Accounting Ch.8- The 6 column worksheet

Which information is not contained in the worksheet heading?

• The period covered

• The name of the accounting form

• The business name

• The accountant's name who prepared the worksheet

In what section of the worksheet is the end of the period balance for each account contained?

• The Balance Sheet section

• The Trial Balance section

• The Income Statement section

• The Account Name section

The asset, liability, and owner's equity accounts are extended to the _________ section of the worksheet.

• Balance Sheet

• Income Statement

• Retained Earnings

• Trial Balance

Revenue and expense accounts are listed in the Trial Balance section of the worksheet and in the ___________ section of the worksheet.

• Retained Earnings statement

• Balance Sheet

• Income Statement

• Accounts Payable

The amount of net income for the period is added to the Balance Sheet credit total because it increases the balance in the __________ account.

• accounts receivable

• accounts payable

• asset

• capital

Matching expenses with revenue in the same period gives a reliable measure of profit by showing the value of resources used to produce revenue.

• True

• False

_______ is the amount of revenue that remains after expenses for the period have been subtracted.

• Net loss

• Net income

• matching principle

• Ruling

A ___________ is what happens when the total of expenses are more than the total revenue.

• net income

• worksheet

• net loss

• matching principle

Which column is Store Equipment's balance extended to?

• Income Statement

• Balance Sheet

Which column is Rent Expense's balance extended to?

• Income Statement

• Balance Sheet