Accounting Chapter 8

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 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 ________ of the worksheet.

• Balance Sheet section

• Income Statement section

• Retained Earnings statement

• Trial Balance section

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

• Retained Earnings Statement

• Balance Sheet Section

• Income Statement Section

• Accounts Payable Section

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

The part of the worksheet that answers the questions “who, what, and when?”

• Trial Balance

• Heading

• Matching Principle

• Capital

If there is a net loss for the period, it is entered in the ______ column of the Balance Sheet section of the worksheet.

• Debit

• Credit

This allows a business to match revenue against expenses as a means of measuring profit for the period.

• Matching Principle

• Net Income

• Net Loss

• Capital

This results when revenue is larger than expenses.

• Net Income

• Net Loss

• Ruling

• Capital

This means drawing a line under a column of amount.

• Trial Balance

• Ruling

• Balance Sheet Section

• Heading