Accounting 1 Chapter 6

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

• Fiscal Period

• Pay Period

• Time Period

• Accounting Period

True or False: Financial information is always summarized and reported at the beginning of the fiscal period.

• True

• False

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

• Worksheet

• Journal

• Ledger

• Graph

Which of the following is NOT a reason accountants use a worksheet?

• To summarize general ledger account balances to prove debits and credits

• To plan needed changes to general ledger accounts

• To calculate the amount of net income or net loss during a fiscal period

• To determine how much employees should get paid during a fiscal year

Which of the following is NOT found in the heading of a worksheet?

• Name of the Business

• Name of the Report

• Date of the Report

• Total of the Report

How should the date be written on a worksheet title?

• For Month Ended.....

• For Day Ended....

• For Time Ended...

• For Week Ended....

True or False: The total of all debit account balances must equal the total of all credit account balances.

• True

• False

True or False: All the account titles are listed, even if some accounts do not have balances.

• True

• False

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

• Adjustments

• Changes

• Credits

• Deletions

True or False: A worksheet is used to plan adjustments.

• True

• False