NEW
Font size
WorksheetsChapter 8 - The Worksheet
Total questions: 12
Worksheet time: 6mins
When extending from the worksheet, revenues and expenses go to the
Trial Balance
Income Statement
Balance Sheet
A working paper used to collect information from the general ledger accounts is called a/an
Trial Balance
Work Sheet
Balance Sheet
Income Statement
A net loss is entered as follows:
Debit Trial Balance; Credit Balance Sheet
Debit Income Statement; Credit Trial Balance
Debit Income Statement; Credit Balance Sheet
Debit Balance Sheet; Credit Income Statement
When transferring balances from the Trial Balance of the Work Sheet this is called:
Posting
Journalizing
Extending
Assets, Liabilities and Owner's Equity in the Trial Balance are extended to the
Trial Balance
Income Statement
Balance Sheet
When revenues exceed expenses, the business has made a
net income
net loss
The first two columns of the Work Sheet are the
Trial Balance
Income Statement
Balance Sheet
The net income increases the
Drawings
Capital
When matching revenues with expenses for the period accountants are using the
Going Concern Principle
Matching Principle
Drawing one line under a column of amounts is called
Ruling
Double Ruling
When entering net income in the income statement, this is placed on the
Debit Side
Credit Side
When entering net income in the Balance Sheet, this is placed on the
Debit Side
Credit Side
