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5 Written questions

5 Matching questions

  1. Post-closing trial balance
  2. Trial balance
  3. Liability
  4. Ledger
  5. Proprietorship
  1. a A proof of the equality of debits and credits in a general ledger.
  2. b A trial balance prepared after the closing entries are posted.
  3. c A group of accounts.
  4. d An amount owed by a business.
  5. e A business owned by one person.

5 Multiple choice questions

  1. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  2. A ledger that contains all accounts needed to prepare financial statements.
  3. A financial statement showing the revenue and total expenses for a fiscal period.
  4. Writing the account title and number on the heading of an account.
  5. A business activity that changes assets, liabilities, or owner's equity.

5 True/False questions

  1. Fiscal periodThe length of time of which a business summarizes and reports financial information.

          

  2. Owner's equityA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

          

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

          

  4. Net incomeThe difference between total revenue and total expenses when total expenses are greater.

          

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

          

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