Accounting Ch. 6 Worksheets

The first two columns of the Work Sheet which contain the balances from the _________________.

• Balance Sheet

• General Ledger

• Income Statement

• Journal

A proof of the equality of debits and credits in a general ledger are shown in the first 2 columns of the worksheet called the:

• Trial Balance

• General Ledger

• Adjustments

• Income Statement

Changes recorded on a worksheet to update general ledger account balances are called :

• Trial Balance

• Balance Sheet

• Adjustments

• Income Statement

One of the reasons accountants use a work sheet is to:

• summarize general ledger account balances to prove that debits equal credits.

• separate the journalizing transactions into the correct financial statements.

• keep them busy every day.

• A work sheet is not an accounting form that is used.

The date on a work sheet should be labeled as:

• For Month Ended April 30, 20xx

• April 30, 20xx

The difference between revenue and expenses when revenue is greater.

• net income

• net loss

The difference between revenue and expenses when expenses are greater.

• net income

• net loss

A financial statement that reports assets, liabilities, and owner's equity on a specific date is known as a(n):

• income statement

• general ledger

• balance sheet

• general journal

A period of time for which a business summarizes and reports financial information is a(n):

• accounting cycle

• fiscal period

• calendar year

• school year

The amount of supplies used during the fiscal period will be recorded is what account?

• Supplies

• Insurance

• Supplies Expense

• Insurance Expense