Which accounts are listed on the Trial Balance columns of a work sheet?

Accounting Chapter 6 Assessment

Quiz
•
Computers
•
11th Grade
•
Medium
Kimberly Slater
Used 6+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
all accounts from the general ledger even if they do not have a balance
only accounts from the chart of accounts
only accounts that have a ledger balance
only accounts that were used during that fiscal period
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance in supplies expense after adjusting entries are recorded represents......
the amount of supplies used during the fiscal period
the amount of supplies on hand
the amount of supplies paid for with cash
the amount of supplies lost due to shrinkage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the trial balance columns are not equal and the difference can be evenly divided by 9, then what is the error likely to be?
a transposed number
most likely an addition error
check for an entry in that amount
look for an amount divisible by 9
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which two financial statements are prepared from the information on the work sheet?
balance sheet and income statement
capital statement and income statement
balance sheet and capital statement
balance sheet and expense statement
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does an asset become an expense?
when it is used to earn revenue
when it is stolen
when it is used by the owner for personal use
when cash is received
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a reason for accountants to use a work sheet?
Report information to investors
Summarize general ledger account balances to prove that debits equal credit
Calculate the amount of net income or net loss for a fiscal period
Separate general ledger account balances according to the financial statements to be prepared
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An expense should be reported in the same fiscal periods it is used to earn revenue.
matching revenue and expenses
cash basis of accounting
accrual basis of accounting
income statement
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