Accounting Exam Guide Questions And Answers 2025

Accounting Exam Guide
Questions And Answers
2025-2026 GRADED A+

Accounting - ANS-planning, recording, analyzing, and interpreting financial
information for a fiscal period


Proprietorship - ANS-a businss owned by one person


Service Business - ANS-a business that performs an activity for a fee


Accounting Equation - ANS-Assets = Liablities + Owner's Equity


Equities - ANS-financial rights to the assets of a business


T-accounts - ANS-an accounting device used to analyze transactions


Balance Sheet - ANS-financial statement that reports assests, liabilties, and
owner's equity on a specific date


Revenue - ANS-an increase in owner's equity resulting from the operation of a
business


Expense - ANS-a decrease in owner's equity resulting from the operation of a
business


Withdrawls - ANS-assets taken out of a business for the owner's personal use


Normal Balance Side - ANS-the side of the account that is increased