Statistics for Accounting Terminologies Quiz 1

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General Stats

This quiz has been taken 72 times
The average score is 6 of 15

Answer Stats

Hint	Answer	% Correct
Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE.	Debit	76%
Any owned tangible or intangible object having economic value useful to the owner.	Asset	69%
DEBTS or OBLIGATIONS owed by one entity (DEBTOR) to another entity (CREDITOR) payable in money, goods, or services.	Liability	65%
Charge levied by a governmental unit on income, consumption, wealth, or other basis.	Tax	56%
Positive difference that results from selling products and services for more than the cost of producing these goods.	Profit	53%
ASSET account on a balance sheet representing paper currency and coins, negotiable money orders and checks, bank balances, and certain short-term government securities.	Cash	52%
The recognition of an expense or revenue that has occurred but has not yet been recorded.	Accrual	50%
ASSET provided to a CREDITOR as security for a loan.	Collateral	50%
Financial plan that serves as an estimate of future cost, REVENUES or both.	Budget	29%
In general, agreement by which rights or acts are exchanged for lawful consideration.	Contract	26%
Something spent on a specific item or for a particular purpose.	Expense	26%
Measurable possibility of losing or not gaining value.	Risk	10%
Supplier of goods or services of a commercial nature; may be a manufacturer, importer, or wholesale distributor.	Vendor	8%
The act or an instance of purchasing essential products or services from another COMPANY.	Outsourcing	2%
To misuse or embezzle funds	Defalcation	0%

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