Definitions Quiz - Block 1

Please wait until after we have started Chapter 3 before you take this quiz.

Instructions:

What: There are 20 terms that you will be asked to match to the proper definition, plus 5 accounts names (such as cash, accounts receivable, accounts payable, revenue, etc.) where you will be asked to state the normal balance (debit or credit) and which financial statement is associated with the account -  for example cash has a normal debit balance and is shown on the balance sheet.

Listing of the Block 1 Definitions. There are flash cards links below that you can use in Materia to help remember these terms. 

Why: In order to be able to measure business transactions, aggregate the data, and then construct the financial statements to communicate with decision-makers (LO1 & LO3*), you need to have a solid foundation in the definitions of the key terms and accounts for Block 1 as well as understanding how the accounts are measured through the accounting equation (i.e. normal balance). Knowing which accounts belong to which financial statement will also help you learn the interrelationships between the financials statements later in the course (LO6*). Additionally, these terms make up approximately 35% of the first exam, so your understanding of them now will also give you a head start on studying for the first exam.

 Evaluation: You have TWO attempts. Webcourses will record your highest score.

*Refers to our Learning Objectives for the course found in the syllabus.

Select the links below for practice flashcards in Materia:

• Block 1 Definition Flash Cards - Part 1
• Block 1 Definitions (Accounts, Financial Statement, and Normal Balance) - Part 2