Accounting Review

If an account has no balance, its account title is not listed on the trial balance.

• True
• False

A financial statement showing the revenue and expenses for a fiscal period is called a(n)

• trial balance
• worksheet
• income statement
• balance sheet

Before the work sheet is complete, net income must be calculated and the work sheet must be totaled and ruled.

• True
• False

An accounting device used to analyze transactions

• T Account
• Temporary Accounts
• Trial Balance
• Accounting Equations

A business paper from which information is obtained for a journal entry.

• balance sheet
• t account
• source document
• accounting equation

Blank endorsements should be used when sending checks through the mail.

• True
• False

The value of the prepaid insurance coverage used during a fiscal period is an expense.

• True
• False

Net income on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total.

• True
• False

The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.

• True
• False

An account number in the journal's Post. Ref. column shows

• the account to which an amount is posted.
• The date of the entry.
• that work on that journal page is completed
• none of these.