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Quiz about American Accounting Vocabulary

American Accounting Vocabulary Quiz

Beginning Accounting Vocabulary

A multiple-choice quiz by Benji512. Estimated time: 4 mins.

Author
Benji512

Time
4 mins

Type
Multiple Choice

Quiz #
51,260

Updated
May 30 23

# Qns
5

Difficulty
Tough

Avg Score
3 / 5

Plays
2756

One at a Time - Single Page - Timed Game

Question 1 of 5

1. The length of time between financial reports is a fiscal period or fiscal year.

True

False

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Question 2 of 5

2. The official document sent to the government to become a corporation are the Articles of Incorporation.

True

False

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Question 3 of 5

3. If only one person owns a business this is a sole proprietorship.

True

False

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Question 4 of 5

4. What single word can be used to describe the investment that is needed to get a business started? Hint - the first letter is "C".

Answer: (One Word)

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Question 5 of 5

5. Anything that has value for a future period is called an __________ .

Answer: (One Word)

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Quiz Answer Key and Fun Facts

1. The length of time between financial reports is a fiscal period or fiscal year.

Answer: True

The term 'finanicial year' is used mainly in British English.

2. The official document sent to the government to become a corporation are the Articles of Incorporation.

Answer: True

3. If only one person owns a business this is a sole proprietorship.

Answer: True

4. What single word can be used to describe the investment that is needed to get a business started? Hint - the first letter is "C".

Answer: capital

In accounting, the term "capital" is used to describe the initial investment required to get the business started and thus generate income. "Collateral" is also a valid answer.

5. Anything that has value for a future period is called an __________ .

Answer: asset

Source: Author Benji512

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