Accounting I 1.00 - 4.00 Review

An equation showing the relationship among assets, liabilities, and owner's equity.

• accounting equation
• adjusting equation
• closing equation
• trial balance equation

A business paper from which information is obtained for a journal entry.

• source document
• balance sheet
• work sheet
• post-closing trial balance

A business that performs an activity for a fee.

• service business
• retail business
• not for profit business
• none of these

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

• work sheet
• trial balance
• balance sheet
• T account

Journal entries used to prepare temporary accounts for a new fiscal period.

• closing entries
• adjusting entries
• balance entries
• none of these

Transferring information from a journal entry to a ledger account.

• posting
• adjusting
• closing
• all of these

A proof of the equality of debits and credits in a general ledger.

• trial balance
• work sheet
• balance sheet
• adjusting entries

A business owned by one person

• proprietorship
• partnership
• corporation
• none of these

A trial balance prepared after the closing entries are posted.

• a post-closing trial balance
• a work sheet
• a trial balance
• all of these

Accounts used to accumulate information until it is transferred to the owner's capital account.

• temporary accounts
• permanent accounts
• adjusting accounts
• none of these