5 Written questions
5 Matching questions
- Trial balance
- Objective evidence concept
- Net loss
- a The difference between total revenue and total expenses when total expenses are greater.
- b A source document is prepared for each transaction.
- c A proof of the equality of debits and credits in a general ledger.
- d Transferring information from a journal entry to a ledger account.
- e A business activity that changes assets, liabilities, or owner's equity.
5 Multiple choice questions
- The length of time of which a business summarizes and reports financial information.
- A business owned by one person.
- A ledger that contains all accounts needed to prepare financial statements.
- A group of accounts.
- The difference between total revenue and total expenses when total revenue is greater.
5 True/False questions
Owner's equity → The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Work sheet → A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Permanent accounts → Accounts used to accumulate information from one fiscal period to the next.
Income statement → A financial statement showing the revenue and total expenses for a fiscal period.
Opening an account → Writing the account title and number on the heading of an account.