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5 Written Questions

5 Matching Questions

  1. Temporary accounts
  2. Post-closing trial balance
  3. Net loss
  4. Net income
  5. Liability
  1. a The difference between total revenue and total expenses when total expenses are greater.
  2. b The difference between total revenue and total expenses when total revenue is greater.
  3. c A trial balance prepared after the closing entries are posted.
  4. d An amount owed by a business.
  5. e Accounts used to accumulate information until it is transferred to the owner's capital account.

5 Multiple Choice Questions

  1. The length of time of which a business summarizes and reports financial information.
  2. Transferring information from a journal entry to a ledger account.
  3. A financial statement showing the revenue and total expenses for a fiscal period.
  4. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  5. A ledger that contains all accounts needed to prepare financial statements.

5 True/False Questions

  1. Trial balanceA proof of the equality of debits and credits in a general ledger.

          

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

          

  3. Going concern conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

  4. ProprietorshipTransferring information from a journal entry to a ledger account.

          

  5. TransactionA business activity that changes assets, liabilities, or owner's equity.

          

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