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5 Written questions

5 Matching questions

  1. Proprietorship
  2. Going concern concept
  3. Opening an account
  4. Permanent accounts
  5. Net income
  1. a Accounts used to accumulate information from one fiscal period to the next.
  2. b The difference between total revenue and total expenses when total revenue is greater.
  3. c Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
  4. d Writing the account title and number on the heading of an account.
  5. e A business owned by one person.

5 Multiple choice questions

  1. The length of time of which a business summarizes and reports financial information.
  2. A trial balance prepared after the closing entries are posted.
  3. A proof of the equality of debits and credits in a general ledger.
  4. An amount owed by a business.
  5. Transferring information from a journal entry to a ledger account.

5 True/False questions

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

          

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

          

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

          

  4. General ledgerA group of accounts.

          

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