Have an account?
Skip to Content
Build your own quiz
12 questions
Show Answers
See Preview
- 1. Multiple Choice
Which information is not included in the work sheet heading?
The period covered
Name of the accounting form
Business name
Accountant's name
- 2. Multiple Choice
Asset, liability and equity accounts are extended to
balance sheet section
income statement section
retained earnings
trial balance
- 3. Multiple Choice
Revenue and expense accounts are extended to
retained earning statement
balance sheet section
income statement
accounts payable section
- 4. Multiple Choice
How does net loss affect owner's equity?
increases
decreases
no change
indirectly
- 5. Multiple Choice
Temporary accounts are
revenue and expense
assets
capital
cash in bank
- 6. Multiple Choice
Mistakes in the General Journal are corrected this way before posting?
cross out the error with a single line
make a correcting entry
erase it
start over on a new sheet
- 7. Multiple Choice
What is the purpose of the (Step #5) Trial Balance Sheet?
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
- 8. Multiple Choice
Transferring Information from the general journal to the ledger accounts is known as________?
posting
copying
extending
calculating
- 9. Multiple Choice
Moving the accounts from one side of the worksheet (Step #6) to either the income statement or balance sheet is called__________?
posting
extending
mending
ruling
- 10. Multiple Choice
When revenue > expenses, then there is a
Net Loss
mistake in the math
Net Income
transposition error
- 11. Multiple Choice
The worksheet with the Trail Balance, Income Statement and Balance Sheet is known as a ___________?
General Journal
Ledger
Source Document
Six-Column Work sheet
- 12. Multiple Choice
A double ruled line under a balance means
My pencil is broken
There is no more to be done on this balance
adding and subtracting is needed
accounts payable
- Answer choicesTagsAnswer choicesTags