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Acct Ch1 v9 Test

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

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Created by: lpenner
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