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Candace Benjamin Chapter 1.1
Chapter 1 Facts
151
Accounting
10th Grade
09/06/2006
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Term
What is accounting?
 Definition
Planning, recording system, analyzing and interpreting financial information.
Term
What is an accounting system?
 Definition
A planned process for providing financial information that will be useful to management.
Term
What are accounting records?
 Definition
Organized summaries of a business's financial activities.
Term
What often contributes to business failures or bankruptcy?
 Definition
Inaccurate accounting records
Term
What is a service business?
 Definition
A business that performs an activity for a fee.
Term
What is a proprietorship?
 Definition
A business owned by one person.
Term
What does Encore Music do?
 Definition
They rent office space and the instruments used to teach music lessons.
Term
Assets= liability + Owners Equity

What is an asset?
 Definition
Anything of value that is owned
Term
What are some examples of assets?
 Definition
Cash and supplies
Term
What are equities?
 Definition
Financial rights to the assets of a business.
Term
What is a liability?
 Definition
An amount to own a business.
Term
What is owner's equality?
 Definition
The amount left over after subtracting liabilities from assets.
Term
What is a transaction?
 Definition
A business activity that changes the assets, liabilities, or owner's equality.
Term
What is an account?
 Definition
A record summarizing all the information pertaining to a single item in the accounting equation .
Term
What is an account title?
 Definition
The name given to an account.
Term
What is a Cash account for?
 Definition
The Cash account is used to summarize information about the amount of money the business has available. It is also a asset account.
Term
What is an account balance?
 Definition
The amount in an account.
Term
What is capital?
 Definition
The account used to summarize the owner's equity in a business. It is also an owner's equity account.
Term
What is Encore Music capital account called?
 Definition
It is called Barbara Trevino, Capital. This account summaries the owner's equity in Encore.
Term
1.1- Business Entity-
 Definition
Is applied when a business's financial information is recorded and reported separately from the owners personal financial information.
Term
1-2- Unit of Measurement-
 Definition
Is applied when business transactions are stated in numbers that have common values- which means using a common unit of measurement
Term
1-3- Going Concern-
 Definition
Financial statements are prepared with the expectations that a business will remain in operation indefinitely.
Term
What is a Balance sheet?
 Definition
A financial statement that reports assets, liabilities and owner's equity on a specific date.
Term
What are the major sections of a balance sheet?
 Definition
The fist section is assets, which are on the left side of the accounting equation. And it is also on the left of the balance sheet.
Term
What are the major sections of a balance sheet?
 Definition
The second section is liabilities, and they are on the right side of the accounting equation, which means that they are on the right side of the balance sheet.

The last section is owners' equity. This is also on the right side of the equation so that means it will be on the right side on the balance sheet.
Term
What is currency?
 Definition
All media of exchange circulating in a country.
Term
Classification of money:
 Definition
· Metallic currency- Coins

· Paper currency- Paper money or credit instruments (bonds, checks, even some types of loan papers)

· Government Currency- Money printed by a government.
Bank issued by banks against their reserves.

· Deposit Currency-Includes checks. It's called this because that is how their value is redeemed.

· Bank Currency- Notes issued by banks again their reserves.
Term
How has the meaning of currency changed?
 Definition
Before 1914( 1914-1918 was World War One), many countries had governments that did not issue paper money. Paper money was considered to be notes issued by large banks. However, in the U.S., paper currency meant the money that the government printed, and nothing else. After the war, the idea of a currency took on a broader meaning. It became closer to what it is like today.
Term
Colonial Cash Facts
 Definition
· Coins were the most popular medium exchange.
· Foreign money was very popular.
· The Spanish dollar, called the Real, was the most popular because it had a high silver content.
· Early American coins were imitations of Reals
· There was paper money in the colonies too.
· Most of it consisted of English or other foreign bank notes.
Term
1. Microsoft Office Word is a(n)
 Definition
d. full-featured word processing program that can be used to create and revise professional looking documents easily
Term
2. The main elements of the C are the insertion point, end mark, mouse pointer, rulers, scroll bars, and status bar.
 Definition
c. Word document window
Term
3. The b is a short horizontal line indicating the conclusion of a document.
 Definition
b. end mark
Term
4. In the above figure, the D is a special toolbar that displays a series of names, each of which represents a list of commands that can be used to perform tasks.
 Definition
d. menu bar
Term
5. In the accompanying figure, a d contains buttons, boxes, and menus that allow tasks to be performed more quickly than using the menu bar.
 Definition
d. toolbar
Term
6. A A is not attached to an edge of the Word window; that is, it displays in the middle of the Word window and can be moved anywhere in the window
 Definition
a. floating toolbar
Term
7. When the Language bar is B, it means that you do not see it on the screen but it will be displayed the next time you start your computer
 Definition
b. hidden
Term
8. The A, or typeface, defines the appearance and shape of letters, numbers, and special characters.
 Definition
a. font
Term
9. When Word flags a possible spelling or grammar error, it also changes the mark on the Spelling and Grammar Status icon to a C.
 Definition
c. red X
Term
10. The paragraph mark (¶) is a formatting mark that indicates where the C was pressed
 Definition
c. ENTER key
Term
1. At any point while working with an Excel worksheet, a task pane can be opened or closed by clicking the Task pane command on the _____.
 Definition
b. View menu
Term
2. The active cell can be identified in all of the following ways except _____.
 Definition
d. a block arrow displays in the center of the cell
Term
3. When both the Standard toolbar and Formatting toolbar display on the same row, all of the buttons on either toolbar can be displayed by _____.
 Definition
c. double-clicking the move handle on the left of each toolbar
Term
4. When the Language bar is _____, it means it is displayed on the Windows taskbar.
 Definition
c. minimized
Term
5. The easiest way to select a cell (make it active) is to _____.
 Definition
d. use the mouse to move the block plus sign to the cell and then click
Term
6. To complete an entry into a cell, click the _____.
 Definition
a. Enter box
Term
7. In Excel, a number can contain the characters
 Definition
a. 0 1 2 3 4 5 6 7 8 9
b. + - ( ) , /
c. . $ % E e
d. all of the above
Term
8. When proposing a range of cells to sum using the SUM button, Excel first looks for a range
 Definition
b. above the active cell and then to the left
Term
9. The _____ is the small black square located in the lower-right corner of the heavy border around the active cell
 Definition
b. fill handle
Term
10. When one range is copied to another, Excel displays the _____ that can be used to choose whether to copy the value with formatting, without formatting, or only copy the format
 Definition
c. Auto Fill Options button
Term
11. The _____ defines the appearance and shape of letters, numbers, and special characters.
 Definition
a. font type
Term
12. A character with a point size of 10 is about _____ of an inch in height.
 Definition
c. 10/72
Term
13. To display the AutoFormat dialog box shown in the accompanying figure and format a range automatically, use the AutoFormat command on the _____.
 Definition
c. Format menu
Term
14. In the AutoFormat dialog box shown in the accompanying figure, the Close button or the _____ terminates the current activity and closes the AutoFormat dialog box.
 Definition
a. Cancel button
Term
15. In the AutoFormat dialog box shown in the accompanying figure, the _____ allows additional formats, such as fonts or borders, to be deselected within an autoformat
 Definition
d. Options button
Term
16. The small _____ at the corners and along the sides of the rectangle that encloses an embedded chart indicate the chart is selected
 Definition
a. sizing handles
Term
17. The small box to the right of an embedded column chart contains the legend, which _____.
 Definition
b. identifies the colors assigned to each bar in the chart
Term
18. When Excel is installed on a computer, the default chart type is the 2-D (two-dimensional)
 Definition
b. Column chart
Term
19. When you click the Tools button in the Save As dialog box, the _____ in the list that displays allows you to save a backup copy of the workbook, create a password to limit access to the workbook to be created, and carry out other functions
 Definition
d. General Options command
Term
20. A password entered in the Save As dialog box is _____ and can be up to 15 characters long.
 Definition
c. case-sensitive
Term
21. The _____ can be used to quit Excel
 Definition
a. Close button and Control-menu icon on the menu bar
Term
22. Clicking None at the top of the AutoCalculate shortcut menu _____.
 Definition
a. turns off the AutoCalculate area
Term
23. When a cell containing an error is double-clicked, Excel switches to _____, the active cell contents display in the formula bar, and a flashing insertion point displays in the active cell.
 Definition
a. Edit menu
Term
24. Excel provides the Undo command on the _____ and the Undo button on the Standard toolbar, both of which can be used to erase the most recent cell entries
 Definition
a. Edit menu
Term
25. To clear an entire worksheet, click the _____ and then press the DELETE key.
 Definition
d. Select All button on the worksheet or press CTRL+A
Term
1. A requirements document includes a needs statement, source of data, summary of calculations, and any other special requirements for a worksheet.
 Definition
True
Term
.5. To identify a cell, specify the row number first, followed by the column letter
 Definition
FAlse
Term
2. A new workbook opens with three worksheets, but additional worksheets can be added up to a maximum of 255.
 Definition
T
Term
3. A number above the worksheet grid, also called the row heading, identifies each column.
 Definition
False
Term
4. A letter on the left side of the worksheet grid, also called the column heading, identifies each row.
 Definition
False
Term
. The mouse pointer appears as a block arrow whenever it is located in a cell on the worksheet.
 Definition
FAlse
Term
7. The mouse pointer turns into the block plus sign whenever it is moved outside the worksheet or when cell contents are dragged between rows or columns
 Definition
FAlse
Term
8. Above and to the left of the worksheet window are scroll bars, scroll arrows, and scroll boxes that can be used to move the worksheet window around.
 Definition
FAlse
Term
9. To the right of the sheet tabs at the bottom of the screen is the tab split box, which can be dragged to increase or decrease the view of the sheet tabs.
 Definition
true
Term
10. The menu bar, Standard toolbar, Formatting toolbar, formula bar, and Ask a Question box display at the bottom of the screen, below the worksheet window and above the Windows taskbar.
 Definition
FAlse
Term
11. If a command on a menu with an arrow to its right is pointed to, Excel displays a submenu from which a command can be chosen
 Definition
true
Term
12. When a menu name is clicked on the menu bar, a short menu displays listing all the commands associated with a menu
 Definition
False
Term
13. A full menu lists only the most recently used commands
 Definition
False
Term
14. A dimmed command appears black or bright instead of gray, which indicates it is available for the current selection
 Definition
False
Term
15. A command with a medium blue shading to the left of it on a full menu is called a hidden command because it does not display on a short menu.
 Definition
True
Term
16. The menu bar never changes, regardless of the type of work being done in Excel
 Definition
FAlse
Term
17. Mode indicators, such as Enter and Ready, appear on the status bar and specify the current mode of Excel.
 Definition
True
Term
18. Keyboard indicators, such as CAPS (Caps Lock), NUM (Num Lock), and SCRL (Scroll) show which keys are engaged
 Definition
True
Term
19. To indicate whether commands will be spoken or cell entries dictated, use the Language bar.
 Definition
true
Term
20. Excel positions text right-aligned in a cell, meaning the entry displays to the far right in the cell.
 Definition
false
Term
21. When text is longer than the width of a column, Excel displays the overflow characters in adjacent cells to the right as long as these cells contain no data
 Definition
true
Term
22. If an error is noticed before clicking the Enter box or pressing the ENTER key, use the DELETE key to erase all the characters back to and including the one that is wrong.
 Definition
false
Term
23. Excel treats any combination of numbers, spaces, and nonnumeric characters as numbers.
 Definition
false
Term
24. Text entered in a cell cannot be realigned
 Definition
true
Term
25. When the AutoSum button is clicked, Excel surrounds the proposed cells to sum with a moving border, called a marquee
 Definition
true
Term
26. After clicking the AutoSum button, if Excel proposes the wrong range to sum you can correct it by clicking the Redo button on the Standard toolbar.
 Definition
False
Term
27. When the fill handle is used to copy a cell to adjacent cells, the cell being copied is called the source area or copy area.
 Definition
true
Term
28. When the fill handle is used to copy a cell to adjacent cells, the range of cells receiving the copy is called the destination area or paste area.
 Definition
false
Term
29. If each cell in a selected range is next to a row of numbers, Excel assigns the SUM function to each cell in the selected range when the AutoSum button is clicked.
 Definition
true
Term
30. Regular, bold, underline, and italic are common font types
 Definition
false
Term
31. Excel can display characters in only three font colors: black, red, and blue.
 Definition
false
Term
32. When a color is chosen on the Font Color palette, Excel changes the Font Color button on the Formatting toolbar to the chosen color
 Definition
True
Term
32. When a color is chosen on the Font Color palette, Excel changes the Font Color button on the Formatting toolbar to the chosen color
 Definition
True
Term
32. When a color is chosen on the Font Color palette, Excel changes the Font Color button on the Formatting toolbar to the chosen color
 Definition
True
Term
33. To use the name box to select any cell, click the Name box and enter the cell reference of the cell you want to select.
 Definition
true
Term
34. Excel derives the scale along the vertical axis of a chart, also called the y-axis or value axis, based on the values in the worksheet
 Definition
true
Term
35. With the range to chart selected, click the Chart Wizard button on the Standard toolbar to initiate drawing a chart.
 Definition
true
Term
36. Holding down the CTRL key while dragging a chart’s sizing handles snaps (aligns) the new border to the worksheet gridlines
 Definition
false
Term
37. Excel automatically selects the entries in the topmost row of a chart range as the titles for the horizontal axis of a chart, also called the x-axis or category axis.
 Definition
true
Term
38. Excel offers 14 different chart types
 Definition
true
Term
39. Saving a backup copy of a workbook means that each time a workbook is saved, Excel copies the current version of the workbook on disk to a file with the same name, but with the words, Backup of, appended to the front of the file name
 Definition
true
Term
40. If, when a workbook is saved, a password is assigned but later forgotten, the workbook still can be accessed.
 Definition
false
Term
41. If a print area is not selected, Excel automatically prints all 16,777,216 cells in the worksheet.
 Definition
false
Term
42. To use the AutoCalculate area, select the range of cells containing the numbers you want to check and then double-click the AutoCalculate area to display the shortcut menu.
 Definition
false
Term
43. If a major error is made when typing data into a cell, click the Cancel box in the formula bar or press the ESC key to erase the entire entry, and then reenter the data from the beginning.
 Definition
true
Term
44. When using in-cell editing, to delete a character or adjacent characters you can use the mouse to drag through the character or characters and then press the DELETE key or click the Cut button on the Standard toolbar
 Definition
true
Term
45. In Insert mode, Excel replaces the character to the right of the insertion point with the character typed.
 Definition
false
Term
46. In Overtype mode, Excel inserts the typed character and moves all characters to the right of the typed character one position to the right
 Definition
false
Term
47. The Redo button allows previous actions to be repeated
 Definition
true
Term
48. Press the SPACEBAR to clear a cell
 Definition
false
Term
49. To start a new, blank workbook, click the New button on the Standard toolbar or click the New command on the File menu and begin working on the next workbook.
 Definition
true
Term
50. The Type a question for help box on the right side of the menu bar lets you type free-form questions, phrases, or terms and responds by displaying a list of topics related to the question or terms you entered
 Definition
true
Term
1. __Microsoft Office Excel is a powerful spreadsheet program that allows users to organize data, complete calculations, make decisions, graph data, develop professional looking reports, publish organized data to the Web, and access real-time data from W
 Definition
Microsoft Office Excel
Term
2. When Excel starts, a(n) _taskpane, which is a separate window that enables users to carry out some Excel tasks more efficiently, displays on the screen.
 Definition
taskpane,
Term
3. A new blank workbook called Book1, such as that illustrated in the accompanying figure, is like a notebook and is created when Excel starts
 Definition
blank workbook
Term
4. Inside a workbook, such as that shown in the accompanying figure, are worksheets each of which has a name that displays on a sheet tab at the bottom of the workbook.
 Definition
worksheets
Term
5. The intersection of a row and column in the worksheet in the accompanying figure is a(n) cell which is the basic unit into which data is entered
 Definition
cell
Term
6. The cell reference E5 is a unique address that refers to the cell located at the intersection of column E and row 5, or where the mouse pointer is located in the accompanying figure
 Definition
cell reference
Term
7. In the accompanying figure, cell A1 is designated the active cell because it is the one into which data can be entered.
 Definition
active cell
Term
8. In the accompanying figure, the horizontal and vertical lines on the worksheet itself are called gridlines and make it easier to see and identify each cell.
 Definition
gridlines
Term
9. In the accompanying figure, the portion of the worksheet displayed on the screen is viewed through a(n) worksheet window
 Definition
worksheet window
Term
10. The menu bar is a special toolbar that includes menu names, each of which represents a list of commands.
 Definition
menu bar
Term
11. A(n) menu is a list of commands that can be used to retrieve, store, print, and manipulate data on a worksheet.
 Definition
menu
Term
12. When the mouse pointer is moved over a toolbar button or box, the name of the button or box displays below it in a(n) screentip.
 Definition
screentip
Term
13. When the Standard and Formatting toolbars display on one row, all of the buttons on either toolbar can be displayed by double-clicking the move handle on the left side of each toolbar.
 Definition
move handle
Term
14. As data is typed, Excel displays in the formula bar, and also displays the active cell reference in the Name box on the left
 Definition
formula bar
Term
15. The status bar displays a brief description of the command selected in a menu, the function of the button the mouse pointer is pointing to, or the mode of Excel.
 Definition
status bar
Term
16. The auto calculate area the middle of the status bar can be used in place of a calculator or formula to view the sum, average, or other types of totals of a group of numbers on a worksheet.
 Definition
auto calculate area
Term
17. With office speech recognition installed and a microphone, users can speak the names of toolbar buttons, menus, menu commands, list items, alerts, and dialog box controls, as well as dictate cell entries.
 Definition
office speech recongition
Term
18. If speakers are available, the speech playback functions of Excel can be used to instruct the computer to read a worksheet.
 Definition
speech playback
Term
19. In Excel, any set of characters containing a letter, hyphen (as in a telephone number), or space is considered text.
 Definition
text
Term
20. The autocorrect feature of Excel works behind the scenes, correcting common mistakes when a text entry is completed in a cell.
 Definition
autocorrect feature
Term
21. Excel’s sum function is used to add all of the numbers in a range of cells.
 Definition
sum function
Term
22. A(n) range is a series of two or more adjacent cells in a column or rectangular group or cells.
 Definition
range
Term
23. When cell references are copied, each cell reference that Excel automatically adjusts for the new position is called a(n) relative reference
 Definition
relative reference
Term
24. The heavy border and transparent (blue) background that indicate a selected range is called a(n) see through view.
 Definition
see through view
Term
25. You format a worksheet to emphasize certain entries and make the worksheet easier to read and understand.
 Definition
font size
Term
25. You format a worksheet to emphasize certain entries and make the worksheet easier to read and understand.
 Definition
format
Term
26. The font size specifies the magnitude of the characters on the screen and is gauged by a measurement system called points
 Definition
font size
Term
27. The opposite of merging cells is splitting a merge cell, which is done by selecting a merged cell and clicking the Merge and Center button on the Formatting toolbar
 Definition
splitting a merge cell
Term
28. A(n) autoformat is a built-in collection of formats such as font style, font color, borders, and alignment, which can be applied to a range of cells
 Definition
autoformat
Term
29. A(n) embedded chart is a chart that is drawn on the same worksheet as the data.
 Definition
embedded chart
Term
30. The area of a worksheet where an embedded chart appears is called the chart location
 Definition
chart location
Term
31. A saved workbook is referred to as a(n) file
 Definition
file
Term
32. A printed version of a worksheet is called a(n) hard copy
 Definition
hard copy
Term
33. The range of cells that is chosen to print is called the print area
 Definition
print area
Term
34. An editing procedure called in-cell editing allows the contents of a cell to be edited directly in the cell.
 Definition
in-cell editing
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