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- 1. Multiple ChoiceMoney spentincomeexpensenet incomegross income
- 2. Multiple Choice
An element of the income statement that informs the business of just how much money it is making
Net income
Creditors
Revenue
Income Statement
- 3. Multiple Choice
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
- 4. Multiple Choice
What's the order of three W?
What - When - who
Who - What - When
When - Who - What
- 5. Multiple Choice
Which of the following is a category or element of the balance sheet?
Expenses
Gains
Liabilities
Losses
- 6. Multiple Choice
If OE is $300 and Assets are $1500, the Liabilities are:
$1800
$1200
$300
$1500
- 7. Multiple Choice
From which accounting document is the trial balance prepared?
Journals
Ledgers
Source documents
Vouchers
- 8. Multiple Choice
This is the process of transferring amounts from journals to ledgers.
Classifying
Posting
Summarizing
Recording
- 9. Multiple Choice
This refers to the process of entering information in the journals which occurs immediately after the analysis phase of the accounting cycle.
Adjusting
Closing
Journalizing
Classifying
- 10. Multiple Choice
Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.
True
False
- 11. Multiple Choice
When all closing entries have been posted, a net income will be shown on the:
credit side of the Drawings account
debit side of the Capital account
credit side of the Capital account
debit side of the Drawings account
- 12. Multiple ChoiceAdjusting entries must be posted to the general ledger accounts.TrueFalse
- 13. Multiple ChoiceNet income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.TrueFalse
- 14. Multiple ChoiceChanges recorded on a worksheet to update general ledger accounts at the end of a fiscal period.adjustmentsalignmentsbalancesexpenses
- 15. Multiple ChoiceThe length of time for which a business summarizes financial information and reports its financial performance.fiscal periodfiscal stagefull yeartrial balance
- 16. Multiple ChoiceA columnar accounting form used to summarize the general ledger information needed to p prepare financial statements.balance sheetincome statementworksheettrial balance
- 17. Multiple ChoiceJournal entries recorded to update general ledger accounts at he end of a fiscal period.adjusting entriescontrolled entriesbalance sheetincome statement
- 18. Multiple ChoiceA financial statement showing the revenue and expenses for a fiscal period.balance sheetincome statementworksheetfiscal period
- 19. Multiple ChoiceA proof of the equality of debits and credits in a general ledger.net incometrial entryincome statementtrial balance
- 20. Multiple ChoiceThe difference between total revenue and total expenses when total expenses are greater.income statementnet incomenet losswork sheet
- Answer choicesTagsAnswer choicesTags