General Accounting
Review 2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Prep | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Matching Principle The accounting principle that requires matching revenues earned with expenses
incurred in the same accounting period.
Accounting Cycle The ten-step process of completing all accounting activities during an accounting
period; from collecting source documents through preparing a post-closing trial
balance.
Proprietorship, Partnership, and Corporation The major forms of business organizations.
Corporation A form of business that consists of an organization with the legal rights of a person
and which may be owned by many people.
Partnership A form of business in which two or more persons combine their assets and skills to
operate the business.
Sole Proprietorship A form of business that is owned by one person.
Service Business A business that provides a service to customers for a fee.
Merchandising Business A business that buys finished products and resells them to customers.
Manufacturing Business A business that buys raw materials, transforms them into finished products, and
then sells the finished products to customers.
Accounting The language of business that consists of planning, recording, analyzing, and
interpreting financial information.
Double Entry Accounting The recording of debit and credit parts of a transaction.
Accountant A person who plans, summarizes, analyzes, and interprets accounting information.
Review 2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Prep | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Matching Principle The accounting principle that requires matching revenues earned with expenses
incurred in the same accounting period.
Accounting Cycle The ten-step process of completing all accounting activities during an accounting
period; from collecting source documents through preparing a post-closing trial
balance.
Proprietorship, Partnership, and Corporation The major forms of business organizations.
Corporation A form of business that consists of an organization with the legal rights of a person
and which may be owned by many people.
Partnership A form of business in which two or more persons combine their assets and skills to
operate the business.
Sole Proprietorship A form of business that is owned by one person.
Service Business A business that provides a service to customers for a fee.
Merchandising Business A business that buys finished products and resells them to customers.
Manufacturing Business A business that buys raw materials, transforms them into finished products, and
then sells the finished products to customers.
Accounting The language of business that consists of planning, recording, analyzing, and
interpreting financial information.
Double Entry Accounting The recording of debit and credit parts of a transaction.
Accountant A person who plans, summarizes, analyzes, and interprets accounting information.
