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5 Written questions

5 Matching questions

  1. Proprietorship
  2. Opening an account
  3. Owner's equity
  4. Net income
  5. Permanent accounts
  1. a The difference between total revenue and total expenses when total revenue is greater.
  2. b A business owned by one person.
  3. c Writing the account title and number on the heading of an account.
  4. d The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  5. e Accounts used to accumulate information from one fiscal period to the next.

5 Multiple choice questions

  1. The length of time of which a business summarizes and reports financial information.
  2. Transferring information from a journal entry to a ledger account.
  3. A business activity that changes assets, liabilities, or owner's equity.
  4. When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
  5. Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

5 True/False questions

  1. General ledgerA ledger that contains all accounts needed to prepare financial statements.

          

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

          

  3. LiabilityA group of accounts.

          

  4. Post-closing trial balanceA proof of the equality of debits and credits in a general ledger.

          

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