Accounting Chapter 8 Review

A work sheet always covers a period of one month

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• false

A net loss decreases the balance in the owner's equity account

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• False

A net income for the period is the amount left after the expenses for the period have been subtracted from revenue.

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• False

Account names are listed on the work sheet in alphabetical order.

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• False

A net loss for the period is entered in the debit column of the Balance Sheet section.

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• False

Amounts from the Trial Balance section are extended first to the Income Statement section.

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• False

Total expenses for the period are reflected in the totals of the credit column of the Income Statement section and the credit column of the Balance Sheet section

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• False

All liability accounts are listed in the credit column of the Income Statement section

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• False

The Trial Balance section will have entries for all accounts in the general ledger including those with zero balances.

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• False

All asset accounts are extended to the Balance Sheet section

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• False