← Chapter 7 Test
3 Written Questions
3 Multiple Choice Questions
- The difference between total revenue and total expenses when the revenue is greater.
- 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.
2 True/False Questions
work sheet → A financial statement that reports assets, liabilities, and owner's equity on a specific date.
balance sheet → A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.