, Business - Accounting II of VII pages
Circle the letter of the Definition that corresponds to the displayed Term.
1. Accounting system
A: Anything of value that is owned
B Is a planned process designed to compile financial data and summarize the results in accounting
C: The difference between personal assets and personal liabilities
D: is interest paid on an original amount deposited in a bank plus any interest that has been paid.
2. Account title
A: The equation showing the relationship among assets, liabilities, and owner’s equity
B: Accountants call any business activity that changes assets, liabilities, or owner’s equity
C The name given to an account is called
D: Financial reports that summarize the financial condition and operations of a business
3. Accounting equation
A: An increase in equity resulting from the sale of goods or services
B: A business that performs an activity for a fee
C: The difference between personal assets and personal liabilities
D The equation showing the relationship among assets, liabilities, and owner’s equity
4. Accounting
A: Financial rights to the assets of a business
B: A person or business to whom a liability is owed
C: A formal report that shows what an individual owns, what an individual owes, and the difference
D Is the process of planning, recording, analyzing and interpreting financial information
5. Revenue
A: The equation showing the relationship among assets, liabilities, and owner’s equity
B: An account used to summarize the owner’s equity in a business
C An increase in equity resulting from the sale of goods or services
D: A person or business to whom a liability is owed
6. Account
A A record that summarizes all the transactions pertaining to a single item in the accounting equation
B: The equation showing the relationship among assets, liabilities, and owner’s equity
C: The use of ethics in making business decisions
D: The equation showing the relationship among assets, liabilities, and owner’s equity
Business - 2024/25 2024/2025 Edition
Circle the letter of the Definition that corresponds to the displayed Term.
1. Accounting system
A: Anything of value that is owned
B Is a planned process designed to compile financial data and summarize the results in accounting
C: The difference between personal assets and personal liabilities
D: is interest paid on an original amount deposited in a bank plus any interest that has been paid.
2. Account title
A: The equation showing the relationship among assets, liabilities, and owner’s equity
B: Accountants call any business activity that changes assets, liabilities, or owner’s equity
C The name given to an account is called
D: Financial reports that summarize the financial condition and operations of a business
3. Accounting equation
A: An increase in equity resulting from the sale of goods or services
B: A business that performs an activity for a fee
C: The difference between personal assets and personal liabilities
D The equation showing the relationship among assets, liabilities, and owner’s equity
4. Accounting
A: Financial rights to the assets of a business
B: A person or business to whom a liability is owed
C: A formal report that shows what an individual owns, what an individual owes, and the difference
D Is the process of planning, recording, analyzing and interpreting financial information
5. Revenue
A: The equation showing the relationship among assets, liabilities, and owner’s equity
B: An account used to summarize the owner’s equity in a business
C An increase in equity resulting from the sale of goods or services
D: A person or business to whom a liability is owed
6. Account
A A record that summarizes all the transactions pertaining to a single item in the accounting equation
B: The equation showing the relationship among assets, liabilities, and owner’s equity
C: The use of ethics in making business decisions
D: The equation showing the relationship among assets, liabilities, and owner’s equity
Business - 2024/25 2024/2025 Edition
