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3 Written questions

3 Multiple choice questions

  1. Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
  2. The difference between total revenue and total expenses when the revenue is greater.
  3. A financial statement that reports assets, liabilities, and owner's equity on a specific date.

2 True/False questions

  1. income statementA financial statement showing the revenue and expenses for a fiscal period.


  2. work sheetA columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.


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