DH Chapter 6 Accounting

Front

A net loss is entered in the work sheet's?

Back

Income Statement Credit and Balance Sheet Debit columns

Front

If a pair of work sheet columns do not balance and the difference between the totals is an amount that appears elsewhere on the work sheet, the error is probably

Back

an amount that has not been extended

Front

Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept

Back

Accounting Period Cycle

Front

If the Trial Balance columns are not equal and the difference is 1, the error often is

Back

in addition

Front

Two financial statements are prepared from the information on the work sheet?

Back

True

Front

Journals, ledgers, and work sheets are considered permanent records.

Back

False

Front

Financial information may be reported any time a business needs it?

Back

True

Front

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Back

Balance Sheet

Front

The difference between total revenue and total expenses when total revenue is greater.

Back

Net Income

Front

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

Back

Trial Balance