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Chapter 8 - The Worksheet

Total questions: 12

Worksheet time: 6mins

Name
Class
Date
1.

When extending from the worksheet, revenues and expenses go to the

a)

Trial Balance

b)

Income Statement

c)

Balance Sheet

2.

A working paper used to collect information from the general ledger accounts is called a/an

a)

Trial Balance

b)

Work Sheet

c)

Balance Sheet

d)

Income Statement

3.

A net loss is entered as follows:

a)

Debit Trial Balance; Credit Balance Sheet

b)

Debit Income Statement; Credit Trial Balance

c)

Debit Income Statement; Credit Balance Sheet

d)

Debit Balance Sheet; Credit Income Statement

4.

When transferring balances from the Trial Balance of the Work Sheet this is called:

a)

Posting

b)

Journalizing

c)

Extending

5.

Assets, Liabilities and Owner's Equity in the Trial Balance are extended to the

a)

Trial Balance

b)

Income Statement

c)

Balance Sheet

6.

When revenues exceed expenses, the business has made a

a)

net income

b)

net loss

7.

The first two columns of the Work Sheet are the

a)

Trial Balance

b)

Income Statement

c)

Balance Sheet

8.

The net income increases the

a)

Drawings

b)

Capital

9.

When matching revenues with expenses for the period accountants are using the

a)

Going Concern Principle

b)

Matching Principle

10.

Drawing one line under a column of amounts is called

a)

Ruling

b)

Double Ruling

11.

When entering net income in the income statement, this is placed on the

a)

Debit Side

b)

Credit Side

12.

When entering net income in the Balance Sheet, this is placed on the

a)

Debit Side

b)

Credit Side