5 Written Questions

1. An amount recorded on the left side of a T Account.
2. The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
3. the name given to an account.
4. changes in financial information are reported for a specific period of time in the form of financial statements.
5. revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

5 Matching Questions

1. Chart of Accounts
2. Opening an Account
3. Business Entity Concept
4. Account Number
5. Accounting Equation

1. a writing an account title and number on the heading of an account.
2. b An equation showing the relationship among assets, liabilities, and owner's equity.
3. c financial information is recorded and reported separately from the owner's personal financial information.
4. d A list of accounts used by a business.
5. e The number assigned to an account.

5 Multiple Choice Questions

1. a proof of the equality of debits and credits in a general ledger.
   1. Liability
   2. Account Balance
   3. Trial Balance
   4. Transaction
2. a business owned by one person.
   1. Credit
   2. Proprietorship
   3. Equities
   4. Capital
3. an organized summary of a business's financial activities.
   1. Accounting Record
   2. Accounting Cycle
   3. Account Number
   4. Accounting System
4. the amount remaining after the value of all liabilities is subtracted from the value of all assets.
   1. Correcting Entry
   2. Credit
   3. Work Sheet
   4. Owner's Equity
5. the length of time for which a business summarizes and reports financial information.
   1. Fiscal Period
   2. General Ledger
   3. Transaction
   4. Capital

5 True/False Questions

1. Equities → the account used to summarize the owner's equity in a business.

   True        False

2. Permanent Accounts → accounts used to accumulate information until it is transferred to the owner's capital account.

   True        False

3. Credit → an entry to the right side of a T account.

   True        False

4. Adequate Disclosure Concept → financial statements that contain all information necessary to understand a business's financial condition.

   True        False

5. Capital → the account used to summarize the owner's equity in a business.

   True        False