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5 Written questions

5 Matching questions

  1. Transaction
  2. Opening an account
  3. Trial balance
  4. Work sheet
  5. Income statement
  1. a Writing the account title and number on the heading of an account.
  2. b A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  3. c A financial statement showing the revenue and total expenses for a fiscal period.
  4. d A business activity that changes assets, liabilities, or owner's equity.
  5. e A proof of the equality of debits and credits in a general ledger.

5 Multiple choice questions

  1. Transferring information from a journal entry to a ledger account.
  2. A business owned by one person.
  3. Accounts used to accumulate information until it is transferred to the owner's capital account.
  4. An amount owed by a business.
  5. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

5 True/False questions

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

          

  2. LedgerTransferring information from a journal entry to a ledger account.

          

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

          

  4. Owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.

          

  5. General ledgerA ledger that contains all accounts needed to prepare financial statements.

          

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