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Business Basics Accounting Quiz Flashcards | StudBud
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Business Basics Accounting Quiz
Business Basics Accounting Quiz
26 terms
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StudBud Administration
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310 plays
This quiz may be used for Business Basics or Accounting 1.
Flashcards
26 cards
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Questions
26
Answers
1
The account used when money is owed to creditors of a business.
Expenses
Accounts Payable
Revenue
Accounts Receivable
2
Accounting system that records the accounting events when they become tangible.
liability
accural
cash
corner
3
The exchange of money for goods sold or purchased.
expense transaction
income transaction
business transaction
accounting action
4
The financial claims to assets.
expenses
equity
assets
revenue
5
A period of time that runs from January to December of the current year.
accounting
fiscal
calendar
fewer
6
The cost of doing business.
assets
expenses
revenue
liabilities
7
Statement where you will find your profit and loss status.
Worksheet
Equity Sheet
Income Statement
Balance Sheet
8
Cash or other types of assets taken out of the business by the owner.
investments
revenue
withdrawals
capital
9
When your business’ expenses are larger than your revenue.
net income
net work
net loss
net gain
10
Means that a check is recorded when it arrives.
real time
future time
lost time
now time
11
An individual listing of a business’ accounts.
chart of accounts
chart of accounting
accounting chart
chart of movement
12
When a business’ revenue is larger than its expense.
Net Income
Net Margin
Gross Margin
Net Loss
13
Another name for recognizing a purchase order as an official sale.
cash time
due time
date time
real time
14
Accounting system that records a sale in real time.
accural
debts
cash
liabities
15
The amount of money a business has earned in a particular time period.
liabilities
revenue
assets
expenses
16
A period of time that uses any 12 month period.
system
accounting
fiscal
calendar
17
Legal documents that show equity, profit and loss for a business.
financial truth
financial statements
financial worth
18
Assets contributed to a business for business use.
inventions
investments
withdrawals
19
The debts owed for operating a business.
revenue
expenses
assets
liablities
20
Purchasing merchandise or assets on account.
inventory account
invite account
loan on account
buying on account
21
A name used for the people for whom a business owes money.
partners
creditors
customers
22
Shows the cash flow of money coming into and out of the business.
cash account
revenue account
liability account
expense account
23
Statement that shows a business’ worth.
Income Statement
Worksheet
Equity Sheet
Balance Sheet
24
Account used by a business when money is owed to a business by customers.
Accounts Payable
Accounts Receivable
Account Expense
Accounts Cash
25
Statement used to track estimation of revenue and expenses, etc.
Budget
Worksheet
Income Statement
Balance Sheet
26
All items of value owned by a business.
revenue
assets
expenses
liabilities
