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WorksheetsAccounting 1 - Ch. 6 Review
Total questions: 19
Worksheet time: 6mins
Name
Class
Date
1.
A columnar accounting form used to summarize ledger information to prepare financial statements
a)
A columnar accounting form used to summarize ledger information to prepare financial statements
b)
work sheet
c)
adjustments
d)
balance sheet
2.
Changes recorded on a work sheet to update ledger accounts at the end of a fiscal period.
a)
adjustments
b)
net income
c)
trial balance
d)
work sheet
3.
The length of time for which a business summarizes and reports financial information.
a)
balance sheet
b)
fiscal period
c)
income statement
d)
net income
4.
The difference between total revenue and total expenses when total expenses is greater.
a)
net loss
b)
net income
c)
adjustments
d)
trial balance
5.
A financial statement showing the revenue and expenses for a fiscal period.
a)
income statement
b)
balance sheet
c)
work sheet
d)
trial balance
6.
A proof of the equality of debits and credits in a general ledger.
a)
trial balance
b)
income statement
c)
income statement
d)
work sheet
7.
The difference between total revenue and total expenses when total revenue is greater.
a)
net income
b)
net loss
c)
adjustments
d)
fiscal period
8.
A financial statement the reports assets, liabilities, and owner's equity on a specific date.
a)
income statement
b)
work sheet
c)
balance sheet
d)
net income
9.
Many businesses choose a one-year fiscal period ending during a time of high business activity.
a)
True
b)
False
10.
Adjusting ledger accounts is applying the Matching Expenses with Revenue accounting concept.
a)
True
b)
False
11.
Two financial statements are prepared from the information on the work sheet.
a)
True
b)
False
12.
The value of the prepaid insurance coverage used during a fiscal period is an expense.
a)
True
b)
False
13.
Journals, ledgers, and work sheets are considered permanent records.
a)
True
b)
False
14.
Following the same accounting procedures the same way in each accounting period is
a)
Matching Expenses with Revenue concept
b)
Accounting Period Cycle concept
c)
Consistent Reporting concept
d)
Going Concern concept
15.
Reporting changes in financial info for a specific period in the form of financial statements.
a)
Matching Expenses with Revenue concept
b)
Accounting Period Cycle concept
c)
Consistent Reporting concept
d)
Going Concern concept
16.
On a trial balance,
a)
all general ledger accounts are listed.
b)
only ledger accounts that have balances are listed.
c)
only accounts with debit balances are listed.
d)
only accounts with credit balances.
17.
If the difference between totals is an amount that is elsewhere on the work sheet, it is likely
a)
an error in addition.
b)
an amount that has been written in the wrong column.
c)
an amount that has not been extended.
18.
If the Trial Balance columns are not equal and the difference is 1, the error often is
a)
transposed numbers or a "slide."
b)
in writing an amount in the wrong column.
c)
in posting.
d)
in addition.
19.
Recording revenue and expenses associated with earning that revenue in the same acct period is
a)
the Matching Expenses with Revenue concept.
b)
the Accounting Period Cycle concept.
c)
the Consistent Reporting concept.
d)
the Going Concern concept.
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