Accounting Chapter 8 Review

What is the result when revenue is larger than expenses?

• Net Income

• Net Loss

Which section of the Worksheet are assets, liabilities, and owner's equity extended to?

• Trial Balance

• Account Name

• Income Statement

• Balance Sheet

What do you put under totals if they equal and you are finished?

• Single Rule

• Double Rule

• Triple Rule

• Nothing

Where is the net income entered in the Balance Sheet section of the Work sheet?

• Debit

• Credit

Which section of the worksheet are revenue and expense accounts extended to?

• Account Name

• Trial Balance

• Income Statement

• Balance Sheet

What is the generally accepted accounting principle that requires businesses to show all revenue earned against expenses incurred for the accounting period?

• GAAP

• Net Income

• Matching Principle

• Worksheet

What is the document prepared to collect information from the general ledger?

• Worksheet

• Balance Sheet

• Income Statement

• Workbook

What are the first two "amount" columns on the work sheet used for?

• Worksheet

• Balance Sheet

• Income Statement

• Trial Balance

What is it called when you transfer balances of the work sheet to either the Balance Sheet or Income Statement columns?

• Extending

• Transferring

• Copying

• Posting

Which section of the work sheet answers the questions "who, what, when"?

• Top

• Heading

• Footer

• Header