Arkansas Accounting Competency Questions 1-15
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Created by:
dmphmo1986 on October 26, 2011
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15 terms
Terms | Definitions |
|---|---|
 Planning, recording, analyzing, and interpreting fininacial information is? | Accounting |
| An economic term that refers to a system in which people have the right to make their own economic system is called? | Free Enterprise |
| John Smith bought a car for $10,000. He sold it immediately for $12,500. The $2,500 he made was considered to be? | Profit |
| An example of a servise business is____. | Smith's Medical Center |
| A business in which two or more persons combine their assets and skills is called a: | Partnership |
| An organization with the legal rights of a person and which may be owned by many people is a___. | Corporation |
| An example of a sole proprietorship is a____. | Mary's Restaurant |
| All invoices and packages slips from suppliers go to John. What is John's occupation? | Accounts Payable Clerk |
| The examination that a candidate must pass to be certified as a CPA is prepared by the: | American Institute of Certified Public Accountants |
| All business transactions are recorded in a common unit of measurment called _____. | The dollar |
| A person with an accounting degree and experience is known as a/an_________. | Accountant |
| To start a new accounting system you would need________. | A list of assets and equities |
| Details about a business's assets and equities are reported on a/an__________. | Balance Sheet |
| A form on which a brief message is written describing an entry is called a/an_______. | Memorandum |
| An accounting equation must be ______ to be correct. | In balance |
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