CH 6 Tutorial QUIZ - Accounting

The length of time for which a business summarizes and reports financial information is called a(n)

• annual reporting period

• fiscal period

• accounting period

• financial period

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called a

• column sheet

• summary sheet

• work sheet

• ledger sheet

Because a work sheet is used as a permanent record, it is prepared in pen or saved on the computer.

• True

• False

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

• trial balance

• proof

• statement

• balance sheet

General ledger account titles are listed on a trial balance

• in the same order as they are listed on the chart of accounts

• in alphabetical order

• in amount order from greatest to least

• in amount order from least to greated

If an account has no balance, its account title is not listed on the trial balance

• True

• False

When a business pays cash for an expense in one fiscal period, but the expense should be reported n the same fiscal period that is used to produce revenue

• True

• False

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

• entries

• corrections

• adjustments

• updates

A financial statement that reports assets, liabilities, and owner's liability is called a(n)

• trial balance

• worksheet

• income statement

• balance sheet

A financial statement showing the revenue and expenses for a fiscal period is called a(n)

• trial balance

• worksheet

• income statement

• balance sheet