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5 Written questions

5 Matching questions

  1. Permanent accounts
  2. Posting
  3. Proprietorship
  4. Ledger
  5. Temporary accounts
  1. a Transferring information from a journal entry to a ledger account.
  2. b A business owned by one person.
  3. c Accounts used to accumulate information until it is transferred to the owner's capital account.
  4. d Accounts used to accumulate information from one fiscal period to the next.
  5. e A group of accounts.

5 Multiple choice questions

  1. A ledger that contains all accounts needed to prepare financial statements.
  2. The length of time of which a business summarizes and reports financial information.
  3. A financial statement showing the revenue and total expenses for a fiscal period.
  4. A trial balance prepared after the closing entries are posted.
  5. A proof of the equality of debits and credits in a general ledger.

5 True/False questions

  1. Objective evidence conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

  2. TransactionA business activity that changes assets, liabilities, or owner's equity.

          

  3. Work sheetTransferring information from a journal entry to a ledger account.

          

  4. Matching expenses with revenue conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.

          

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