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5 Written questions

5 Matching questions

  1. Transaction
  2. Expense
  3. correcting entry
  4. sales invoice
  5. Account
  1. a a record summarizing all the information pertaining to a single item in the accounting equation
  2. b a decrease in owner's equity resulting from the operation of a business
  3. c An invoice used as a source document for recording a sale on account
  4. d a journal entry made to correct an error in the ledger
  5. e a business activity that changes assets, liabilities, or owner's equity

5 Multiple choice questions

  1. Anything of value that is owned
  2. a financial statement showing the revenue and expenses for a fiscal period
  3. An amount recorded on the right side
  4. An endorsement restricting further transfer of a check's ownership
  5. transferring information from a journal entry to a ledger account

5 True/False questions

  1. Balance SheetA columnar accounting form used to summarize the general ledger information needed to prepare financial statements

          

  2. CapitalAn amount recorded on the left side

          

  3. debit carda bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

          

  4. Invoicethe principles of right and wrong that guide an individual in making decision

          

  5. Withdrawalsthe principles of right and wrong that guide an individual in making decision

          

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