QUICK STUDY

QS $1-1$

Understanding accounting

C$1$

Choose the term or phrase below that best completes each statement.

a$.$ Accounting

b$.$ Identifying

c$.$ Recording

d$.$ Communicating

e$.$ Governmental

f$.$ Artificial

g$.$ Language of business

h$.$ Recordkeeping $($bookkeeping$)$

$$ helps accountants by performing repetitive tasks such as entering invoice data.

$$ requires that we input, measure, and $log$ transactions and events.

$$ is the recording of transactions and events, either manually or electronically.

QS $1-9$

Determining effects of transactions on equity

P$1$

Determine whether each of the following transactions increases or decreases equity.

a$.$ Owner invested cash in the company.

b$.$ Incurred maintenance expenses.

c$.$ Performed services for a client.

d$.$ Incurred employee wage expenses.