Accounting Chapter 6

The length of time for which a business summarizes financial information.

• Fiscal Period

• Accounting Year

• Work Sheet

• Term

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

• Trial Balance

• Income Statement

• Balance Sheet

• Work Sheet

When preparing the heading of a financial form, what information is written on the top line?

• Fiscal period

• Type of form

• Business name

When preparing the heading of a financial form, what information is written on the middle line?

• Fiscal period

• Type of form

• Business name

When preparing the heading of a financial form, what information is written on the third line?

• Fiscal period

• Type of form

• Business name

The adjustments section of the work sheet records

• beginning ledger balances.

• updates to general ledger accounts at the end of a fiscal period.

• debits only.

• information to be recorded in the balance sheet.

The trial balance section of the work sheet records

• beginning ledger balances.

• updates to general ledger accounts at the end of a fiscal period.

• debits only.

• information to be recorded in the balance sheet.

Which accounts will be affected when recording the use of supplies during the fiscal period?

• Cash

• Supplies

• Owner's Name, Capital

• Supplies Expense

Which accounts will be affected when recording the use of insurance during the fiscal period?

• Cash

• Insurance

• Insurance Expense

• Income Summary

The use of assets results in a

• debit.

• credit.