QUESTION 1

Match the items below by entering the appropriate code letter in the space provided.

1.Rules for ethical business practices

2.Ownership is limited to one person

3.A separate legal entity under federal or provincial laws

4.Economic events can be identified with a particular reporting entity

5.Consumed assets or services

A. Corporation

B. Reporting Entity Concept

C. Proprietorship

D. Codes of conduct

E. Expenses

QUESTION 2

Match the items below by entering the appropriate code letter in the space provided.

1.The side that increases an account.

2.An accounting record of increases and decreases in specific assets, liabilities, and owner's equity items.

3.Left side of an account.

4.Has a normal credit balance.

5.An entry that involves three or more accounts.

A. Account

B. Debit

C. Compound entry

D. Normal account balance

E. Revenue account

QUESTION 3

Match the items below by entering the appropriate code letter in the space provided.

1.An accounting period of less than 12 months

2.An accounting period of 12 months or 52 weeks

3.Expenses paid before they are incurred

4.Original cost less accumulated depreciation

5.Cash which has been received in advance of services being performed

A. Unearned revenue

B. Carrying amount

C. Interim period

D. Prepaid expenses

E. Fiscal year

QUESTION 4

Match the items below by entering the appropriate code letter in the space provided.

1.A temporary account used to account for owner withdrawals

2.Balance sheet accounts whose balances are carried forward to the next period

3.A temporary account used to close revenues and expenses

4.Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account

5.Obligations expected to be paid after one year

A.Closing entries

B.Non-current liabilities

C.Drawings

D.Income summary

E.Permanent accounts