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5 Written questions

5 Matching questions

  1. Opening an account
  2. Proprietorship
  3. Trial balance
  4. Posting
  5. Transaction
  1. a A proof of the equality of debits and credits in a general ledger.
  2. b Transferring information from a journal entry to a ledger account.
  3. c A business owned by one person.
  4. d Writing the account title and number on the heading of an account.
  5. e A business activity that changes assets, liabilities, or owner's equity.

5 Multiple choice questions

  1. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  2. An amount owed by a business.
  3. Accounts used to accumulate information until it is transferred to the owner's capital account.
  4. A source document is prepared for each transaction.
  5. The length of time of which a business summarizes and reports financial information.

5 True/False questions

  1. Owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.

          

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

          

  3. Work sheetTransferring information from a journal entry to a ledger account.

          

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

          

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

          

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