5 Written questions
5 Matching questions
- Permanent accounts
- Temporary accounts
- a Transferring information from a journal entry to a ledger account.
- b A business owned by one person.
- c Accounts used to accumulate information until it is transferred to the owner's capital account.
- d Accounts used to accumulate information from one fiscal period to the next.
- e A group of accounts.
5 Multiple choice questions
- A ledger that contains all accounts needed to prepare financial statements.
- The length of time of which a business summarizes and reports financial information.
- A financial statement showing the revenue and total expenses for a fiscal period.
- A trial balance prepared after the closing entries are posted.
- A proof of the equality of debits and credits in a general ledger.
5 True/False questions
Objective evidence concept → Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
Transaction → A business activity that changes assets, liabilities, or owner's equity.
Work sheet → Transferring information from a journal entry to a ledger account.
Matching expenses with revenue concept → Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
Owner's equity → A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.