Midterm Review Terms
Midterm Review Quiz: Accounting Essentials
Test your knowledge of essential accounting terms and concepts with our engaging midterm review quiz! This quiz covers the fundamentals of accounting, ensuring you're well-prepared for your upcoming assessments.
- 11 carefully crafted questions
- Multiple choice, text, and checkboxes formats
- Track your understanding of key accounting principles
What does GAAP stand for?
Generally Accepted Accounting Principles
General Accounting Accepting Principles
Generally Accounting Principles
Goal of All Accounting Purposes
Debit is always on the ______
Left
Right
Credit is always on the ______
Left
Right
Liabilities
Accounts Payable, Salaries Payable, Interest Payable
Cash
Salaries Payable
Interest Payable
Bank Loans
Includes a description of the accounts sometimes an account number
Chart of Banking
Account table
Chart Of Account
General account
What is a fiscal year?
Jan 1 - Dec 31
July 1 - June 30
Oct 1 - Sep 30
March 1 - Feb 28
Jun 1 - May 30
Dec 1 - Nov 30
What is a CPA
Certified Public Accounting
Corner Public Accounting
Certified Personal Accounting
Certified Person Account
What is a fiscal year?
Assets=liability+owner's equity
A period that company or gov. Uses for accounting purposes and preparing financial statement
Complete record of financial transactions for a company each year
A period of a complete year that a company keeps track to transactions from a company to another company
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