Post Test TTM 4 (English)

Preparing a worksheet involves

• Two steps

• Three steps

• Four steps

• Five steps

The adjustments entered in the adjustments columns of a worksheet are

• not journalized

• posted to the ledger but not journalized

• not journalized until after the financial statements are prepared

• journalized before the worksheet is completed

The information for preparing a trial balance on a worksheet is obtained from

• financial statements

• general ledger accounts

• general journal entries

• business documents

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the...

• adjusted trial balance

• post-closing trial balance

• the general journal

• adjustments columns of the worksheet

If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has

• earned net income for the period

• an error because debits do not equal credits

• suffered a net loss for the period

• to make an adjusting entry

A worksheet is a multiple column form that facilitates the..

• identification of events

• measurement process

• preparation of financial statements

• analysis process

Computing net income on the worksheet occurs in step

• Two

• Three

• Four

• Five

A worksheet can be thought of as an...

• permanent accounting record

• optional device used by accountants

• part of the general ledger

• part of the journal

The Supplies account appears in which of the following debit columns of the worksheet?

• Trial balance

• Adjusted trial balance

• Statement of financial position

• All of these answer choices are correct

If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a..

• debit to Retained Earnings

• debit to Dividends

• credit to Retained Earnings

• credit to Dividends