑
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| A business owned by one person | show 🗑
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| show | Asset
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| show | Equities
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| An amount owed by a business | show 🗑
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| The amount remaining after the value of all liabilities is subtracted from the value of all assets | show 🗑
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| An equation showing the relationship among assets, liabilities, and owner's equity | show 🗑
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| A business activity that changes assets, liabilities, or owner's equity | show 🗑
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| A record summarizing all the information pertaining to a single item in the accounting equation | show 🗑
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| The name given to an account | show 🗑
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| show | Account balance
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| show | Capital
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| A financial statement that reports assets, liabilities, and owner's equity on a specific date | show 🗑
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| show | Business entity
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| When business transactions are stated in numbers that have common values; using a common unit of measurement | show 🗑
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| When financial statements are prepared with the expectation that a business will remain in operation indefinitely | show 🗑
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| show 🗑
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| show | Double rule
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| show | GAAP
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| the Securities and Exchange Commission has the authority to establish GAAP | show 🗑
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| Financial Accounting Standards Board- the organization who has the authority to set accounting standards by getting input and feedback from many sources | show 🗑
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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:
echavez0195
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