5 Written questions
5 Matching questions
- Net income
- Work sheet
- Permanent accounts
- Opening an account
- Net loss
- a Writing the account title and number on the heading of an account.
- b The difference between total revenue and total expenses when total expenses are greater.
- c The difference between total revenue and total expenses when total revenue is greater.
- d A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
- e Accounts used to accumulate information from one fiscal period to the next.
5 Multiple choice questions
- A financial statement showing the revenue and total expenses for a fiscal period.
- A business owned by one person.
- The amount remaining after the value of all liabilities is subtracted from the value of all assets.
- Accounts used to accumulate information until it is transferred to the owner's capital account.
- A ledger that contains all accounts needed to prepare financial statements.
5 True/False questions
Ledger → A group of accounts.
Posting → Transferring information from a journal entry to a ledger account.
Transaction → Transferring information from a journal entry to a ledger account.
Matching expenses with revenue concept → When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
Liability → An amount owed by a business.