3 Written questions
3 Multiple choice questions
- A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.
- A proof of the equality of debits and credit in a general ledger.
- The difference between total revenue and total expenses when the revenue is greater.
2 True/False questions
net loss → The difference between total revenue and total expenses when total expenses is greater.
adjustments → Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.