Ch 6 Study Guide

Ch 6 Study Guide

50 Qs

quiz-placeholder

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Ch 6 Study Guide

Ch 6 Study Guide

Assessment

Quiz

others

Easy

Created by

Stephanie Burg

Used 1+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The length of time for which a business summarizes its financial information and reports its financial performance.
Balance sheet
Cash basis of accounting
Fiscal period
Fiscal year
Income statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fiscal period consisting of 12 consecutive months.
Balance sheet
Cash basis of accounting
Fiscal period
Fiscal year
Income statement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Net income
Net loss
Prepaid expenses
Trial balance
Work sheet

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A proof of equality of debits and credits in a general ledger.
Net income
Net loss
Prepaid expenses
Trial balance
Work sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash paid for an expense in one fiscal period that is not used until a later period.
Net income
Net loss
Prepaid expenses
Trial balance
Work sheet

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reporting income when it is earned and expenses when they are incurred.
Accrual basis of accounting
Adjusting entries
Adjustments

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reporting income when cash is received and expenses when the cash is paid.
Balance sheet
Cash basis of accounting
Fiscal period
Fiscal year
Income statement

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