study guide 1\nname david gohre\npart one—identifying accounting terms\ndirections: select the one term in…

study guide 1\nname david gohre\npart one—identifying accounting terms\ndirections: select the one term in column i that best fits each definition in column ii. print the letter identifying your choice in the answers column.\ncolumn i\na. account\nb. account balance\nc. account title\nd. accounting\ne. accounting equation\nf. accounting system\ng. asset\nh. business ethics\ni. business plan\nj. capital account\nk. creditor\nl. equities\nm. equity\nn. ethics\no. expense\np. financial statements\nq. gaap\nr. liability\ns. net worth statement\nt. owner’s equity\nu. personal net worth\ncolumn ii\n1. the process of planning, recording, analyzing, and interpreting financial information. (p. 6)\n2. a planned process designed to compile financial data and summarize the results in accounting records and reports. (p. 6)\n3. financial reports that summarize the financial condition and operations of a business. (p. 6)\n4. a formal report that shows what an individual owns, what an individual owes, and the difference between the two. (p. 7)\n5. anything of value that is owned. (p. 7)\n6. an amount owed. (p. 7)\n7. the difference between personal assets and personal liabilities. (p. 7)\n8. the difference between assets and liabilities. (p. 7)\n9. the principles of right and wrong that guide an individual in making decisions. (p. 8)\n10. the use of ethics in making business decisions. (p. 8)\n11. a business that performs an activity for a fee. (p. 10)\n12. a business owned by one person. (p. 10)\n13. a formal written document that describes the nature of a business and how it will operate. (p. 10)\n14. generally accepted accounting principles. the standards and rules that accountants follow while recording and reporting financial activities. (p. 11)\n15. financial rights to the assets of a business. (p. 13)\n16. the amount remaining after the value of all liabilities is subtracted from the value of all assets. (p. 13)\n17. the equation showing the relationship among assets, liabilities, and owner’s equity. (p. 13)\n18. any business activity that changes assets, liabilities, or owner’s equity. (p. 14)\n19. a record that summarizes all the transactions pertaining to a single item in the accounting equation. (p. 14)\n20. the name given to an account. (p. 14)\n21. the difference between the increases and decreases in an account. (p. 14)\nanswers\n1. d\n2. \n3. p\n4. \n5. \n6. \n7. \n8. \n9. \n10. \n11. \n12. \n13. \n14. \n15. \n16. \n17. \n18. \n19. \n20. \n21. \nchapter 1 starting a proprietorship: changes that affect the accounting equation • 1\n© 2014 cengage learning. all rights reserved. may not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

study guide 1\nname david gohre\npart one—identifying accounting terms\ndirections: select the one term in column i that best fits each definition in column ii. print the letter identifying your choice in the answers column.\ncolumn i\na. account\nb. account balance\nc. account title\nd. accounting\ne. accounting equation\nf. accounting system\ng. asset\nh. business ethics\ni. business plan\nj. capital account\nk. creditor\nl. equities\nm. equity\nn. ethics\no. expense\np. financial statements\nq. gaap\nr. liability\ns. net worth statement\nt. owner’s equity\nu. personal net worth\ncolumn ii\n1. the process of planning, recording, analyzing, and interpreting financial information. (p. 6)\n2. a planned process designed to compile financial data and summarize the results in accounting records and reports. (p. 6)\n3. financial reports that summarize the financial condition and operations of a business. (p. 6)\n4. a formal report that shows what an individual owns, what an individual owes, and the difference between the two. (p. 7)\n5. anything of value that is owned. (p. 7)\n6. an amount owed. (p. 7)\n7. the difference between personal assets and personal liabilities. (p. 7)\n8. the difference between assets and liabilities. (p. 7)\n9. the principles of right and wrong that guide an individual in making decisions. (p. 8)\n10. the use of ethics in making business decisions. (p. 8)\n11. a business that performs an activity for a fee. (p. 10)\n12. a business owned by one person. (p. 10)\n13. a formal written document that describes the nature of a business and how it will operate. (p. 10)\n14. generally accepted accounting principles. the standards and rules that accountants follow while recording and reporting financial activities. (p. 11)\n15. financial rights to the assets of a business. (p. 13)\n16. the amount remaining after the value of all liabilities is subtracted from the value of all assets. (p. 13)\n17. the equation showing the relationship among assets, liabilities, and owner’s equity. (p. 13)\n18. any business activity that changes assets, liabilities, or owner’s equity. (p. 14)\n19. a record that summarizes all the transactions pertaining to a single item in the accounting equation. (p. 14)\n20. the name given to an account. (p. 14)\n21. the difference between the increases and decreases in an account. (p. 14)\nanswers\n1. d\n2. \n3. p\n4. \n5. \n6. \n7. \n8. \n9. \n10. \n11. \n12. \n13. \n14. \n15. \n16. \n17. \n18. \n19. \n20. \n21. \nchapter 1 starting a proprietorship: changes that affect the accounting equation • 1\n© 2014 cengage learning. all rights reserved. may not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Answer

Brief Explanations:

Match each accounting - related definition in Column II with the appropriate term in Column I based on accounting concepts and terminologies.

Answer:

  1. F
  2. S
  3. G
  4. R
  5. U
  6. T
  7. N
  8. H
  9. (No match provided in the list, could be a service - based business but no corresponding letter)
  10. (No match provided in the list, could be a sole proprietorship but no corresponding letter)
  11. I
  12. Q
  13. L
  14. M
  15. E
  16. (No match provided in the list, could be a business transaction but no corresponding letter)
  17. A
  18. C
  19. B