5 Written questions
5 Matching questions
- Going concern concept
- Opening an account
- Permanent accounts
- Net income
- a Accounts used to accumulate information from one fiscal period to the next.
- b The difference between total revenue and total expenses when total revenue is greater.
- c Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
- d Writing the account title and number on the heading of an account.
- e A business owned by one person.
5 Multiple choice questions
- The length of time of which a business summarizes and reports financial information.
- A trial balance prepared after the closing entries are posted.
- A proof of the equality of debits and credits in a general ledger.
- An amount owed by a business.
- Transferring information from a journal entry to a ledger account.
5 True/False questions
Net loss → The difference between total revenue and total expenses when total revenue is greater.
Income statement → A financial statement showing the revenue and total expenses for a fiscal period.
Work sheet → Transferring information from a journal entry to a ledger account.
General ledger → A group of accounts.
Owner's equity → The amount remaining after the value of all liabilities is subtracted from the value of all assets.