Accounting 201 Test Questions And Answers
Accounting 201 Test Questions And Answers Accounting - ANSWER- The art of recording, classifying, reporting, and interpreting the financial data of an organization. Accounting equation - ANSWER- An expression in dollar amounts of the equivalency of the assets and equities of an enterprise, stated as Assets=Liabilities+Owner's equity. Accounting principle - ANSWER- A broad rule adopted by the accounting profession as a guide in measuring, recording, and reporting the financial affairs and activities of a business. Account payable - ANSWER- A debt owed to a creditor for goods or services purchases on credit. Account receivable - ANSWER- An amount receivable from a debtor for goods or services sold on credit. Asset - ANSWER- A property or economic resource owned by an individual or enterprise. Balance sheet - ANSWER- A financial report showing the assets, liabilities, and owner's equity of an enterprise on a specefic date. Business entity concept - ANSWER- The idea that a business is separate and distinct from its owner or owners and from every other business.
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