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Accounting Ch 6 Study Guide

Total questions: 18

Worksheet time: 18mins

Name
Class
Date
1.
Use the terms below to answer the first 8 questions. You can place a check mark in the box to note which terms you have used, it will not affect your score.
a)
adjustments
b)
balance sheet
c)
fiscal period
d)
income statement
e)
net income
2.

The length of time for which a business summarized and reports financial information

(a)  

3.

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements

(a)  

4.

A proof of equality of debits and credits in a general ledger

(a)  

5.

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

(a)  

6.

A financial statement that reports assets, liabilities, and Owner's Equity on a specific date

(a)  

7.

A financial statement showing the revenue and expenses for a fiscal period.

(a)  

8.

The difference between total revenue and total expenses when total revenue is greater

(a)  

9.

The difference between total revenue and total expenses when total expenses are greater

(a)  

10.
The accounting concept consistent reporting is being applied when a delivery business reports the number of deliveries made one year and the amount of revenue received for deliveries made the next year.
a)
True
b)
False
11.
An accounting period is also known as a fiscal period
a)
True
b)
False
12.
Journals, Ledgers, and work sheets are considered permanent records
a)
True
b)
False
13.
All general ledger account titles are listed on a trial balance in the same order as listed on the chart of accounts
a)
True
b)
False
14.
The two accounts affected by the adjustment for supplies are Supplies and Supplies Expense
a)
True
b)
False
15.
Totaling and ruling the Adjustments columns of a work sheet is necessary to prove the equality of debits and credits
a)
True
b)
False
16.
Two financial statements are prepared from the information on the work sheet
a)
True
b)
False
17.
Net income on a work sheet is calculated by subtracting the income statement debit column total from the Income statement credit column total.
a)
True
b)
False
18.
Which account balances are transferred to the income statment columns. Check all that apply
a)
Sales
b)
Advertising expense
c)
insurance expense
d)
Miscellaneous expense
e)
cash