Accounting Chapter 6 Assessment

Accounting Chapter 6 Assessment

11th Grade

10 Qs

quiz-placeholder

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Accounting Chapter 6 Assessment

Accounting Chapter 6 Assessment

Assessment

Quiz

Computers

11th Grade

Medium

Created by

Kimberly Slater

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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