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| the length of time for which a business summarizes and reports financial information |
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| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
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| a proof of equality of debits and credits in a general ledger |
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| changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period |
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| a financial statement that reports assets, liabilities, and owner's equity on a specific date. |
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| a financial statement showing the revenue and expenses for a fiscal period |
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| the difference between total revenue and total expenses when total revenue is greater |
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| the difference between total revenue and total expenses when total expenses are greater. |
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| the accounting concept consistent reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year. true or false? |
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| an accounting period is also known as a fiscal period. true or false? |
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| journals, ledgers, and work sheets are considered permanent records. true or 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 or false? |
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| the four questions asked when analyzing an adjustment are: why? where? when? and how? true or false? |
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| the two accounts affected by the adjustment for supplies are supplies and supplies expense. true or false? |
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| the two accounts affected by the adjustment for insurance are prepaid insurance expense and insurance. true or false? |
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Definition
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| totaling and ruling the adjustments columns of a work sheet is necessary to prove the equality of debits and credits. true or false? |
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| two financial statements are prepared from the information on the work sheet. true or false? |
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Definition
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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. true or 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. true or false? |
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| when two column totals are not in balance on the work sheet, the difference between the two totals is calculated and checked. true or false? |
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| 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. true or false? |
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| if there are 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 or false? |
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| errors in general ledger accounts should neber be erased. true or false? |
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| most errors occur in doing arithmetic. true or false? |
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| the best way to prevent errors is to use a calculator. true or false? |
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