AF Ch 6 Test

The length of time for which a business summarizes and reports financial information.

• Time Period

• Fiscal Period

• Accounting Period

• Pay Period

True or False: Financial information is always summarized and reported at the beginning of the fiscal period.

• False

• True

Columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

• Graph

• Journal

• Ledger

• Worksheet

Which of the following is NOT a reason accountants use a worksheet?

• To plan needed changes to general ledger accounts

• To calculate net income or loss during a fiscal period

• To determine how much employees should get paid during a fiscal year

• To summarize general ledger account balances to prove debits and credits

Which of the following is NOT found in the heading of a worksheet?

• Date of the Report

• Total of the Report

• Name of the Report

• Name of the Business

How should the date be written on a worksheet title?

• For Month Ended.....

• For Day Ended....

• For Time Ended...

• For Week Ended....

True or False: The total of all debit account balances must equal the total of all credit account balances.

• False

• True

Changes recorded on a worksheet to update general ledger accounts at the end of the fiscal period.

• Deletions

• Credits

• Changes

• Adjustments

True or False: A worksheet is used to plan adjustments.

• True

• False

True or False: When making an adjustment to supplies, the accountant must subtract the supplies on hand from the available supplies.

• True

• False