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5 Written questions

5 Matching questions

  1. Transaction
  2. Trial balance
  3. Objective evidence concept
  4. Net loss
  5. Posting
  1. a The difference between total revenue and total expenses when total expenses are greater.
  2. b A source document is prepared for each transaction.
  3. c A proof of the equality of debits and credits in a general ledger.
  4. d Transferring information from a journal entry to a ledger account.
  5. e A business activity that changes assets, liabilities, or owner's equity.

5 Multiple choice questions

  1. The length of time of which a business summarizes and reports financial information.
  2. A business owned by one person.
  3. A ledger that contains all accounts needed to prepare financial statements.
  4. A group of accounts.
  5. The difference between total revenue and total expenses when total revenue is greater.

5 True/False questions

  1. Owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.

          

  2. Work sheetA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

          

  3. Permanent accountsAccounts used to accumulate information from one fiscal period to the next.

          

  4. Income statementA financial statement showing the revenue and total expenses for a fiscal period.

          

  5. Opening an accountWriting the account title and number on the heading of an account.