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5 Written questions

5 Matching questions

  1. Objective evidence concept
  2. Liability
  3. General ledger
  4. Owner's equity
  5. Posting
  1. a A source document is prepared for each transaction.
  2. b A ledger that contains all accounts needed to prepare financial statements.
  3. c The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  4. d Transferring information from a journal entry to a ledger account.
  5. e An amount owed by a business.

5 Multiple choice questions

  1. A business activity that changes assets, liabilities, or owner's equity.
  2. A group of accounts.
  3. A proof of the equality of debits and credits in a general ledger.
  4. The length of time of which a business summarizes and reports financial information.
  5. A trial balance prepared after the closing entries are posted.

5 True/False questions

  1. Going concern conceptA financial statement showing the revenue and total expenses for a fiscal period.

          

  2. Income statementA financial statement showing the revenue and total expenses for a fiscal period.

          

  3. Permanent accountsAccounts used to accumulate information until it is transferred to the owner's capital account.

          

  4. Opening an accountAccounts used to accumulate information from one fiscal period to the next.

          

  5. Matching expenses with revenue conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

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