Work Sheets - Chapter 7 (I2ACCT)

A proof of the equality of debits and credits in a general ledger

• Trial balance

• Net income

• Net loss

• Proving

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

• Net Income

• Net Loss

• The

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

• Adjustments

• Modifications

• Changes

• All of the Above

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

• Work sheet

• Balance sheet

• Income statement

• General Ledger

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

• Fiscal period

• Annual period

• Annual year

• Fiscal year

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

• Net Loss

• Net Income

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

• Income statement

• Balance Sheet

• Work Sheet

• None of the above

Financial information may be reported any time a business needs it.

• True

• False

Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

• True

• False

The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account.

• True

• False