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5 Written questions

5 Matching questions

  1. Posting
  2. Owner's equity
  3. Opening an account
  4. Liability
  5. Objective evidence concept
  1. a A source document is prepared for each transaction.
  2. b The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  3. c Writing the account title and number on the heading of an account.
  4. d Transferring information from a journal entry to a ledger account.
  5. e An amount owed by a business.

5 Multiple choice questions

  1. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  2. The length of time of which a business summarizes and reports financial information.
  3. A financial statement showing the revenue and total expenses for a fiscal period.
  4. A ledger that contains all accounts needed to prepare financial statements.
  5. A group of accounts.

5 True/False questions

  1. Net incomeThe difference between total revenue and total expenses when total expenses are greater.

          

  2. Trial balanceA business activity that changes assets, liabilities, or owner's equity.

          

  3. Permanent accountsAccounts used to accumulate information from one fiscal period to the next.

          

  4. Net lossThe difference between total revenue and total expenses when total expenses are greater.

          

  5. Post-closing trial balanceA proof of the equality of debits and credits in a general ledger.

          

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