Chapter 8 Accounting I Test

The ____ of the worksheet includes all permanent general ledger accounts.

• trial balance section

• income statement section

• net income section

• balance sheet section

A net income or loss will increase or decrease the ___ account.

• Cash

• Capital (owners equity

• accounts payable

• accounts receivable

When the income statement debit column total is greater than the income statement credit column total, a (an)___________occurs.

• net gain

• balance

• net loss

• Income statement

The_____________of the worksheet includes only the temporary general ledger accounts.

• income statement section

• balance sheet section

• trial balance section

• credit

The amount left after expenses for the period have been subtracted from revenue for the period is _________________.

• credit

• dividend

• net income

• Income statement

A net gain is entered in the debit column of the income statement section of the worksheet

• True

• False

A net gain is entered in the debit column of the income statement section of the worksheet.

• True

• False

A net gain is entered in the credit column of the balance sheet section of the worksheet

• True

• False

According to the matching principle, expenses are matched against revenue for the same period.

• True

• False

Transferring balances from the trial balance section is called _________ the balances.

• posting

• extending

• ruling

• jounaling