Financial Statements
a day ago
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12 QuestionsShow answers
  • Question 1
    30 seconds
    Q.

    Which information is not included in the work sheet heading?

    answer choices

    The period covered

    Name of the accounting form

    Business name

    Accountant's name

  • Question 2
    30 seconds
    Q.

    Asset, liability and equity accounts are extended to

    answer choices

    balance sheet section

    income statement section

    retained earnings

    trial balance

  • Question 3
    30 seconds
    Q.

    Revenue and expense accounts are extended to

    answer choices

    retained earning statement

    balance sheet section

    income statement

    accounts payable section

  • Question 4
    30 seconds
    Q.

    How does net loss affect owner's equity?

    answer choices

    increases

    decreases

    no change

    indirectly

  • Question 5
    30 seconds
    Q.

    Temporary accounts are

    answer choices

    revenue and expense

    assets

    capital

    cash in bank

  • Question 6
    30 seconds
    Q.

    Mistakes in the General Journal are corrected this way before posting?

    answer choices

    cross out the error with a single line

    make a correcting entry

    erase it

    start over on a new sheet

  • Question 7
    30 seconds
    Q.

    What is the purpose of the (Step #5) Trial Balance Sheet?

    answer choices

    prove the Cash in Bank account is correct

    Check the Owner's Equity

    prove that the Ledger Debits and Credits are equal

    make the accountant earn their paycheck

  • Question 8
    30 seconds
    Q.

    Transferring Information from the general journal to the ledger accounts is known as________?

    answer choices

    posting

    copying

    extending

    calculating

  • Question 9
    30 seconds
    Q.

    Moving the accounts from one side of the worksheet (Step #6) to either the income statement or balance sheet is called__________?

    answer choices

    posting

    extending

    mending

    ruling

  • Question 10
    30 seconds
    Q.

    When revenue > expenses, then there is a

    answer choices

    Net Loss

    mistake in the math

    Net Income

    transposition error

  • Question 11
    30 seconds
    Q.

    The worksheet with the Trail Balance, Income Statement and Balance Sheet is known as a ___________?

    answer choices

    General Journal

    Ledger

    Source Document

    Six-Column Work sheet

  • Question 12
    30 seconds
    Q.

    A double ruled line under a balance means

    answer choices

    My pencil is broken

    There is no more to be done on this balance

    adding and subtracting is needed

    accounts payable

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