WorksheetsAcct. Ch. 6 Review
Total questions: 22
Worksheet time: 11mins
Name
Class
Date
1.
If an amount is written in an incorrect column on a worksheet, the error should be erased.
a)
True
b)
False
2.
Making adjustments to general ledger accounts is an application of Matching Expenses with Revenue
a)
True
b)
False
3.
Many businesses choose a one-year fiscal period that ends during a period of high business activity.
a)
True
b)
False
4.
If there are errors in the worksheet's Trial Balance, it might be because not all account balances were copied from ledger correctly.
a)
True
b)
False
5.
Net income is calculated by subtracting the Income Statement Credit from the Income Statement Debit column
a)
True
b)
False
6.
Two financial statements are prepared from the information on the work sheet.
a)
True
b)
False
7.
The accounting concept Consistent Reporting is being applied when a business reports revenue per page in one year and hours in the next year.
a)
True
b)
False
8.
When the Income Statement Credit column total is greater than the Income Statement Debit column, the business has a net income
a)
True
b)
False
9.
The value of insurance USED is an expense
a)
True
b)
False
10.
The balance of the supplies account PLUS the value of supplies on hand equals the up-to-date balance
a)
True
b)
False
11.
A financial statement reporting assets, liabilities, and owner's equity on a specific date
a)
Adjustments
b)
Balance Sheet
c)
Fiscal Period
d)
Income Statement
12.
The difference between revenue and expense when revenue is greater
a)
Net Income
b)
Net Loss
c)
Trial balance
d)
Work Sheet
13.
A proof of the equality of debits and credits in a general ledger
a)
Work sheet
b)
Fiscal Period
c)
Net Loss
d)
Trial Balance
14.
A financial statement showing the revenue and expenses for a fiscal period.
a)
Net Loss
b)
Net Income
c)
Income Statement
d)
Balance Sheet
15.
The difference between total revenue and total expenses when expenses are greater
a)
Income Statement
b)
Net Income
c)
Net Loss
d)
Balance Sheet
16.
Changes recorded on a work sheet to update general ledger accounts
a)
Balance Sheet
b)
Adjustments
c)
Income Statement
d)
Net Income
17.
On a work sheet, the balance of the owner's capital account is extended to the
a)
Balance Sheet Debit column
b)
Balance Sheet Credit column
c)
Income Statement Debit column
d)
Income Statement Credit column
18.
Following the same procedures in each accounting period is which accounting concept
a)
Matching Expenses with Revenue
b)
Accounting Period Cycle
Consistent Reporting
Consistent Reporting
c)
Accounting Period Cycle
d)
Going Concern
19.
A net LOSS is entered in the work sheet's
a)
Income Statement Debit and Balance Sheet Credit Columns
b)
Income Statement Credit and Balance Sheet Debit Columns
c)
Balance Sheet Debit and Trial Balance Columns
d)
Income Statement Debit and Trial Balance Credit Column
20.
Recording revenue and expenses associated with earning that revenue is an application of which accounting concept
a)
Matching Expenses with Revenue
b)
Accounting Period Cycle
c)
Consistent Reporting
d)
Going Concern
21.
On a trial balance,
a)
all general ledger account titles are listed
b)
only general ledger accounts that have a balance are listed
c)
only accounts with a debit balance
d)
only accounts with a credit balance
22.
Reporting changes for a specific period of time in the form of financial statements is an application of the accounting concept
a)
Matching Expenses with Revenue
b)
Accounting Period Cycle
c)
Consistent Reporting
d)
Going Concern
100 %
