stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Accounting 101 Flashcards | StudBud
Explore
/
Accounting 101
Accounting 101
20 terms
·
StudBud Administration
·
718 plays
A review of the Accounting 101 unit.
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
The owner's rights to the property - the owner's investment
owner's equity
assets
liabilities
owner's accounts
2
An income statement shows
assets, debits, and credits
revenues, expenses, and net income
assets, liabilities, and owner's equity
income, assets, and liabilities
3
A balance sheet shows
assets, liabilities, and owner's equity
revenue, assets and expenses
liabilities, expenses, and profit
revenue, expenses, and net income
4
Classify the cash account
liability
expense
asset
owner's equity
5
An expense is
anything that you own
planning for your business
the cost of doing business
an increase in an asset account
6
The accounting equation is
assets = credits + debits
liabilities = assets - owner's equity
assets = liabilities - owner's equity
assets = liabilities + owner's equity
7
Regardless of your position in the company, a knowledge of ______ makes you more efficient.
money managment
finance
profit potential
accounting
8
Planning, recording, analyzing, and interpreting financial information is called
balancing the books
money management
accounting
financial planning
9
A financial statement that shows assets, liabilities, and owner's equity at a specific time is
a post closing trial balance
a trial balance
an income statement
a balance sheet
10
___________ is sometimes called the language of business.
Profit
Accounting
Finance
Money management
11
The total of the amounts on the left side must equal the total of the amounts on the right side
income statement
accounts payable
accounts receivable
accounting equation
12
A business activity that changes assets, liabilities, or owner's equity is a(n)
debit
credit
transaction
account
13
In July, Mr. Ohio made $5000 in sales. After spending $3500 for expenses, what was his profit?
$1500
$1400
$500
$2500
14
A financial statement that summarizes revenues and expenses for a specific period of time is
a trial balance
an income statement
a balance sheet
a post-closing trial balance
15
A record of each type of asset, liability. or owner's equity is a(n)
accounts payable
expense
account
transaction
16
Complete the equation: Liabilities = 60,000 and Owner's Equity = 20,000 Assets = ?
40,000
20,000
10,000
80,000
17
The amount a business earns selling products or services is
expenses
credits
assets
revenue
18
How is net income calculated?
Net Income = Liabilities + Owner's Equity
Revenue + Expenses = Net Income
Debits + Credits = Net Income
Revenue - Expenses = Net Income
19
What is the purpose of learning accounting?
to record transactions
to catch the accountant stealing your money
to prepare financial statements
all of the above
20
Other's claims to your property - things that you owe are called
liabilities
owner's equity
accounting
assets
