Chapters 6&7!
Help!
|
|
||||
|---|---|---|---|---|---|
| the length of time for which a business summarizes and reports financial info | fiscal period
🗑
|
||||
| a columnar accounting forn used to summarize the general ledger info 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 that reports assets, liabilities, and oe on a specific date | balance sheet
🗑
|
||||
| a finacial statement showing the revenue and expenses for a fiscal period | income statement
🗑
|
||||
| the difference between total revenue and total expense when total revenue is greater | net income
🗑
|
||||
| the difference between total revenue and total expense when total expenses are greater | net loss
🗑
|
||||
| the date on a monthly income statement prepared on july 31 is written as... | for month ended july 31, 2011
🗑
|
||||
| information needed to prepare an income statements revenue section is obtained from a work sheets accout title column and... | income statement credit column
🗑
|
||||
| info needed to prepare an income statements expense section is obtained from a work sheets account title column and... | income statement debit column
🗑
|
||||
| the amount of net income calculated on an income statement is correct if... | it is the same as net income shown on the work sheet
🗑
|
||||
| the formal for calculating the net income component percentage is... | net income divided by total sales equals net income component percentage
🗑
|
||||
| the accounting concept consistent reporting is being applied when a deliever business reports revenue for the number of delieveries made one year and the amount of revenue received for the deliveries made the next year | FALSE
🗑
|
||||
| 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
🗑
|
||||
| the best way to prevent errors is to use a calculator | FALSE
🗑
|
||||
| the matching expenses the revenue accounting concept is applied when the revenue earned and the expenses incurre to earn that revenue are reported in the same fiscal period | TRUE
🗑
|
||||
| the net income on an income statement is verified by checking the balance sheet | FALSE
🗑
|
||||
| when a business has two different sources of revenue, a separaed income statement should be prepared for each kind of revenue | FALSE
🗑
|
||||
| a balance sheet reports financial info on a specific date and includes the assets, liabilities, and OE | TRUE
🗑
|
||||
| the position of the total asset lines on the balance sheet is determined after the equitites section is prepared | TRUE
🗑
|
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.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
brittanytaylor
Popular Accounting sets