accounting c6
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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| accounting concept consistent reporting is being applied when a delivery business reports the number of deliveries made one year and the amount of revenue received for deliveries made for the next year | false
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| an accounting period is known as a fiscal period | true
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| journals, ledgers, and worksheets 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 and supplies expense | true
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| the two accounts affected by the adjustment for insurance are prepaid insurance expense and insurance | false
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| totaling and ruling the adjustments column of a work sheet 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 worksheet | true
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| net income on a work sheet is calculated by subtracting the income statement credit column total from the income statement debit column total | false
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| if errors are found on a work sheet, they must be erased and corrected before any further work is completed | false
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| when two column totals are not in balance on the work sheet the difference between totals is calculated and checked | true
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| if the difference between the two totals of debit and credit columns on a work sheet evenly divided by nine, the error is most likely in division | false
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| if there are any 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 | true
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Created by:
kisland
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