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5 Written questions

5 Matching questions

  1. Permanent accounts
  2. Matching expenses with revenue concept
  3. Income statement
  4. Going concern concept
  5. Net loss
  1. a When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  2. b The difference between total revenue and total expenses when total expenses are greater.
  3. c Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  4. d A financial statement showing the revenue and total expenses for a fiscal period.
  5. e Accounts used to accumulate information from one fiscal period to the next.

5 Multiple choice questions

  1. A business owned by one person.
  2. Transferring information from a journal entry to a ledger account.
  3. A group of accounts.
  4. The difference between total revenue and total expenses when total revenue is greater.
  5. The amount remaining after the value of all liabilities is subtracted from the value of all assets.

5 True/False questions

  1. Temporary accountsAccounts used to accumulate information until it is transferred to the owner's capital account.

          

  2. General ledgerA group of accounts.

          

  3. Opening an accountAccounts used to accumulate information from one fiscal period to the next.

          

  4. Trial balanceA proof of the equality of debits and credits in a general ledger.

          

  5. Fiscal periodAn amount owed by a business.

          

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