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- 1. Multiple Choice
What is the system of accounting that all US businesses use?
GDP
GAPP
GAAP
General Journal
- 2. Multiple Choice
Documents that summarize your businesses finances...
financial reports
journals
ledgers
income statements
- 3. Multiple Choice
A block of time covered by an accounting report
fiscal year
calendar year
financial period
accounting period
- 4. Multiple Choice
This runs from Jan 1 to Dec 31
accounting period
calendar year
Chinese calendar
fiscal year
- 5. Multiple Choice
An accounting period that runs from Oct 1 - Sept 31
Chinese year
calendar year
fiscal year
seasonal year
- 6. Multiple Choice
Anything of value that a business owns
investments
capital
liabilities
assets
- 7. Multiple Choice
The amount that customers OWE your business is in this
accounts payable
accounts receivable
credit accounts
debit accounts
- 8. Multiple Choice
Examples of these could include buildings or equipment
fixed assets
investments
current assets
purchases
- 9. Multiple Choice
Cash or other items that can be converted into cast quickly
fixed assets
cash assets
quick assets
current assets
- 10. Multiple Choice
The debts of a business
assets
debts
liabilities
equity
- 11. Multiple Choice
The amount your business owes it creditors
balance
accounts payable
accounts receivable
accrual
- 12. Multiple Choice
A list of accounts that a business uses in its operation
general journals
chart of accounts
general accounts
statement of cash flows
- 13. Multiple Choice
Debits
the right side of the account
increase the balance on the revenue account
the left side of the account
decrease the balance on the expense account
- 14. Multiple Choice
The right side of an account
credits
posts
entries
debits
- 15. Multiple Choice
When you record your income when it's received
accrual basis
cash basis
fiscal basis
accounts receivable
- 16. Multiple Choice
When you record income when it's earned
cash basis
accrual basis
earned accouting
fiscal accounting
- 17. Multiple Choice
In accounting a journal is...
a record of important business events
financial statements of the business
a financial diary of the business
also known as a chart of accounts
- 18. Multiple Choice
The process of recording business transactions
journalizing
record keeping
posting
accounting
- 19. Multiple Choice
The process of transferring money into different accounts
journalizing
transactions
switching accounts
posting
- 20. Multiple Choice
A report of revenue, expenses, and net income or loss
statement of cash flows
income statement
balance sheet
profit and loss statement
- 21. Multiple Choice
The most common journal in accounting
general ledger
financial journal
income statement
general journal
- 22. Multiple Choice
This shows a businesses financial picture on a specific date
balance sheet
statement of cash
income statement
fiscal statement
- 23. Multiple Choice
The amount of cash available at any given time
assets
cash flow
credits
revenue
- 24. Multiple Choice
This report tells you how much cash you took in and where it went
income statement
financial report
statement of cash flows
cash receivables
- 25. Multiple Choice
When you record expenses when they are paid
expense report
accrual basis
paid reports
cash basis
- 26. Multiple Choice
When you record expenses when they were incurred
accrual basis
incurred accounting
cash basis
cash receivable
- 27. Multiple Choice
Cash, equipment, or buildings that a business owns can be called this
accounts payable
accounts receivable
equity
assets
- 28. Multiple Choice
The worth of your business is called
capital
current assets
owners equity
liabilities
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