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5 Written questions

5 Matching questions

  1. General ledger
  2. Net loss
  3. Owner's equity
  4. Transaction
  5. Objective evidence concept
  1. a A ledger that contains all accounts needed to prepare financial statements.
  2. b A source document is prepared for each transaction.
  3. c The difference between total revenue and total expenses when total expenses are greater.
  4. d The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  5. e A business activity that changes assets, liabilities, or owner's equity.

5 Multiple choice questions

  1. A proof of the equality of debits and credits in a general ledger.
  2. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  3. The difference between total revenue and total expenses when total revenue is greater.
  4. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  5. Accounts used to accumulate information until it is transferred to the owner's capital account.

5 True/False questions

  1. ProprietorshipA business owned by one person.


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


  3. LiabilityAn amount owed by a business.


  4. LedgerA group of accounts.


  5. Permanent accountsAccounts used to accumulate information from one fiscal period to the next.


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