Ch 8 - Accounting Worksheet Quiz

At the end of each fiscal period, Maya, Anika, and Abigail prepare a work sheet for their small business.

• True

• False

Emma, Isla, and Charlotte are working on a group project. They decide to prepare their work sheet in pen. Is this a good practice?

• True

• False

Arjun, Liam, and Avery are working on a project and they listed the account titles on the work sheet in alphabetical order.

• True

• False

Aiden is working on his math homework and notices a double rule under a column of figures. Emma tells him that this means the figures are to be added or subtracted. Is Emma correct?

• True

• False

Elijah started a small business and at the end of the month, he calculated his net income. He found that it is the amount left after all the expenses for the month have been subtracted from his total revenue. Is this statement true?

• True

• False

Emma is learning about accounting and she comes across a statement that says, 'All asset accounts are extended to the Balance Sheet section.' Is this statement true or false?

• True

• False

Michael, Aria, and Benjamin are working on a group project for their accounting class. They are debating whether preparing the work sheet is the sixth step in the accounting cycle. Michael believes this is true. Is he correct?

• True

• False

Liam, Luna, and Aiden are working on a group project for their accounting class. They are currently preparing a Trial Balance. Liam suggests that amounts from the Trial Balance section should be extended first to the Income Statement section. Is Liam's suggestion correct?

• True

• False

David, Hannah, and Rohan are working on the Trial Balance section of their accounting project. They decide to draw a single rule across both amount columns. This means that they have finished entering all the data and no more entries will be made. Is this statement true?

• True

• False

Abigail started a small business. After calculating her expenses and revenue, she found out she had a net loss. This decreases the balance in her capital account.

• True

• False