← Chapter 7 Test
3 Written Questions
3 Multiple Choice Questions
- A financial statement showing the revenue and expenses for a fiscal period.
- A proof of the equality of debits and credit in a general ledger.
- The length of time for which a business summarizes and reports financial information.
2 True/False Questions
work sheet → A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.
net loss → The difference between total revenue and total expenses when total expenses is greater.