Stack #1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A primary purpose of the work sheet is to serve as an aid in the preparation of the financial statements. | True
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| An income statement shows the sources of revenue, types of expenses, and the amount of the net income or net loss for the period. | True
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| The purpose of an income statement is to provide information on the status of a business at a specified date. | False
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| The single-step form of income statement lists all revenue items and their totals first, followed by all expense items and their totals, to produce a difference that is either net income or net loss. | True
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| The multiple-step form of income statement shows operating income separate from other revenue and other expenses. | True
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| Gross sales less sales returns and allowances is called net sales. | True
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| Net sales plus cost of merchandise sold is called gross profit. | False
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| Gross margin and gross profit mean the same thing. | True
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| Gross profit less operating expenses produces the income from operations. | True
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| The statement of owner's equity summarizes all changes in the owner's equity during the period. | True
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| A formal statement of the changes in owner's equity during an accounting period is called a statement of financial position. | False
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| The purpose of a balance sheet is to summarize the results of operations during an accounting period. | False
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| A formal statement of assets, liabilities, and owner's equity of a business on a specified date is known as a balance sheet. | True
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| The information needed in journalizing the closing entries is obtained from the ??? (not income statement) | True
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| After the temporary owner's equity and drawing accounts are transferred to the permanent owner's equity account, which of the following accounts will have a balance? | Owners Capital
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| Assets that are used in the operation of a business are called temporary investments. | False
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| Accumulated depreciation amounts are shown as deductions from the | ???(not A/P)
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| The third step in the closing process is to transfer the balance in which of the following accounts to the permanent owner's equity account? | Income Summary
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| The purpose of the post-closing trial balance is to prove that the general ledger is in balance at the beginning of the new accounting period. | ???
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| Current liabilities are those obligations that are due within one year or the normal operating cycle of the business, whichever is longer, and will require no use of current assets. | False
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| The cost of a building less its accumulated depreciation represents the undepreciated cost. | True
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