Question 1

Select the one term that best fits each definition.
-Journal entries recorded to update general ledger accounts at the end of a fiscal period.

Accepted Answer

A)  accrual basis of accounting 
B)  adjusting entries 
C)  adjustments 
D)  balance sheet 
E)  cash basis of accounting
F) fiscal period
G) fiscal year
H) income statement
I) net income
J) net loss
K) prepaid expense
L) trial balance
M) work sheet 
A)  accrual basis of accounting 
B)  adjusting entries 
C)  adjustments 
D)  balance sheet 
E)  cash basis of accounting
F) fiscal period
G) fiscal year
H) income statement
I) net income
J) net loss
K) prepaid expense
L) trial balance
M) work sheet

Question 2

The amount of the supplies used during a fiscal period is an expense.

Accepted Answer

A) True 
 B)False

Question 3

Select the one term that best fits each definition.
-The length of time for which a business summarizes financial information and reports its financial performance.

Accepted Answer

A)  accrual basis of accounting 
B)  adjusting entries 
C)  adjustments 
D)  balance sheet 
E)  cash basis of accounting
F) fiscal period
G) fiscal year
H) income statement
I) net income
J) net loss
K) prepaid expense
L) trial balance
M) work sheet 
A)  accrual basis of accounting 
B)  adjusting entries 
C)  adjustments 
D)  balance sheet 
E)  cash basis of accounting
F) fiscal period
G) fiscal year
H) income statement
I) net income
J) net loss
K) prepaid expense
L) trial balance
M) work sheet

Select the one term that best fits each definition. -Journal entries recorded to update general ledger accounts at the end of a fiscal period.

The amount of the supplies used during a fiscal period is an expense.

Select the one term that best fits each definition. -The length of time for which a business summarizes financial information and reports its financial performance.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Preparing Payroll Records

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Additional Accounting Procedures

Filters

Exam 6: Work Sheet and Adjusting Entries

Select the one term that best fits each definition. -Journal entries recorded to update general ledger accounts at the end of a fiscal period.

The amount of the supplies used during a fiscal period is an expense.

Select the one term that best fits each definition. -The length of time for which a business summarizes financial information and reports its financial performance.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Preparing Payroll Records

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Additional Accounting Procedures

Filters