5 Written questions
5 Matching questions
- Post-closing trial balance
- Trial balance
- a A proof of the equality of debits and credits in a general ledger.
- b A trial balance prepared after the closing entries are posted.
- c A group of accounts.
- d An amount owed by a business.
- e A business owned by one person.
5 Multiple choice questions
- Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
- A ledger that contains all accounts needed to prepare financial statements.
- A financial statement showing the revenue and total expenses for a fiscal period.
- Writing the account title and number on the heading of an account.
- A business activity that changes assets, liabilities, or owner's equity.
5 True/False questions
Fiscal period → The length of time of which a business summarizes and reports financial information.
Owner's equity → A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Net loss → The difference between total revenue and total expenses when total revenue is greater.
Net income → The difference between total revenue and total expenses when total expenses are greater.
Matching expenses with revenue concept → When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.