Basic Accounting Terms & Phrases


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?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which of the following are 'assets?'

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

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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