Unit 11 Test Review

Recording revenue from business activities and expenses with earning that revenue in the same accounting period is the accounting concept called:

• Consistent Reporting

• Realization of Revenue

• Going Concern

• Matching Expenses with Revenue

When column totals aren't equal and the difference is a form of 1, the error is often related to:

• transposing numbers

• addition

• posting

• writing the wrong amount

What worksheet columns would you use to enter a net loss?

• Income Statement Debit and Trial Balance Credit columns

• Income Statement Credit and Trial Balance Debit columns

• Income Statement Credit and Balance Sheet Debit columns

• Income Statement Debit and Balance Sheet Credit columns

Which of the following accounts is NOT extended to the Income Statement columns in a worksheet?

• Supplies Expense

• Sales

• Cash

• Insurance Expense

Which of the following accounts is NOT extended to the Balance Sheet columns in a worksheet?

• Sales

• Cash

• Supplies

• insurance

A financial statement that shows the revenue and expenses for a fiscal period is called a(n):

• balance sheet

• worksheet

• income statement

• trial balance

Which of the following refers to the difference between total revenue and total expenses, when total revenue is greater?

• fiscal period

• net loss

• net income

• income statement

An accounting form used to summarize the general ledger information needed to prepare financial statements is called a(n):

• trial balance

• income statement

• balance sheet

• worksheet

Changes that are recorded on a worksheet to update general ledger accounts at the end of a fiscal period are called:

• adjustments

• correcting entries

• proving debits and credits

• errors in accounting

The length of time in which a business summarizes and reports financial informaiton is called a(n):

• earning period

• fiscal period

• yearly report

• annual income statement