Chapter 8 Test Review
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| The owner's capital amount reported on a balance sheet is calculated as: capital account balance plus drawing account balance less net income. | show 🗑
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| The formula for calculating net income is: total revenue minus total expenses equals net income. | show 🗑
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| The net income calculated for the income statement and the net income on the worksheet must be the same. | show 🗑
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| On an income statement, double lines are ruled across both amount columns to indicate that debits equal credits. | show 🗑
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| The formula for calculating the total expenses component percentage is: the total expenses divided by total sales equals total expenses component percentage. | show 🗑
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| The financial condition of a business refers to its financial strength. | show 🗑
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| The current capital to be reported on a balance sheet is calculated as: the capital account balance plus net income equals current capital. | show 🗑
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| A component percentage is the percentage relationship between one financial statement item and the total that includes that item. | show 🗑
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| An income statement reports information over a period of time, indicating the financial progress of a business in earning a net income or net loss. | show 🗑
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| An amount written in parentheses on a financial statement indicates an estimate. | show 🗑
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| When a business has two different sources of revenue, a separate income statement should be prepared for each kind of revenue. | show 🗑
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| The date on a monthly income statement prepared on July 31 is written as | show 🗑
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| show | it is the same as net
income shown on the
work sheet
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| show | Accounting
Period Cycle
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| show | Income Statement
Credit column
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| show | condition on a
specific date
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| When preparing a balance sheet, the amount of owner's capital is obtained from | show 🗑
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| show | net income divided by total
sales equal net income
component percentage
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| show | Balance Sheet
Credit column
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| Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of the accounting concept | show 🗑
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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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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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