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WorksheetsFinancial Statements
Total questions: 12
Worksheet time: 6mins
Which information is not included in the work sheet heading?
The period covered
Name of the accounting form
Business name
Accountant's name
Asset, liability and equity accounts are extended to
balance sheet section
income statement section
retained earnings
trial balance
Revenue and expense accounts are extended to
retained earning statement
balance sheet section
income statement
accounts payable section
How does net loss affect owner's equity?
increases
decreases
no change
indirectly
Temporary accounts are
revenue and expense
assets
capital
cash in bank
Mistakes in the General Journal are corrected this way before posting?
cross out the error with a single line
make a correcting entry
erase it
start over on a new sheet
What is the purpose of the (Step #5) Trial Balance Sheet?
prove the Cash in Bank account is correct
Check the Owner's Equity
prove that the Ledger Debits and Credits are equal
make the accountant earn their paycheck
Transferring Information from the general journal to the ledger accounts is known as________?
posting
copying
extending
calculating
Moving the accounts from one side of the worksheet (Step #6) to either the income statement or balance sheet is called__________?
posting
extending
mending
ruling
When revenue > expenses, then there is a
Net Loss
mistake in the math
Net Income
transposition error
The worksheet with the Trail Balance, Income Statement and Balance Sheet is known as a ___________?
General Journal
Ledger
Source Document
Six-Column Work sheet
A double ruled line under a balance means
My pencil is broken
There is no more to be done on this balance
adding and subtracting is needed
accounts payable
