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- 1. Multiple Choice
When expenses exceeds revenue.
net income
income statement
net loss
cash basis
- 2. Multiple Choice
Changes recorded on a worksheet to update ledger accounts.
adjusting entries
adjustments
accrual basis
work sheet
- 3. Multiple Choice
Financial statement that reports assets, liabilities, and owner's equity.
income statement
work sheet
general ledger
balance sheet
- 4. Multiple Choice
Cash paid for an expense not used until later.
prepaid expense
cash basis
accrual basis
net income
- 5. Multiple Choice
Accounting period.
fiscal year
fiscal period
accrual basis
income statement
- 6. Multiple Choice
A proof of the equality of debits and credits.
balance sheet
income statement
trial balance
work sheet
- 7. Multiple Choice
Financial statement showing revenue and expenses.
balance sheet
general journal
income statement
work sheet
- 8. Multiple Choice
Accounting form used to summarize general ledger information.
work sheet
balance sheet
income statment
general ledger
- 9. Multiple Choice
When revenue exceeds expenses.
net income
net loss
cash basis
accrual basis
- 10. Multiple Choice
Twelve consecutive months.
fiscal period
fiscal year
accounting period
calendar year
- 11. Multiple Choice
Reporting income when cash received.
accrual basis
net income
cash basis
net loss
- 12. Multiple Choice
Journal entries recorded to update ledger accounts.
adjustments
recording entries
closing entries
adjusting entries
- 13. Multiple Choice
Reporting when income earned or expenses incurred.
accrual basis
cash basis
fiscal period
matching principle
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