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Basic Accounting Terms & Phrases

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the accounting formula?

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1. Which of the following are 'assets?'

2. What term refers to when each transaction has two sides: debit and credit?

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About This Quiz & Worksheet

Accounting is about tracking the financial transactions of an individual or business. Test your knowledge of accounting terminology with these assessments.

Quiz & Worksheet Goals

These assessments will test you on the following:

  • The accounting formula
  • The identification of assets
  • The term for the degree of difficulty in turning an asset into cash
  • The definition of cash flow
  • Equity calculations

Skills Practiced

The following skills will be practiced by students:

  • Information Recall- access the knowledge you've gained regarding the definitions of accounting terminology
  • Knowledge Application- use your knowledge to answer questions about equity
  • Interpreting Information- verify that you can read information regarding the accounting formula and interpret it correctly

Additional Learning

To learn more about accounting terminology, review the accompanying lesson. The following objectives are covered:

  • Define accounting terms
  • Understand liabilities
  • Understand double-entry accounting
  • Differentiate between debit and credit
  • Understand cash flow
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