A work sheet always covers a period of one month

• true

• false

A net loss decreases the balance in the owner's equity account

• True

• False

A net income for the period is the amount left after the expenses for the period have been subtracted from revenue.

• True

• False

Account names are listed on the work sheet in alphabetical order.

• True

• False

A net loss for the period is entered in the debit column of the Balance Sheet section.

• True

• False

Amounts from the Trial Balance section are extended first to the Income Statement section.

• True

• False

Total expenses for the period are reflected in the totals of the credit column of the Income Statement section and the credit column of the Balance Sheet section

• True

• False

All liability accounts are listed in the credit column of the Income Statement section

• True

• False

The Trial Balance section will have entries for all accounts in the general ledger including those with zero balances.

• True

• False

All asset accounts are extended to the Balance Sheet section

• True

• False