5 Written questions
5 Matching questions
- Opening an account
- Trial balance
- Work sheet
- Income statement
- a Writing the account title and number on the heading of an account.
- b A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
- c A financial statement showing the revenue and total expenses for a fiscal period.
- d A business activity that changes assets, liabilities, or owner's equity.
- e A proof of the equality of debits and credits in a general ledger.
5 Multiple choice questions
- Transferring information from a journal entry to a ledger account.
- A business owned by one person.
- Accounts used to accumulate information until it is transferred to the owner's capital account.
- An amount owed by a business.
- When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
5 True/False questions
Net income → The difference between total revenue and total expenses when total revenue is greater.
Ledger → Transferring information from a journal entry to a ledger account.
Fiscal period → A business activity that changes assets, liabilities, or owner's equity.
Owner's equity → The amount remaining after the value of all liabilities is subtracted from the value of all assets.
General ledger → A ledger that contains all accounts needed to prepare financial statements.