Introduction to Business

Section 2: Accounting

Self-Checks

1
A review of accounting records and procedures is called a(n) ______ .
A)audit
B)evaluation
C)budget
D)financial plan
2
______ is/are anything of value that is owned or controlled.
A)Assets
B)Equity
C)Belongings
D)Property
3
The total amount of money owed to a business is called ______ .
A)accounts receivable
B)equity
C)anticipated income
D)liabilities
4
Fixed assets are items of value that ______ .
A)are attached to a building
B)have a fixed value
C)are used for collateral
D)will be held for more than one year
5
______ is the present value of an asset less all claims against it.
A)Balance
B)Liability
C)Equity
D)Property
6
Creditors' claims to the assets of a business are called ______ .
A)equities
B)payables
C)liabilities
D)receivables
7
If a company's assets are worth $30,000 and the liabilities against those assets are $20,000, then the owner’s equity equals ______ .
A)$10,000
B)$40,000
C)$20,000
D)$50,000
8
The ______ reflects the accounting equation.
A)balance sheet
B)income statement
C)financial statement
D)statement of cash flow
9
A profit and loss statement is another name for the ______ .
A)balance sheet
B)income statement
C)financial statement
D)statement of cash flow
10
The money that is available to a business at any given time are called ______ .
A)assets
B)liabilities
C)cash flows
D)revenues
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