WorksheetsAccounting Fall Final Review
Total questions: 19
Worksheet time: 10mins
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 Credit columns.
d. Income Statement Debit and Trial Balance Credit columns.
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept
a. Adequate Disclosure.
b. Going Concern.
c. Objective Evidence.
d. Accounting Period Cycle.
An account number in the journal’s Post. Ref. column shows
a. the account to which an amount is posted.
b. the date of the entry.
c. that work on that journal page is completed.
d. none of these.
A petty cash fund is always replenished
daily
weekly
at the end of the month
none of these
The bank statement shows an account balance of $5,500.00. There are outstanding checks totaling $600.00 and an outstanding deposit of $400.00. The adjusted bank balance should be
a. $5,300.00.
b. $5,700.00.
c. $5,285.00.
On a work sheet, the balance of the Sales 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.
Posting references in a journal are
a. not necessary.
b. the first item recorded when posting.
c. always placed in an account’s Post. Ref. column.
d. the last step in the posting process
The last step in the posting procedure is writing
a. the entry date in the Date column of the account.
b. the journal page number in the Post. Ref. column of the account.
c. the entry amount in the Debit or Credit column of the account.
d. placing the account number in Post. Ref. column of journal.
A lost check with a blank endorsement on it can be cashed by
a. anyone who has the check.
b. only the person whose name follows the words “Pay to the order of.”
c. only the person who endorsed the check.
d. no one.
An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a
a. blank endorsement.
b. special endorsement.
c. restrictive endorsement.
d. deposit endorsement.
Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept
a. Matching Expenses with Revenue.
b. Accounting Period Cycle.
c. Consistent Reporting.
d. Going Concern.
A list of accounts used by a business.
chart of accounts
posting
source document
trial balance
Transferring information from a journal entry to a ledger balance account.
chart of accounts
posting
source document
trial balance
A business paper from which information is obtained for a journal entry.
chart of accounts
posting
source document
trial balance
A proof of the equality of debits and credits in a general ledger.
chart of accounts
posting
source document
trial balance
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
work sheet
service business
revenue
proprietorship
A business that performs an activity for a fee.
work sheet
service business
revenue
proprietorship
An increase in owner’s equity resulting from the operation of a business.
work sheet
service business
revenue
proprietorship
A business owned by one person.
work sheet
service business
revenue
proprietorship
