NAME

Question Types


Start With


Question Limit

of 20 available terms

Advertisement Upgrade to remove ads

5 Written Questions

5 Matching Questions

  1. Permanent accounts
  2. Liability
  3. Owner's equity
  4. General ledger
  5. Temporary accounts
  1. a An amount owed by a business.
  2. b A ledger that contains all accounts needed to prepare financial statements.
  3. c Accounts used to accumulate information until it is transferred to the owner's capital account.
  4. d The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  5. e Accounts used to accumulate information from one fiscal period to the next.

5 Multiple Choice Questions

  1. The difference between total revenue and total expenses when total revenue is greater.
  2. The length of time of which a business summarizes and reports financial information.
  3. Transferring information from a journal entry to a ledger account.
  4. A business activity that changes assets, liabilities, or owner's equity.
  5. A business owned by one person.

5 True/False Questions

  1. Matching expenses with revenue conceptWhen revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

          

  2. Net lossThe difference between total revenue and total expenses when total revenue is greater.

          

  3. Post-closing trial balanceA proof of the equality of debits and credits in a general ledger.

          

  4. Objective evidence conceptA source document is prepared for each transaction.

          

  5. Opening an accountWriting the account title and number on the heading of an account.

          

Create Set