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Worksheets and Adjustments- Chapter 6

Authored by Matthew Miller

Business

9th - 12th Grade

Used 7+ times

Worksheets and Adjustments- Chapter 6
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25 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

trial period

fiscal period

annual report period

audit window

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements

balance sheet

income statement

annual report

work sheet

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A proof of equality of debits and credit in a general ledger

net income/loss

revenue statement

trial balance

adjustment column

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

trial balance

adjusted balance

final balance

adjustments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

balance sheet

income statement

general ledger

work sheet

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

net sales statement

income statement

income summary

annual report

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Net profit

Net sales

Gross profit

Net income

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