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3 Written questions

3 Multiple choice questions

  1. A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.
  2. A financial statement that reports assets, liabilities, and owner's equity on a specific date.
  3. Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.

2 True/False questions

  1. fiscal periodA proof of the equality of debits and credit in a general ledger.


  2. net lossThe difference between total revenue and total expenses when total expenses is greater.