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Accounting Ch. 6

Business

10th - 12th Grade

Used 77+ times

Accounting Ch. 6
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The length of time for which a business summarizes and reports financial information.

Year

Fiscal Period

Yearly Period

Accounting Period

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you prepare the __________________, you find out if you have a net income or net loss.

balance sheet

trial balance

adjustments

work sheet

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where do we get the account balances needed for the trial balance of a work sheet?

journal

balance sheet

general ledger

adjustments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________________ update general ledger accounts at the end of a fiscal period.

Adjustments

Trial balances

Journals

Accountants

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which two accounts need adjustments at the end of a fiscal period?

cash; sales

supplies, capital

supplies; prepaid insurance

prepaid insurance, accounts payable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an adjustment, the portions of supplies and prepaid insurance used become ________________ to the business.

expenses

useless

forgotten

assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a balance sheet account?

cash

drawing

sales

supplies

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