3 Written questions
3 Multiple choice questions
- Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
- The difference between total revenue and total expenses when the revenue is greater.
- A financial statement that reports assets, liabilities, and owner's equity on a specific date.
2 True/False questions
income statement → A financial statement showing the revenue and expenses for a fiscal period.
work sheet → A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.