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5 Written questions

5 Matching questions

  1. Net income
  2. Work sheet
  3. Permanent accounts
  4. Opening an account
  5. Net loss
  1. a Writing the account title and number on the heading of an account.
  2. b The difference between total revenue and total expenses when total expenses are greater.
  3. c The difference between total revenue and total expenses when total revenue is greater.
  4. d A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  5. e Accounts used to accumulate information from one fiscal period to the next.

5 Multiple choice questions

  1. A financial statement showing the revenue and total expenses for a fiscal period.
  2. A business owned by one person.
  3. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  4. Accounts used to accumulate information until it is transferred to the owner's capital account.
  5. A ledger that contains all accounts needed to prepare financial statements.

5 True/False questions

  1. LedgerA group of accounts.

          

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

          

  3. TransactionTransferring information from a journal entry to a ledger account.

          

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

          

  5. LiabilityAn amount owed by a business.

          

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