Create an account
a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
a financial statement that reports assets, liabilities, and owner's equity on a specific date
What is written on the three-line heading on a work sheet?
Name of Company
Name of Report
Date of Report
How are general ledger accounts listed in the Trial Balance columns of a work sheet?
General ledger account titles are listed on a trial balance in the same order as they are listed on the chart of accounts.
Explain how the concept of Matching Expenses with Revenue relates to adjustments.
An expense should be reported in the same fiscal period that is used to produce revenue.
List the four questions asked in analyzing an adjustment on a work sheet.
What is the balance of the account?
What should the balance be for this account?
What must be done to correct the account balance?
What adjustment is made?
Which accounts are extended into the Balance Sheet columns of the work sheet?
Asset, liability, and owner's equity accounts
Which accounts are extended into the Income Statement columns of the work sheet?
Revenue and expense accounts
In which Balance Sheet column do you record net income on the work sheet?
Balance Sheet Credit column.
What is the first step in checking for arithmetic errors when two column totals are not in balance?
Subtract the smaller total from the larger total to find the difference.
What is one way to check for an error caused by transposed numbers?
The difference between two column totals can be divided evenly by 9.
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