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Accounting 1 - Chapter 6

Authored by Michelle Henley

Other

10th - 12th Grade

Used 73+ times

Accounting 1 - Chapter 6
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reporting income when it is earned and expenses when they are incurred.

accrual basis of accounting

cash basis of accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fiscal period consisting of 12 consecutive months

fiscal period

fiscal year

3.

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.

adjusting entries

adjustments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

balance sheet

income statement

trial balance

work sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

net income

net loss

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial statement that reports the value of a business's assets, liabilities, and owner's equity on a specific date.

balance sheet

income statement

trial balance

work sheet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

fiscal period

fiscal year

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