WorksheetsAccounting Ch 8 Review
Total questions: 18
Worksheet time: 12mins
A work sheet is prepared at the end of each fiscal period.
True
False
The work sheet is a working paper and is prepared in pen.
True
False
Account titles are listed on the work sheet in alphabetical order.
True
False
A double rule under a column of figures means that the figures are to be added or subtracted.
True
False
A net income for the period is the amount left after the expenses for the period have been subtracted from revenue.
True
False
All asset accounts are extended to the Balance Sheet section.
True
False
Preparing the work sheet is the sixth step in the accounting cycle.
True
False
Amounts from the Trial Balance section are extended first to the Income Statement section.
True
False
A single rule across both amount columns of the Trial Balance section means that no more entries will be made.
True
False
A net loss decreases the balance in the owner's capital account.
True
False
After the net loss is calculated, it should be reflected in the debit column of the Income Statement section and the credit column of the Balance Sheet section.
True
False
Total expenses for the period are reflected in the total of the credit column of the Income Statement section.
True
False
The Trial Balance section contains entries for all accounts in the general ledger including those with zero balances.
True
False
A work sheet always covers a period of one month.
True
False
All liability accounts are listed in the credit column of the Income Statement section.
True
False
net income
A(n) ____ results when revenue is larger than expenses.
Balance Sheet section
The asset, liability, and owner's equity accounts are extended to the ____ of the work sheet.
ruling
____ means drawing a line under a column of amounts.
credit
A net loss is entered in the ____ column of the Income Statement section of the work sheet.
Income Statement section
Revenue and expense accounts are listed in the Trial Balance section of the work sheet and in the __
matching principle
This allows a busi. to match revenue against expenses as a means of measuring profit for the period
work sheet
A(n) ____ is a paper used to collect information from the general ledger accounts.
trial balance
The first two columns on the work sheet are used to enter the ____.
debit
If there is a net loss for the period, it is entered in the __ column of the Balance Sheet section
extending
_ is transferring balances from the TB section of the worksheet to either the BS or IS section
net loss
If the total of credit col. of the IS section is less than debit col., it is this...
capital
The amount of net income for the period is + to the BSheet credit total because it increa
heading
The ____ of the work sheet answers the questions "who?", "what?", and "when?".
