![]() Question: Match the item on the left with the definition on the right.Īnswer: Income statement -Reports a business's revenues and expenses for a period of time.Īnswer: Reports a business's assets, liabilities and equity on a specific date.Īnswer: A useful tool in working with accounting information.Īnswer: A list of accounts and their balances at a point in time. Question: Which of the following statements correctly summarizes how to compute net loss or net income using a work sheet?Īnswer: The difference between the totals of the debit and credit columns of the Income Statement columns is net income or net loss. Question: Given that a company reported net income for the year, determine how a company would complete its work sheet for the period by choosing the correct statement below.Īnswer: The company would add the net income amount to the Credit column of the Balance Sheet & Owner's Equity columns of a work sheet. (Check all that apply.)Īnswer: Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column.Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column.Expense accounts go to the Income Statement Debit column. Question: Select all that applyReview the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a work sheet to the Income Statement and Balance Sheet columns in order to prepare for our last step of completing the worksheet. (Check all that apply.Īnswer: Journalizing and posting adjusting entries is required after adjustments are entered in a work sheet.Information from the Adjustments columns are used for the adjusting journal entries. Question: Select all that applySelect the statement(s) below which correctly describe how to use the work sheet in the adjustment process. Question: How can you add multiple adjustments to one account in a work sheet?Īnswer: A new line can be added following the Totals line on the trial balance. Question: Fill in the blanks to complete the sentence.Before sorting/transferring amounts to the financial statement columns on a worksheet, the Trial Balance, (Income Statement, Adjustments) and Adjusted Trial Balance columns must (balance, clear).Listen to the complete questionĪnswer: Blank 1: adjustmentsBlank 2: balance Question: Which of the following accounts would be sorted from the Adjusted Trial Balance of a work sheet to the Balance Sheet & Statement of Owner's Equity columns on a work sheet?Īnswer: Cash Accounts payable Owner, Withdrawals Question: Which of the following statements is correct regarding a work sheet and the adjustment process?Īnswer: Adjusting journal entries are prepared from the Adjustments columns of a work sheet. Question: Select all that applyExplain how to add adjustments to a work sheet when more than one adjustment is required: (Check all that apply.)Īnswer: The adjustment can be squeezed in on one line of the trial balance.The adjustment can be combined into one adjustment amount.The adjustment can be added to a blank line. Question: Which of the following is correct regarding a work sheet?Īnswer: Each set of column totals must balance on the Trial Balance columns, Adjustments columns and the Adjusted Trial Balance columns. (Check all that apply.)Īnswer: Adjustment columnsAdjusted Trial Balance columnsUnadjusted Trial Balance columnsIncome Statement columnsBalance Sheet columns ![]() Which of the following items would be seen on such a worksheet. Question: Select all that applyRecall the column headings of a work sheet used to prepare financial statements. Answer: It can help with adjusting and closing accounts and with preparing financial statements.
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