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5 Written questions

5 Matching questions

  1. Work sheet
  2. Ledger
  3. Owner's equity
  4. Net income
  5. Temporary accounts
  1. a A group of accounts.
  2. b Accounts used to accumulate information until it is transferred to the owner's capital account.
  3. c The difference between total revenue and total expenses when total revenue is greater.
  4. d A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  5. e The amount remaining after the value of all liabilities is subtracted from the value of all assets.

5 Multiple choice questions

  1. A business owned by one person.
  2. A ledger that contains all accounts needed to prepare financial statements.
  3. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  4. Accounts used to accumulate information from one fiscal period to the next.
  5. A proof of the equality of debits and credits in a general ledger.

5 True/False questions

  1. Objective evidence conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

  2. PostingA group of accounts.

          

  3. Matching expenses with revenue conceptWhen revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

          

  4. Net lossThe difference between total revenue and total expenses when total revenue is greater.

          

  5. Income statementA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.