5 Written Questions
5 Matching Questions
- General ledger
- Income statement
- Opening an account
- Net income
- Post-closing trial balance
- a A financial statement showing the revenue and total expenses for a fiscal period.
- b A trial balance prepared after the closing entries are posted.
- c The difference between total revenue and total expenses when total revenue is greater.
- d A ledger that contains all accounts needed to prepare financial statements.
- e Writing the account title and number on the heading of an account.
5 Multiple Choice Questions
- A proof of the equality of debits and credits in a general ledger.
- Accounts used to accumulate information until it is transferred to the owner's capital account.
- A business activity that changes assets, liabilities, or owner's equity.
- The length of time of which a business summarizes and reports financial information.
- A source document is prepared for each transaction.
5 True/False Questions
Net loss → The difference between total revenue and total expenses when total revenue is greater.
Ledger → A group of accounts.
Posting → A group of accounts.
Owner's equity → The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Proprietorship → Transferring information from a journal entry to a ledger account.