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5 Written Questions

5 Matching Questions

  1. Trial balance
  2. Post-closing trial balance
  3. Permanent accounts
  4. Liability
  5. General ledger
  1. a Accounts used to accumulate information from one fiscal period to the next.
  2. b An amount owed by a business.
  3. c A ledger that contains all accounts needed to prepare financial statements.
  4. d A proof of the equality of debits and credits in a general ledger.
  5. e A trial balance prepared after the closing entries are posted.

5 Multiple Choice Questions

  1. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  2. The difference between total revenue and total expenses when total revenue is greater.
  3. The length of time of which a business summarizes and reports financial information.
  4. A group of accounts.
  5. A business activity that changes assets, liabilities, or owner's equity.

5 True/False Questions

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

          

  2. Objective evidence conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

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

          

  4. Income statementA financial statement showing the revenue and total expenses for a fiscal period.

          

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

          

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