1) Resources owned by the company that have economic value. a) Revenue recognition b) Accrual basis c) Assets d) Net worth 2) Statement showing a company’s financial position at a specific date. a) Net worth b) Matching principle c) Loss d) Balance sheet 3) Owner’s residual interest after liabilities are deducted from assets. a) Equity b) Accounts payable c) Accounts receivable d) Objectivity principle 4) Costs incurred in the process of earning revenue. a) Earnings per share (EPS) b) Expenses c) Current assets d) Liability 5) Reports revenues, expenses, and profit/loss over a period. a) Income statement b) Reconciliation c) Liability d) Assets 6) Money owed by the company to suppliers or creditors. a) Amortization b) Current assets c) Going concern d) Accounts payable 7) Process of recording and organizing financial transactions. a) Amortization b) Loss c) Bookkeeping d) Reconciliation 8) Allocation of a tangible asset’s cost over its useful life. a) Accounts receivable b) Current liability c) Depreciation d) Equity 9) Allocation of an intangible asset’s cost over its useful life. a) Revenue b) Going concern c) Amortization d) Depreciation 10) Assets expected to be converted into cash within a year. a) Current assets b) Accrual basis c) Loss d) Audit 11) Obligation due within one year. a) Current liability b) Reconciliation c) Liability d) Accrued expense 12) Collection of all accounts used in the accounting system. a) Profit (Net income) b) Ledger c) Amortization d) Bookkeeping 13) Summary showing that total debits equal total credits. a) Accrued expense b) Liability c) Accrual basis d) Trial balance 14) Concept that expenses should be recorded in the same period as related revenues. a) Net worth b) Accrued expense c) Accounts payable d) Matching principle 15) Assumption that a business will continue to operate indefinitely. a) Gross profit b) Expenses c) Going concern d) Equity 16) The excess of total assets over total liabilities. a) Accounts receivable b) Net worth c) Objectivity principle d) Balance sheet 17) Sales revenue minus cost of goods sold. a) Gross profit b) Current assets c) Trial balance d) Amortization 18) Obligation arising from past transactions or events. a) Liability b) Audit c) Revenue d) Ledger 19) Listing of all account titles and numbers used in a company’s ledger. a) Audit b) Chart of accounts c) Gross profit d) Accounts payable 20) When total expenses exceed total revenues. a) Revenue b) Chart of accounts c) Bookkeeping d) Loss 21) Amounts owed to the business by customers. a) Reconciliation b) Matching principle c) Accounts receivable d) Profit (Net income) 22) Method recognizing revenue and expenses when they occur, not when cash changes hands. a) Chart of accounts b) Accounts payable c) Amortization d) Accrual basis 23) Independent review of financial statements for accuracy and compliance. a) Audit b) Current assets c) Accounts payable d) Ledger 24) Profit allocated to each outstanding share of common stock. a) Audit b) Revenue c) Earnings per share (EPS) d) Net worth 25) Comparison of two sets of records to ensure accuracy. a) Earnings per share (EPS) b) Reconciliation c) Current assets d) Accounts payable 26) Ensures information is factual, unbiased, and verifiable. a) Balance sheet b) Audit c) Objectivity principle d) Matching principle 27) Policy defining when revenue is recorded in financial statements. a) Loss b) Revenue recognition c) Objectivity principle d) Earnings per share (EPS) 28) Expense incurred but not yet paid or recorded. a) Current liability b) Balance sheet c) Accrued expense d) Gross profit 29) The excess of total revenues over total expenses. a) Going concern b) Assets c) Profit (Net income) d) Trial balance 30) Total income from sales before any expenses are subtracted. a) Profit (Net income) b) Revenue c) Objectivity principle d) Amortization

Finance Terminology Gameshow T2

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