Ch1_Summary_Practice_Test - Ch 1 Summary Practice Test...

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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.
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This note was uploaded on 02/10/2011 for the course ACCOUNTING 101 taught by Professor B.j. during the Summer '07 term at Edmonds Community College.

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Ch1_Summary_Practice_Test - Ch 1 Summary Practice Test...

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