Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Acct Ch1 v9 Test

Enter the letter for the matching Answer
incorrect
1.
Any business activity that changes assets, liabilities or owner's equity
incorrect
2.
Classification of the Cash Account
incorrect
3.
The standards and rules that accountants follow while recording and reporting financial activities.
incorrect
4.
The account used to summarize the owner's equity in a business in a sole proprietorship
incorrect
5.
The amount in an account
incorrect
6.
When an owner takes out cash or other assets for personal use it affects the _________ account.
incorrect
7.
An increase in the owner's equity resulting from the sale of goods or services.
A.
Drawing
B.
GAAP
C.
Account Balance
D.
Transaction
E.
Asset
F.
Capital
G.
Revenue
Type the Answer that corresponds to the displayed Question.
incorrect
8.
Classification of the Prepaid Insurance Account
incorrect
9.
Amount remaining after the value of all liabilities are subtracted from all assets
incorrect
10.
A business that is owned by one person.
incorrect
11.
The accounting concept that states a business's financial information is recorded and reported separately from the owner's personal financial information.
incorrect
12.
Classification of an Accounts Payable account.
incorrect
13.
The type of business that performs a business activity for a fee. Offers a non-tangible product.
incorrect
14.
Sale on Account increases a revenue account and a ______________ account.
incorrect
15.
Accounting Equation
incorrect
16.
Classification of an Accounts Receivable account.

edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how
Created by: lpenner
Popular Accounting sets