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Accounting Vocabulary Text Quiz - Statistics
General Stats
- This quiz has been taken 260 times
- The average score is 12 of 25
Answer Stats
| Definition | First Letter | Term | % Correct |
|---|---|---|---|
| A systematic way of recording and reporting financial transactions for a business or organization. | A | Accounting | 79%
|
| 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. (2 words) | B | Balance sheet | 76%
|
| The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered. (2 words) | A | Accounts payable | 75%
|
| The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used. (2 words) | A | Accounts receivable | 72%
|
| An accounting entry that may either decrease assets or increase liabilities and equity on the company's balance sheet, depending on the transaction. | C | Credit | 66%
|
| A company's total earnings, calculated by subtracting total expenses from total revenues. (2 words) | N | Net income | 64%
|
| An accounting entry where there is either an increase in assets or a decrease in liabilities on a company's balance sheet. | D | Debit | 63%
|
| Assets that will be converted to cash within one year. (2 words) | C | Current assets | 52%
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| The direct expenses related to producing the goods sold by a business. (4 words) | C | Cost of goods sold | 51%
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| Debts that are payable within a year. (2 words) | C | Current liabilities | 50%
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| An incurred expense that hasn’t been paid yet. (2 words) | A | Accrued expense | 49%
|
| A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data. (4 words) | G | Generally accepted accounting principles | 43%
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| Business expenditures not directly associated with the production of goods or services, e.g., advertising costs, property taxes or insurance premiums. (2 words) | O | Operation expenses | 43%
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| A complete record of the financial transactions over the life of a company. (2 words) | G | General ledger | 41%
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| Long-term assets likely to provide benefits to a company for more than one year, such as a real estate, land or major machinery. (2 words) | F | Fixed assets | 40%
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| Debts that are typically payable over a period of time greater than one year, e.g. a mortgage. (3 words) | L | Long-term liabilities | 40%
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| Expenditures that may change from one time period to another, e.g., labor costs. (2 words) | V | Variable expenses | 39%
|
| 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. (2 words) | T | Trial balance | 38%
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| The process of allocating or spreading capital investments into varied assets to avoid over-exposure to risk. | D | Diversification | 35%
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| A financial asset or the value of a financial asset, such as cash or goods. | C | Capital | 33%
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| A state whereby an individual or organization can no longer meet financial obligations with lender(s) when their debts come due. | I | Insolvency | 33%
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| Payments (e.g., rent) that will be made on a regular schedule. (2 words) | F | Fixed expense | 30%
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| 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. (4 words) | P | Profit and loss statement | 29%
|
| The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.) over a period of time. (2 words) | C | Cash flow | 27%
|
| A group of securities that behaves similarly in the marketplace. (2 words) | A | Asset class | 15%
|
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