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Accounting Chapter 6 Review

Authored by Lisa Smith

Business

10th - 12th Grade

Used 7+ times

Accounting Chapter 6 Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting period is also known as a fiscal period.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Journals, ledgers, and work sheets are considered permanent records.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All general ledger account titles are listed on a trial balance in the same order as listed on the chart of accounts.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two accounts affected by the adjustment for supplies are Supplies and Supplies Expense.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net income on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total.

True

False

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