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Accounting 1st 9-Weeks Part 3
Test Description: Accounting 1st 9-Weeks Review Part 3
Instructions: Answer all questions to get your test result.
1) All-purpose chronological record used for recording a business's transactions
A
Ledger
B
General Journal
C
Chart of Accounts
D
Work Sheet
2) The purpose of _________ is to show the effect business transactions have on the accounts in the general ledger.
A
Posting
B
Preparing the work sheet
C
Preparing the Trial Balance
D
Journalizing
3) Results when revenue is larger than expenses.
A
Withdrawal
B
Bankruptcy
C
Net Income
D
Net Loss
4) A report summarizing the effects of various business transactions on the capital account
A
Statement of Cash Flows
B
Income Statement
C
Balance Sheet
D
Statement of Changes in Owner's Equity
5) A net loss ______________ the balance in the owner's capital account.
A
does not change
B
decreases
C
is
D
increases
6) A financial statement that reports the final balances in all the asset, liability, and owner's equity accounts at the end of the fiscal period.
A
Balance Sheet
B
Statement of Changes in Owner's Equity
C
Income Statement
D
Statement of Cash Flows
7) The information on the statement of changes in owner's equity is used to prepare the _______.
A
Income Statement
B
Statement of Cash Flows
C
Work Sheet
D
Balance Sheet
8) Reports a business's net income or net loss for a fiscal period.
A
Statement of Changes in Owner's Equity
B
Income Statement
C
Balance Sheet
D
Statement of Cash Flows
9) _______________ is the difference between total revenue and total expenses for the period.
A
Net Loss
B
Net Income
C
Net Income or Net Loss
D
Withdrawals
10) Summarize the changes resulting from business transactions that have occurred during a fiscal period.
A
Financial Statements
B
Work Sheet
C
Withdrawals
D
Business Transactions
*select an answer for all questions
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