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Chapter 6 and 7 ?'s

QuestionAnswer
Adjustments changes recorded on a work sheet to update general ledger information needed to prepare financial statements
Balance Sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date
Fiscal Period A proof of equality of debits and credits in a general ledger
Income Statement A financial statement showing the revenue and expenses for a fiscal period
Net Income tje dofferemce betweem total revenue and total expenses when total revenue is greater
Net Loss The difference between total revenue and total expenses when total expenses are greater
Trial Balance A proof of equality of debits and credits in a general ledger
Work Sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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
An accounting period is also known as a fiscal period True
Journals, ledgers, and work sheets are considered permanent records False
all general ledger account titles are listed on a trial balance in the same order as listed on the chart of accounts True
The four questions asked when analyzing an adjustment are: Why? Where? When? and How? false
the two accounts affected by the adjustment for supplies are Supplies and Supplies Expense true
The two accounts affected by the adjusment for insurance are Prepaid Insurance Expense and Insurance False
Totaling and ruling the Adjustments columns of a worksheet are necessary to prove the equality of debits and credits True
Two financial statements are prepared from the information on the work sheet True
Net income on a work sheet is calculated by subtracting the Income Statement Credti column total from the Income Statement Debit column total False
If errors are found on a work sheet the must be erased and corrected before any further work is completed True
When two column totals are not in balance on the work sheet, the difference between the totals is calcuated and checked True
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
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
Errors in general ledger accounts should never be erased True
Most errors occur in doing arithmetic True
The best way to prevent errors is to use a calculator False
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