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WorksheetsChapter 18 Quiz-Accounting II-Part I
Total questions: 11
Worksheet time: 20mins
At the start of the fiscal period, the merchandise a business has on hand is called (a) .
A(n) (a) is the amount added to or subtracted from an amount balance to bring that balance up to date.
The title of the account used to make the adjustment for merchandise inventory is (a) .
(a) is the merchandise a business has on hand at the end of the fiscal period.
A(n) (a) is taken to count by hand the items in stock.
6-10.
Answer the questions below after watching the video
What is the purpose of a ten-column worksheet in accounting?
To manage inventory levels
To prepare financial statements
To record daily transactions
To track employee performance
What does the trial balance include?
Only profit and loss accounts
A list of all transactions
All general ledger accounts
Only balance sheet accounts
How is gross profit calculated in the worksheet?
Adjustments plus operating expenses
Sum of debits minus credits
Net of two specific columns
Total revenue minus total expenses
Which columns are used to prepare the profit and loss statement?
Columns 9 and 10
Columns 5 through 8
Columns 3 and 4
Columns 1 and 2
What is added to the equity section of the balance sheet?
Total assets
Gross profit
Net profit
Total liabilities
Which of the following statements is incorrect concerning an adjusted trial balance?
A store purchased a one-year insurance policy for $1,800 on September 1. Its fiscal
period ended December 31. What is the amount of the adjustment and what
accounts are debited and credited on December 31?
$200; insurance expense and prepaid insurance
$1,800; insurance expense and prepaid insurance
$1,200; insurance expense and prepaid insurance
$600; insurance expense and prepaid insurance
The Income Summary amount in a work sheet’s Adjustments Debit column
represents the_______.
The ending balance of the Supplies account appears in ______.
What entries are recorded at the end of the fiscal period to update general ledger accounts?
