prepared at the end of an accounting period by adding up all the account balances in your general ledger. The debit balances should equal the credit balances.
TLE 9 Accounting

Quiz
•
Business
•
9th Grade
•
Medium
Joy Luga
Used 16+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
depreciation
accounts payable
journal
trial balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Amounts you have paid in advance to a vendor or creditor for goods or services. A __________ is actually an asset of your business because your vendor or supplier owes you the goods or services.
prepaid insurance
prepaid rent
prepaid expense
prepaid income
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Also called ___________, it represents money you have received in advance of providing a service to your customer. Prepaid income is actually a liability of your business because you still owe the service to the customer.
prepaid insurance
prepaid rent
prepaid income
prepaid accounts payable
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Fixed assets are generally inconvertible to cash within a year. What is NOT a fixed asset among these choices:
Equipment
Vehicles
Accounts Receivable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money invested in the business by the owner/s
Capital
Assets
Liabilities
Income
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the bills your business owes to suppliers
Prepaid Expense
Accounts Receivable
Accounts Payable
Rent
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Special accounting entries that must be made when you close the books at the end of an accounting period
Adjusting Journal
Adjusting Ledger
Adjusting Books
Adjusting Entries
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