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Chapter 8
Century 21 Accounting chapter 8
| Question | Answer |
|---|---|
| The length of time for which a business summarizes and reports financial information | Fiscal Period |
| A financial statement showing the revenue and expenses for a fiscal period | Income Statement |
| A proof of the equality of debits and credits in a general ledger | Trial Balance |
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period | Adjustments |
| A columnar accounting from used to summarize the general ledger information needed to prepare financial statements | Work Sheet |
| The difference between total revenue and total expenses when total revenue is greater | Net Income |
| The difference between total revenue and total expenses when total expenses is greater | Net Loss |
| On the worksheet, Insurance expense is found in the adjustments section as a? | Debit |
| On the worksheet, Supplies Expense is found in the adjustments section as a? | Debit |
| On the worksheet, Prepaid insurance is found in the adjustments section as a? | Credit |
| On the worksheet, Supplies is found in the adjustments section as a? | Credit |
| All asset, Liabilities and Owners Equity accounts are found in what section of the worksheet | Balance Sheet |
| All revenue and all expense accounts are found in what section of the worksheet | Income Statement |
| On the income statement section of the worksheet, if the sales number is greater than the expense number do you have a net gain or a net loss? | Net gain |
| On the income statement section of the worksheet, if the expense number is greater than the sales number do you have a net gain or a net loss? | Net Loss |
| Where do you find the numbers to put in the trial balance section of a worksheet? | General Ledger |
| On the top of a worksheet there is the company name, the title of the form and the date. What 3 words come before the date on that line? | For Month Ended |
| How many credit accounts will you find on the income statement section of the worksheet? | one |
Created by:
sbrownfisherman
on 2008-12-01