5 Written questions
5 Matching questions
- Permanent accounts
- Matching expenses with revenue concept
- Income statement
- Going concern concept
- Net loss
- a When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
- b The difference between total revenue and total expenses when total expenses are greater.
- c Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
- d A financial statement showing the revenue and total expenses for a fiscal period.
- e Accounts used to accumulate information from one fiscal period to the next.
5 Multiple choice questions
- A business owned by one person.
- Transferring information from a journal entry to a ledger account.
- A group of accounts.
- The difference between total revenue and total expenses when total revenue is greater.
- The amount remaining after the value of all liabilities is subtracted from the value of all assets.
5 True/False questions
Temporary accounts → Accounts used to accumulate information until it is transferred to the owner's capital account.
General ledger → A group of accounts.
Opening an account → Accounts used to accumulate information from one fiscal period to the next.
Trial balance → A proof of the equality of debits and credits in a general ledger.
Fiscal period → An amount owed by a business.