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3 Written questions

3 Multiple choice questions

  1. The length of time for which a business summarizes and reports financial information.
  2. A proof of the equality of debits and credit in a general ledger.
  3. A financial statement that reports assets, liabilities, and owner's equity on a specific date.

2 True/False questions

  1. work sheetA columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.


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