ACCOUNTING 1 LONG QUIZ

It is earned when the service is rendered not when cash is collected.

• income

• expenses

• liability

• assets

The trial balance after the closing entries.

• closing trial balance

• closing balance

• closing the books

• post-closing trial balance

A financial statement that involves only the income or revenue and the expenses.

• balance sheet

• statement of financial position

• income statements

• nominal accounts

A principle that tells that the business will never die, and it will live forever.

• quitting concern principle

• going concern principle

• matching principle

• accrual principle

A listing of all the balances of the different accounts as of a given time.

• journal book

• posting to ledger

• trial balance

• adjusted trial balance

A twelve-month period that ends when the business activities are at their lowest level of the annual cycle.

• fiscal period

• natural business year

• calendar year

• interim period

It is also called a permanent account.

• nominal account

• income account

• real account

• expense account

All accounts with postings or entries with or without balances are listed. This kind of Trial Balance is used for auditing purposes.

• trial balance of balances

• adjusted trial balance

• trial balance of totals

• preliminary trial balance

A principle that tells that you need to record the related revenue to the related expenses.

• accrual principle

• going concern principle

• matching principle

• periodicity principle

This statement shows the assets, liabilities, and owner’s equity of the business as of the given date.

• income statement

• financial statement

• statement of cash flow

• statement of financial position