5 Written questions
5 Matching questions
- Matching expenses with revenue concept
- Net income
- Work sheet
- a When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
- b A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
- c The difference between total revenue and total expenses when total revenue is greater.
- d A business activity that changes assets, liabilities, or owner's equity.
- e Transferring information from a journal entry to a ledger account.
5 Multiple choice questions
- The difference between total revenue and total expenses when total expenses are greater.
- A group of accounts.
- A proof of the equality of debits and credits in a general ledger.
- Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
- A financial statement showing the revenue and total expenses for a fiscal period.
5 True/False questions
Opening an account → Writing the account title and number on the heading of an account.
Post-closing trial balance → A trial balance prepared after the closing entries are posted.
Fiscal period → The length of time of which a business summarizes and reports financial information.
Owner's equity → A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Temporary accounts → Accounts used to accumulate information from one fiscal period to the next.