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Accounting Terminologies Quiz 1 - Statistics
General Stats
- This quiz has been taken 280 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 | 79%
|
| Any owned tangible or intangible object having economic value useful to the owner. | Asset | 72%
|
| DEBTS or OBLIGATIONS owed by one entity (DEBTOR) to another entity (CREDITOR) payable in money, goods, or services. | Liability | 65%
|
| Positive difference that results from selling products and services for more than the cost of producing these goods. | Profit | 57%
|
| The recognition of an expense or revenue that has occurred but has not yet been recorded. | Accrual | 56%
|
| Charge levied by a governmental unit on income, consumption, wealth, or other basis. | Tax | 56%
|
| 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 | 49%
|
| ASSET provided to a CREDITOR as security for a loan. | Collateral | 47%
|
| Something spent on a specific item or for a particular purpose. | Expense | 30%
|
| In general, agreement by which rights or acts are exchanged for lawful consideration. | Contract | 29%
|
| Financial plan that serves as an estimate of future cost, REVENUES or both. | Budget | 27%
|
| 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 | 6%
|
| The act or an instance of purchasing essential products or services from another COMPANY. | Outsourcing | 1%
|
| To misuse or embezzle funds | Defalcation | 0%
|
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