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5 Written questions

5 Matching questions

  1. Going concern concept
  2. Transaction
  3. Temporary accounts
  4. Proprietorship
  5. Work sheet
  1. a A business activity that changes assets, liabilities, or owner's equity.
  2. b A business owned by one person.
  3. c Accounts used to accumulate information until it is transferred to the owner's capital account.
  4. d A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  5. e Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

5 Multiple choice questions

  1. An amount owed by a business.
  2. A proof of the equality of debits and credits in a general ledger.
  3. A source document is prepared for each transaction.
  4. The difference between total revenue and total expenses when total revenue is greater.
  5. A trial balance prepared after the closing entries are posted.

5 True/False questions

  1. Owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.


  2. General ledgerA ledger that contains all accounts needed to prepare financial statements.


  3. Fiscal periodThe length of time of which a business summarizes and reports financial information.


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


  5. Income statementA financial statement showing the revenue and total expenses for a fiscal period.


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