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Chapters 6 and 7

QuestionAnswer
the length of time for which a business summarizes and reports financial information fiscal period
a columnar accouting form used to summarize the general ledger information needed to prepare financial statements work sheet
a proof of 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 financial statement the reports assets, liabilities, and owners equity on a specific date balance sheet
a financial statement showng the revenue and expenses for a fiscal period income statement
the difference between total revenue and the total expenses when a total revenue is greater net income
the difference between total revenue and total expenses when total expenses are greater net loss
an accouting period is also known as as a fiscal period true
journals, ledgers, and work sheets are considered permanent records false
all general ledger account titles are listed ona a trial balance in the same order as listed on the chart of accounts true
the four questions asked when analyzing an ajustment 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 adjustment for insurance and Prepaid Insurance Expense and Insurance false
Totaling and ruling the adjustments columns of a work sheet 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 credit column total from the income statement debit column total false
if errors are found on a work sheet, they must be erased and corrected before any further work is completed true
when two column totals are not in balacne on the work sheet, the difference between the two totals is claculated 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 true
erros 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 calulater false
Created by: zacharycarlson