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WorksheetsWorksheet and Adjusting Entries
Total questions: 9
Worksheet time: 5mins
Cash paid for an expense in one fiscal period that is not used until a later period is a
prepaid expense
balance sheet
accounts receivable
deferred liability
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are called
drafts
liabilities
adjustments
correcting entries
The Balance Sheet reports the value of
A. assets
B. liabilities
C owner's equity
D, income
A, B and C
A financial statement showing the revenue and expenses for a fiscal period is the
balance sheet
trial balance worksheet
Income statement
adjusting entries
The difference between revenue and expense, when expenses > revenue is called a
Net Income
Net Loss
Reconciled Balance
Gross Revenue
The difference between revenue and expense, when revenue> expenses is called a(n)
Net Loss
Net Income
Gross Revenue
Adjusting Entry
The Ajax Co. Balance Sheet does not have Account Receivable or Accounts Payable line items. This would likely indicate
accrual basis of accounting
cash basis of accounting
an inaccurate income statement
the need for an adjusting entry to owner's equity
Mason Plumbing's cover sheet on their financial statement states the company reports using the accrual accounting method. The Balance Sheet does not have Accounts Receivable or Accounts Payables. This would likely indicate
A. Mason only accepts cash payments and pays everything in cash
B. the balance sheet is not representing all assets and liabilities
C. the balance sheet is reporting assets and liabilities as expected
A or B
All of the above
Maria inventoried the office supply cabinet and determined $267 in supplies have been used in the last month. She will now
A. credit Supply Expense, debit Supplies
B. debit Supply Expense, credit Supplies
C. make a $267 adjusting entries on the Trial Balance Work Sheet
A and C
B and C
