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Accounting I (Unit 2b) Vocabulary Words Test

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5 Written Questions

5 Matching Questions

  1. Net loss
  2. Temporary accounts
  3. Permanent accounts
  4. Post-closing trial balance
  5. Objective evidence concept
  1. a Accounts used to accumulate information from one fiscal period to the next.
  2. b A source document is prepared for each transaction.
  3. c The difference between total revenue and total expenses when total expenses are greater.
  4. d Accounts used to accumulate information until it is transferred to the owner's capital account.
  5. e A trial balance prepared after the closing entries are posted.

5 Multiple Choice Questions

  1. A ledger that contains all accounts needed to prepare financial statements.
  2. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  3. A proof of the equality of debits and credits in a general ledger.
  4. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  5. Writing the account title and number on the heading of an account.

5 True/False Questions

  1. ProprietorshipA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

          

  2. Matching expenses with revenue conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

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

          

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

          

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

          

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