Accounting Worksheets

An element of the income statement that informs the business of just how much money it is making

• Net income

• Creditors

• Revenue

• Income Statement

If Owner's Equity is $300 and Assets are $1500, the Liabilities are:

• $1800

• $1200

• $300

• $1500

From which accounting document is the trial balance prepared?

• Journals

• Ledgers

• Source documents

• Vouchers

This is the process of transferring amounts from journals to ledgers.

• Classifying

• Posting

• Summarizing

• Recording

This refers to the process of entering information in the journals which occurs immediately after the analysis phase of the accounting cycle.

• Adjusting

• Closing

• Journalizing

• Classifying

Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.

• True

• False

Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.

• True
• False

Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period.

• adjustments
• alignments
• balances
• expenses

The length of time for which a business summarizes financial information and reports its financial performance.

• fiscal period
• fiscal stage
• full year
• trial balance

A columnar accounting form used to summarize the general ledger information needed to p prepare financial statements.

• balance sheet
• income statement
• worksheet
• trial balance