Chapter 6 and 7 ?'s
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| Adjustments | changes recorded on a work sheet to update general ledger information needed to prepare financial statements
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| Balance Sheet | a financial statement that reports assets, liabilities, and owner's equity on a specific date
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| Fiscal Period | A proof of equality of debits and credits in a general ledger
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| Income Statement | A financial statement showing the revenue and expenses for a fiscal period
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| Net Income | tje dofferemce betweem total revenue and total expenses when total revenue is greater
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| Net Loss | The difference between total revenue and total expenses when total expenses are greater
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| Trial Balance | A proof of equality of debits and credits in a general ledger
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| Work Sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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| The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue recieved for the deliveries made the next year | False
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| An accounting period is also known as a fiscal period | True
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| Journals, ledgers, and work sheets are considered permanent records | False
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| all general ledger account titles are listed on a trial balance in the same order as listed on the chart of accounts | True
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| The four questions asked when analyzing an adjustment are: Why? Where? When? and How? | false
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| the two accounts affected by the adjustment for supplies are Supplies and Supplies Expense | true
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| The two accounts affected by the adjusment for insurance are Prepaid Insurance Expense and Insurance | False
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| Totaling and ruling the Adjustments columns of a worksheet are necessary to prove the equality of debits and credits | True
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| Two financial statements are prepared from the information on the work sheet | True
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| Net income on a work sheet is calculated by subtracting the Income Statement Credti column total from the Income Statement Debit column total | False
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| If errors are found on a work sheet the must be erased and corrected before any further work is completed | True
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| When two column totals are not in balance on the work sheet, the difference between the totals is calcuated and checked | True
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| If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9 then the error is most likely in addition | False
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| If tehre are errors in the work sheet's Trial Balance Columns, it might be because not all general ledger account balances were copied in the Trial Balance column correctly | True
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| Errors in general ledger accounts should never be erased | True
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| Most errors occur in doing arithmetic | True
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| The best way to prevent errors is to use a calculator | False
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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