## Fund of Accounting: Chapter 6 Concepts

##### Created by:

Merisa  on April 8, 2011

##### Description:

Multiple choice, fill in the blank and true false questions regarding the concepts in chapter 6.

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# Fund of Accounting: Chapter 6 Concepts

 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?
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#### 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 _____

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