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WorksheetsAccounting Chapter 6
Total questions: 21
Worksheet time: 13mins
Name
Class
Date
1.
Only accounts with a balance are listed in the Trial Balance columns of a work sheet.
a)
True
b)
False
2.
Adjusting entries must be posted to the general ledger accounts.
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.
Two financial statements are prepared from the information on the work sheet.
a)
True
b)
False
5.
If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a transposed number.
a)
True
b)
False
6.
When the Income Statement Debit column total is greater than the Income Statement Credit column total on a work sheet, the business has a net income.
a)
True
b)
False
7.
Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.
a)
True
b)
False
8.
If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.
a)
True
b)
False
9.
The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.
a)
True
b)
False
10.
The amount of the supplies used during a fiscal period is an expense.
a)
True
b)
False
11.
Reporting income when it is earned and expenses when they are incurred.
a)
cash basis of accounting
b)
accrual basis of accounting
c)
income basis of accounting
d)
balance basis of accounting
12.
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period.
a)
adjustments
b)
alignments
c)
balances
d)
expenses
13.
The difference between total revenue and total expenses when total revenue is greater.
a)
Netting it All
b)
Net Loss
c)
Net Income
d)
Revenue
14.
The length of time for which a business summarizes financial information and reports its financial performance.
a)
fiscal period
b)
fiscal stage
c)
full year
d)
trial balance
15.
Reporting income when cash is received and expenses when cash is paid.
a)
income statement
b)
net income
c)
accrual basis of accounting
d)
cash basis of accounting
16.
A columnar accounting form used to summarize the general ledger information needed to p prepare financial statements.
a)
balance sheet
b)
income statement
c)
worksheet
d)
trial balance
17.
Journal entries recorded to update general ledger accounts at he end of a fiscal period.
a)
adjusting entries
b)
controlled entries
c)
balance sheet
d)
income statement
18.
Cash paid for an expense in one fiscal period that is not used until a later period.
a)
prepaid expense
b)
prepaid insurance
c)
accrued expense
d)
worksheet
19.
A financial statement showing the revenue and expenses for a fiscal period.
a)
balance sheet
b)
income statement
c)
worksheet
d)
fiscal period
20.
A proof of the equality of debits and credits in a general ledger.
a)
net income
b)
trial entry
c)
income statement
d)
trial balance
21.
The difference between total revenue and total expenses when total expenses are greater.
a)
income statement
b)
net income
c)
net loss
d)
work sheet
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