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