Accounting Quiz Bee 4 (True or False)

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

• True

• False

After the net loss is calculated, it should be reflected in the debit column of the Income Statement section and the credit column of the Balance Sheet section.

• True

• False

The work sheet is a working paper and is prepared in pen.

• True

• False

A work sheet always covers a period of one month.

• True

• False

Total expenses for the period are reflected in the total of the credit column of the Income Statement section.

• True

• FALSE

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

• TRUE

• FALSE

A net loss decreases the balance in the owner's capital account.

• TRUE

• FALSE

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

• 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

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

• TRUE

• FALSE