Accou nting 101 Qu iz # 1 com plete
ver ifi ed solu tions + r ationales
(PASS GUARANTEED)
Accounting - answer A system that measures the business's activities in
financial terms, provides written reports and financial statements about
those activities, and communicates these reports to decision makers.
Accounts Payable - answer Amounts owed to creditors that result from
the purchase of goods or services on account-liability.
Assets - answer Properties(resources) of value owned by a
business(cash, supplies, equipment, land)
Basic Accounting Equation - answer Assets= Liability Owner's Equity
Bookkeeping - answer The recording function of the accounting process.
Capital - answer The owner's investment of equity in the company.
ver ifi ed solu tions + r ationales
(PASS GUARANTEED)
Accounting - answer A system that measures the business's activities in
financial terms, provides written reports and financial statements about
those activities, and communicates these reports to decision makers.
Accounts Payable - answer Amounts owed to creditors that result from
the purchase of goods or services on account-liability.
Assets - answer Properties(resources) of value owned by a
business(cash, supplies, equipment, land)
Basic Accounting Equation - answer Assets= Liability Owner's Equity
Bookkeeping - answer The recording function of the accounting process.
Capital - answer The owner's investment of equity in the company.
