Test Memorization

Match accounting, accounting system, and financial statements to their correct definitions in a word-bank exercise.

Match net worth statement, asset, liability, and personal net worth to their correct definitions in a word-bank exercise.

Distinguish equity, equities, and owner's equity by the financial rights or values each term represents.

Match ethics, business ethics, service business, proprietorship, business plan, and GAAP to their correct definitions in a word-bank exercise.

Use the accounting equation to identify the relationship among assets, liabilities, and owner's equity.

Match transaction, account, account title, and account balance to their correct definitions in a word-bank exercise.

Distinguish a capital account from a creditor based on their roles in a business's accounting records.

Match revenue, sale on account, expense, and withdrawals to their correct definitions and distinguish their effects on a business.