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5 Written questions

5 Matching questions

  1. Post-closing trial balance
  2. Trial balance
  3. Opening an account
  4. Posting
  5. Net income
  1. a Transferring information from a journal entry to a ledger account.
  2. b A proof of the equality of debits and credits in a general ledger.
  3. c The difference between total revenue and total expenses when total revenue is greater.
  4. d A trial balance prepared after the closing entries are posted.
  5. e Writing the account title and number on the heading of an account.

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. The length of time of which a business summarizes and reports financial information.
  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. A ledger that contains all accounts needed to prepare financial statements.

5 True/False questions

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

          

  2. Owner's equityA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

          

  3. Permanent accountsAccounts used to accumulate information from one fiscal period to the next.

          

  4. TransactionTransferring information from a journal entry to a ledger account.

          

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