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CH 8 Accounting

Authored by Scott Wiley

Other

9th - 12th Grade

Used 4+ times

CH 8 Accounting
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements?

Business Entity
Accounting Period Cycle 
Adequate Disclosure
Consistent Reporting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue?

Business Entity
Going Concern 
Matching Expenses with Revenue
Adequate Disclosure

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Information needed for journalizing the adjusting entries is obtained from the 

general ledger account Balance columns
income statement
work sheet's Adjustments column
balance sheet

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After adjusting entries are posted, the supplies account balance will be equal to 

the cost of supplies used during the fiscal period
the cost of the supplies on hand at the end of the fiscal period
zero
none of these

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When revenue is greater than total expenses, resulting in a net income, the income summary account has a 

debit balance 
credit balance 
normal debit balance
normal credit balance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Information needed for recording the closing entries is obtained from the 

general ledger accounts' Debit Balance columns
work sheet's Income Statement and Balance Sheet columns
balance sheet
income statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Summary is 

an asset account
a liability account
a temporary account
a permanent account

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