Accounting Work Sheet Quiz

What is the purpose of Consistent Reporting in accounting?

• To follow the same accounting procedures in each period

• To summarize financial information

• To prepare financial statements

• To calculate net income or net loss

What is another term for a fiscal period?

• Financial period

• Fiscal year

• Financial year

• Accounting period

What is the main purpose of a work sheet in accounting?

• To plan changes to general ledger accounts

• To calculate net income or net loss

• To prove that debits equal credits

• To separate account balances for financial statements

Which one is not a main purpose of a work sheet in accounting?

• To plan changes to general ledger accounts

• To calculate net income or net loss

• To prove that debits equal credits

• Adding a heading

Which one is not a main purpose of a work sheet in accounting?

• To calculate net income or net loss

• To prove that debits equal credits

• Separate accounts in order to prepare financial statements

• Consistent reporting

What information is included in the heading of a work sheet?

• Name of the business, name of report, and fiscal year

• Name of the business, name of company, and date of report

• Name of the business, name of report, and date of report

Which accounts are listed in the Trial Balance columns of a work sheet?

• Only accounts with balances

• All general ledger accounts

• Only asset and liability accounts

• Only revenue and expense accounts

What is the main purpose of a work sheet in accounting?

• To plan changes to general ledger accounts

• To calculate net income or net loss

• To prove that debits equal credits

• To separate account balances for financial statements

What is the main purpose of a Trial Balance in accounting?

• To ensure that the total debits equal the total credits

• To calculate net income or net loss

• To prepare financial statements

• To plan changes to general ledger accounts