Chapter 6 Review
Quiz
•
Business
•
11th Grade
•
Practice Problem
•
Medium
Morgan Milas
Used 11+ times
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A financial statement showing the revenue and expenses for a fiscal period.
Income Statement
Balance Sheet
Work Sheet
Net Income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash paid for an expense in one fiscal period that is not used until a later period.
Trial Balance
Prepaid Expense
Adjustments
Cash Basis of Accounting
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A proof of the equity of debits and credits in a general ledger.
Accrual Basis of Accounting
Adjusting Entries
Trial Balance
Fiscal Period
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A financial statement that reports the value of a business's assets, liabilities, and owner's equity on a specific date.
Income Statement
Trial Balance
Adjustments
Balance Sheet
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Reporting income when it is earned and expenses when they are incurred.
Accrual basis of Accounting
Cash basis of Accounting
Income Statement
Adjusting Entries
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between total revenue and total expense when total expenses are greater.
Net Profit
Net Loss
Trial Balance
Income Statement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Reporting income when the cash is received and expenses when the cash is paid.
Accrual Basis of Accounting
Prepaid Expenses
Cash Basis of Accounting
Net Loss
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