{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch1_Summary_Practice_Test - Ch 1 Summary Practice Test Name...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch 1 Summary Practice Test Name: Section: Date: Part 1 Instruction Fill in the blank to complete the statement. 1. is the recording function of the accounting process. 2. Assets = + Owner's Equity. 3. The owner's current investment or equity in the assets of a business is called . 4. A list of assets, liabilities, and owner's equity as of a particular date is reported on a 5. create an outward or potential outward flow of asets. 6. Revenue earned on account creates an asset entitled . 7. record personal expenses that are not related to the business. They are a subdivision of owner's equity. 8. The reports how well a business performs for a period of time. 9. The is a report that shows changes in capital. 10. The ending figure for capital from the statement of owner's equity is placed on the Part II Instructions Answer true or false to the following statements. 1. Business transactions are recorded in monetary terms. 2.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 4

Ch1_Summary_Practice_Test - Ch 1 Summary Practice Test Name...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon bookmark
Ask a homework question - tutors are online