Accounting Vocabulary Click Quiz - Statistics

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General Stats

This quiz has been taken 330 times
The average score is 11 of 25

Answer Stats

Hint	Answer	% Correct
A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data.	generally accepted accounting principles	63%
A situation wherein an individual or organization can no longer meet financial obligations with lender(s) when their debts come due.	insolvency	63%
Debts that are typically payable over a period of time greater than one year, e.g. a mortgage.	long-term liabilities	60%
A company's total earnings, calculated by subtracting total expenses from total revenues.	net income	58%
A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner or shareholder equity, at a given time.	balance sheet	55%
The practice of allocating or spreading capital investments into varied assets to avoid over-exposure to risk.	diversification	54%
Expenditures that may change from one time period to another, e.g., labor costs.	variable expenses	53%
Debts that are payable within a year.	current liabilities	52%
The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.	accounts payable	51%
Long-term assets likely to provide benefits to a company for more than one year, such as a real estate, land or major machinery.	fixed assets	48%
An incurred expense that hasn’t been paid yet.	accrued expense	46%
Assets that will be converted to cash within one year.	current assets	46%
Business expenditures not directly associated with the production of goods or services, e.g., advertising costs, property taxes or insurance premiums.	operation expenses	44%
A financial statement that is used to summarize a company’s performance and financial position by reviewing revenues, costs and expenses during a specific period of time, such as quarterly or annually.	profit and loss statement	44%
The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.	accounts receivable	41%
A complete record of the financial transactions over the life of a company.	general ledger	41%
Payments (e.g., rent) that will be made on a regular schedule.	fixed expense	40%
The direct expenses related to producing the goods sold by a business.	cost of goods sold	38%
An accounting entry where there is either an increase in assets or a decrease in liabilities on a company's balance sheet.	debit	38%
An accounting entry that may either decrease assets or increase liabilities and equity on the company's balance sheet, depending on the transaction.	credit	36%
A group of securities that behaves similarly in the marketplace.	asset class	32%
A systematic way of recording and reporting financial transactions for a business or organization.	accounting	30%
A financial asset or the value of a financial asset, such as cash or goods.	capital	28%
A business document in which all ledgers are compiled into debit and credit columns in order to ensure a company’s bookkeeping system is mathematically correct.	trial balance	28%
The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.) over a period of time.	cash flow	20%

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