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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. Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
  3. A financial statement showing the revenue and expenses for a fiscal period.

2 True/False questions

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


  2. trial balanceThe difference between total revenue and total expenses when the revenue is greater.