5 Written Questions
5 Matching Questions
- Opening an account
- Net loss
- General ledger
- a Transferring information from a journal entry to a ledger account.
- b A group of accounts.
- c A ledger that contains all accounts needed to prepare financial statements.
- d The difference between total revenue and total expenses when total expenses are greater.
- e Writing the account title and number on the heading of an account.
5 Multiple Choice Questions
- 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 from one fiscal period to the next.
- A business activity that changes assets, liabilities, or owner's equity.
- A source document is prepared for each transaction.
5 True/False Questions
Going concern concept → Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
Fiscal period → A business activity that changes assets, liabilities, or owner's equity.
Post-closing trial balance → A trial balance prepared after the closing entries are posted.
Net income → The difference between total revenue and total expenses when total expenses are greater.
Liability → An amount owed by a business.