Accounting unit 8 Questions and Answers 2024
A net income is entered in the — column of the income statement section ** Answ** Debit
Drawing a line under a column of amounts is known as — ** Answ** Ruling
The — explains the who, what, and when of the worksheet ** Answ** ...
Accounting unit 8 Questions and Answers 2024|
Updated !!
A net income is entered in the — column of the income statement section ** Answ**
Debit
Drawing a line under a column of amounts is known as — ** Answ** Ruling
The — explains the who, what, and when of the worksheet ** Answ** Heading
A net income of loss will increase or decrease the — account ** Answ** Capital
The — of the worksheet includes all the general ledger accounts ** Answ** Trial
balance section
According to the —, expenses are matched against revenue for the same period **
Answ** Matching principle
When the Income Statement debit column total is greater than the Income Statement
credit column total, a(n) — occurs. ** Answ** Net loss
The — of the work sheet includes only the temporary general ledger accounts. **
Answ** Income statement section
A net income is entered in the — column of the balance sheet section ** Answ**
Credit
The — of the work sheet includes all permanent general ledger accounts. ** Answ**
Balance sheet section
The amount left after expenses for the period have been subtracted from revenue for
the period is — ** Answ** Net income
transferring balances from the trial balance section is called — the balances. **
Answ** Extending
a working paper used to collect info from the ledger accounts is a — ** Answ**
Worksheet
The worksheet is used to pull together all the information needed to prepare the
financial statements and complete the end-of-period activities ** Answ** True
A single rule under a column of amounts means that the amounts are to be added or
subtracted ** Answ** True
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