Worksheet and Adjusting Entries

Front

Cash paid for an expense in one fiscal period that is not used until a later period is a

Back

prepaid expense

Front

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are called

Back

adjustments

Front

The Balance Sheet reports the value of: assets, liabilities, owner's equity.

Back

A, B and C

Front

A financial statement showing the revenue and expenses for a fiscal period is the

Back

Income statement

Front

The difference between revenue and expense, when expenses > revenue is called a

Back

Net Loss

Front

The difference between revenue and expense, when revenue> expenses is called a(n)

Back

Net Income

Front

The Ajax Co. Balance Sheet does not have Account Receivable or Accounts Payable line items. This would likely indicate

Back

cash basis of accounting

Front

Mason Plumbing's cover sheet on their financial statement states the company reports using the accrual accounting method. The Balance Sheet does not have Accounts Receivable or Accounts Payables. This would likely indicate

Back

Mason only accepts cash payments and pays everything in cash or the balance sheet is not representing all assets and liabilities.

Front

Maria inventoried the office supply cabinet and determined $267 in supplies have been used in the last month. She will now: A. credit Supply Expense, debit Supplies; B. debit Supply Expense, credit Supplies; C. make a $267 adjusting entries on the Trial Balance Work Sheet; A and C; B and C

Back

B and C