poa 04

Preparing a worksheet involves

• two steps
• three steps
• four steps
• five steps

The adjustments entered in the adjustments columns of a worksheet are

• not journalize
• 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

Which of the following companies would be least likely to use a worksheet to facilitate the adjustment process?

• Large company with numerous accounts
• Small company with numerous accounts
• All companies, since worksheets are required under generally accepted accounting principles
• Small company with few accounts

A worksheet can be thought of as a(n)

• permanent accounting record
• optional device used by accountants
• part of the general ledger
• part of the journal

The account, Supplies, will appear in the following debit columns of the worksheet.

• Trial balance
• Adjusted trial balance
• Balance sheet
• All of these

When constructing a worksheet, accounts are often needed that are not listed in the trial balance already entered on the worksheet from the ledger. Where should these additional accounts be shown on the worksheet?

• They should be inserted in alphabetical order into the trial balance accounts already given
• They should be inserted in chart of account order into the trial balance already given
• They should be inserted on the lines immediately below the trial balance totals
• They should not be inserted on the trial balance until the next accounting period