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Vocabulary Vocabulary 2 Work Sheets The Nets Kearns Keustions
100
What is a True
A proof of the equality of debits and credits in a general ledger is a trial balance.
100
What is True
Net loss means the company did not make any money that period.
100
What is True
Work sheets are temporary and should be done in pencil
100
What is True
Net Income = Revenue - Expenses
100
What is False
If an amount is written in an incorrect column on a work sheet, the error can not be erased.
200
What is False
A financial statement that reports assets, liabilities, and owner's equity on a specific date is an income statement.
200
What is True
An Income statement is the set of columns you extend Revenue and Expenses to on the work sheet.
200
What is False
When doing a work sheet, Supplies on Hand is the number that goes in the Adjustments column
200
What is True
Net Loss = Expenses - Revenues
200
What is True
The Debit and Credit columns of the Trial balance should be the same (should balance).
300
What is true
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are adjustments.
300
What is True
A Balance Sheet is the set of columns you extend Assets, Liabilities, and Owner's Equity to on a work sheet.
300
What is True
When entering an adjustment in the Supplies credit column, the contra account you use is the Supplies Expense account (debit column)
300
What is False
Net Income = Balance Sheet Credit - Balance Sheet Debit
300
What is False
The Credit and Debit columns of the Balance Sheet should balance prior to adjusting for Net Income / Net Loss.
400
What is False
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a balance sheet
400
What is True
Trial balance numbers are based on the running balance totals in the General Ledger
400
What is false
If you have an amount in Supplies debit and an adjustment in Supplies Credit, you add the two together to find the Balance sheet amount.
400
What is false
Net Loss never occurs
400
What is False
If a difference of 1 (.01, .10, 1.00, 10.00, etc) it is due to an transposed number error.
500
What is True
Net income is when revenues are greater than expenses.
500
What is false
Fiscal Periods absolutely have to be 1 month long
500
What is True
It is easy to get some Expense account amounts in Credit when they really belong Debit on the Income Statement
500
What is True
Net Income is a row you have to add to the work sheet below the Account Titles and the Total rows
500
What is True
On the Trial Balance, only accounts with balances are recorded.




Ch 6

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