3 Written questions
3 Multiple choice questions
- The length of time for which a business summarizes and reports financial information.
- Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
- A financial statement showing the revenue and expenses for a fiscal period.
2 True/False questions
work sheet → A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.
trial balance → The difference between total revenue and total expenses when the revenue is greater.