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5 Written questions

5 Matching questions

  1. Net loss
  2. Owner's equity
  3. Trial balance
  4. Fiscal period
  5. Objective evidence concept
  1. a A source document is prepared for each transaction.
  2. b The difference between total revenue and total expenses when total expenses are greater.
  3. c The length of time of which a business summarizes and reports financial information.
  4. d A proof of the equality of debits and credits in a general ledger.
  5. e The amount remaining after the value of all liabilities is subtracted from the value of all assets.

5 Multiple choice questions

  1. Accounts used to accumulate information until it is transferred to the owner's capital account.
  2. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  3. A trial balance prepared after the closing entries are posted.
  4. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  5. An amount owed by a business.

5 True/False questions

  1. Net incomeThe difference between total revenue and total expenses when total revenue is greater.

          

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

          

  3. ProprietorshipA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

          

  4. Income statementA financial statement showing the revenue and total expenses for a fiscal period.

          

  5. LedgerA group of accounts.

          

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