American Accounting Vocabulary

15 Points Per Correct Answer - No time limit  

1. The length of time between financial reports is a fiscal period or fiscal year. True False

2. The official document sent to the government to become a corporation are the Articles of Incorporation. True False

3. If only one person owns a business this is a sole proprietorship. True False

4. What single word can be used to describe the investment that is needed to get a business started? In this context, it is sometimes preceded by the word "seed". Answer: (One Word)

5. Anything that has value for a future period is called an __________ . Answer: (One Word)