5 Written questions
5 Matching questions
- Owner's equity
- Opening an account
- Objective evidence concept
- a A source document is prepared for each transaction.
- b The amount remaining after the value of all liabilities is subtracted from the value of all assets.
- c Writing the account title and number on the heading of an account.
- d Transferring information from a journal entry to a ledger account.
- e An amount owed by a business.
5 Multiple choice questions
- A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
- The length of time of which a business summarizes and reports financial information.
- A financial statement showing the revenue and total expenses for a fiscal period.
- A ledger that contains all accounts needed to prepare financial statements.
- A group of accounts.
5 True/False questions
Net income → The difference between total revenue and total expenses when total expenses are greater.
Trial balance → A business activity that changes assets, liabilities, or owner's equity.
Permanent accounts → Accounts used to accumulate information from one fiscal period to the next.
Net loss → The difference between total revenue and total expenses when total expenses are greater.
Post-closing trial balance → A proof of the equality of debits and credits in a general ledger.