question: a(n) _____ results when revenue is larger than expenses
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Question: A(n) _____ results when revenue is larger than expenses. Net income Net Loss Debt Liability. Question: ______ means drawing a line under a column or amount. A. double ruling B. totaling C. ruling D. Subtotal. - PowerPoint PPT PresentationTRANSCRIPT
a.a. Net incomeNet incomeb.b. Net LossNet Lossc.c. DebtDebtd.d. LiabilityLiability
Question: Question: A(n) _____ results when A(n) _____ results when revenue is larger than revenue is larger than expenses.expenses.
Question:Question:______ means drawing a line ______ means drawing a line under a column or amount.under a column or amount.
A. double rulingA. double ruling B. totalingB. totaling C. rulingC. ruling D. SubtotalD. Subtotal
Question:Question:A net loss is entered in the A net loss is entered in the _____ column of the Income _____ column of the Income
Statement section of the Statement section of the worksheet.worksheet.
A. debitA. debit B. creditB. credit
The _______ allows a business The _______ allows a business to match revenue against to match revenue against expenses as a means of expenses as a means of measuring profit for the measuring profit for the
period.period. A. balance sheetA. balance sheet B. Income StatementB. Income Statement C. Statement of Stockholders EquityC. Statement of Stockholders Equity D. WorksheetD. Worksheet
A(n) ______ is a paper used to A(n) ______ is a paper used to collect information from the collect information from the
general ledger accounts.general ledger accounts. A. balance sheetA. balance sheet B. Income StatementB. Income Statement C. Statement of Stockholders EquityC. Statement of Stockholders Equity D. WorksheetD. Worksheet
The first two columns on a The first two columns on a worksheet are used to enter worksheet are used to enter the ____.the ____. A. balance sheetA. balance sheet B. Income StatementB. Income Statement C. Statement of Stockholders EquityC. Statement of Stockholders Equity D. Trial BalanceD. Trial Balance
If there is a net loss for the If there is a net loss for the period, is entered in the ______ period, is entered in the ______ column of the balance sheet.column of the balance sheet.
A. DebitA. Debit B. CreditB. Credit
_____ is transferring balances _____ is transferring balances from the Trial Balance section from the Trial Balance section of the worksheet to either the of the worksheet to either the Balance sheet section or the Balance sheet section or the Income Statement section.Income Statement section.
A. postingA. posting B. journalizingB. journalizing C. extendingC. extending D. transferring D. transferring
If the total of the credit column If the total of the credit column of the Income Statement of the Income Statement
section is less than the debit section is less than the debit column, there is a(n) _____ for column, there is a(n) _____ for
the period. the period. A. Net IncomeA. Net Income B. Net LossB. Net Loss
The amount of net income for The amount of net income for the period is added to the the period is added to the Balance Sheet credit total Balance Sheet credit total because it increases the because it increases the
balance in the ___ account. balance in the ___ account. A. AssetA. Asset B. CapitalB. Capital C. LiabilityC. Liability D. Huh!D. Huh!
The _____ of the worksheet The _____ of the worksheet answers the questions “who?”, answers the questions “who?”,
“what?”, and “when?”“what?”, and “when?”
A. titleA. title B. HeadingB. Heading C. LayoutC. Layout D. InformationD. Information
The balance sheet reports The balance sheet reports financial information ____financial information ____
For the month endedFor the month ended For the year endedFor the year ended On a specific dateOn a specific date All of the aboveAll of the above
The information needed to The information needed to prepare the income statement prepare the income statement
comes from the ____comes from the ____
A. Balance SheetA. Balance Sheet B. Income StatementB. Income Statement C. Income Statement Section of the C. Income Statement Section of the
worksheetworksheet D. Worksheet Trial BalanceD. Worksheet Trial Balance
______ summarize the changes ______ summarize the changes resulting from business resulting from business transactions that have transactions that have
occurred during an accounting occurred during an accounting period.period.
A. LedgersA. Ledgers B. Financial StatementsB. Financial Statements C. JournalsC. Journals D. Huh!D. Huh!
______ is reported on the ______ is reported on the income statement.income statement.
..A.Net Income/Net Loss
B.Total Assets
C.Total Liabilities
D.Value of the business
A(n) _____ is the financial A(n) _____ is the financial statement that reports the final statement that reports the final balances in all asset, liability, balances in all asset, liability,
and owner’s equity accounts at and owner’s equity accounts at the end of the accounting the end of the accounting
period.period. A. Income StatementA. Income Statement B. Balance SheetB. Balance Sheet C. Statement of Changes in Owners C. Statement of Changes in Owners
EquityEquity D. WorksheetD. Worksheet
The ________ is completed as The ________ is completed as a supporting document for a supporting document for
the balance sheet.the balance sheet. A. Income StatementA. Income Statement B. Balance SheetB. Balance Sheet C. Statement of Changes in Owners C. Statement of Changes in Owners
EquityEquity D. WorksheetD. Worksheet
The three classifications of The three classifications of accounts that appear on the accounts that appear on the
Balance Sheet are ______.Balance Sheet are ______.
A. Assets, Liabilities, Owners EquityA. Assets, Liabilities, Owners Equity B. Revenue, Expenses, WithdrawalsB. Revenue, Expenses, Withdrawals C. Assets, Liabilities, RevenueC. Assets, Liabilities, Revenue D. Revenue, Assets, Owners EquityD. Revenue, Assets, Owners Equity
AnswersAnswers AA CC BB BB DD DD AA CC BB BB BB CC CC BB AA BB CC AA