Fund of Accounting: Chapter 6 Concepts
Order by
10 terms
Terms | Definitions |
|---|---|
 Name of the company, name of the report and date of the report. | What 3 things are written on the heading of a work sheet? |
| False | True or False: When listing the accounts from the general ledger on the Trial Balance secttion of the worksheet, only the accounts with balances are listed. |
| True | True or False: The portions of the assets consumed in order to earn revenue become expenses of a business. |
| What is the balance, what should the balance be for this account, what must be done to correct the account balance and what adjustment is made. | List the 4 questions asked in analyzing an adjustment on a work sheet. |
| c. | Which accounts are extended into the balance sheet columns of the work sheet? A. Assets and liabilities b. revenue c. owner's equity d. owner's equity and expenses |
| b. revenue and expenses | Which accounts are extended into the income statement columns of the work sheet? A. Assets and liabilities b. revenue c. assets, liabilities and owner's equity d. owner's equity and expenses |
| Credit | Net income is recorded in the _____ balance sheet column on the work sheet. |
| Debit | Net loss is recorded in the _______balance sheet column on the work sheet. |
| Subtract the smaller total from the larger total to find the difference. | What is the first step for checking for arithmetic errors when two column totals are not in balance? |
| 9 | One way to check for a transposed number is to see if the difference between two columns can be divided evenly by _____ |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.