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5 Written Questions

5 Matching Questions

  1. Opening an account
  2. Ledger
  3. Posting
  4. Net loss
  5. General ledger
  1. a Transferring information from a journal entry to a ledger account.
  2. b A group of accounts.
  3. c A ledger that contains all accounts needed to prepare financial statements.
  4. d The difference between total revenue and total expenses when total expenses are greater.
  5. e Writing the account title and number on the heading of an account.

5 Multiple Choice Questions

  1. A business owned by one person.
  2. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  3. Accounts used to accumulate information from one fiscal period to the next.
  4. A business activity that changes assets, liabilities, or owner's equity.
  5. A source document is prepared for each transaction.

5 True/False Questions

  1. Going concern conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

  2. Fiscal periodA business activity that changes assets, liabilities, or owner's equity.

          

  3. Post-closing trial balanceA trial balance prepared after the closing entries are posted.

          

  4. Net incomeThe difference between total revenue and total expenses when total expenses are greater.

          

  5. LiabilityAn amount owed by a business.

          

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