5 Written Questions
5 Matching Questions
- Chart of Accounts
- Opening an Account
- Business Entity Concept
- Account Number
- Accounting Equation
- a writing an account title and number on the heading of an account.
- b An equation showing the relationship among assets, liabilities, and owner's equity.
- c financial information is recorded and reported separately from the owner's personal financial information.
- d A list of accounts used by a business.
- e The number assigned to an account.
5 Multiple Choice Questions
- a proof of the equality of debits and credits in a general ledger.
- a business owned by one person.
- an organized summary of a business's financial activities.
- the amount remaining after the value of all liabilities is subtracted from the value of all assets.
- the length of time for which a business summarizes and reports financial information.
5 True/False Questions
Equities → the account used to summarize the owner's equity in a business.
Permanent Accounts → accounts used to accumulate information until it is transferred to the owner's capital account.
Credit → an entry to the right side of a T account.
Adequate Disclosure Concept → financial statements that contain all information necessary to understand a business's financial condition.
Capital → the account used to summarize the owner's equity in a business.