Final Review 7: Question Preview (ID: 19192)


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The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period.
a) True b) False c) d)
The balance of the revenue account is transferred to the ____.
a) debit side of the Cash in Bank account b) credit side of the owner's capital account c) credit side of the Income Summary account d) debit side of the owner's withdrawals account
If a business has a net income for the period, the journal entry to close the balance of the Income Summary account is ____.
a) a debit to owner's capital, a credit to Income Summary b) a debit to Fees, a credit to owner's capital c) a debit to Income Summary, a credit to owner's capital d) a debit to owner's capital, a credit to Fees.
Closing entries are used to transfer the net income or net loss for the accounting period to the ____.
a) Cash in Bank account b) expense accounts c) revenue account d) capital account
____ are the prices paid for goods or services used to operate a business.
a) expenses b) investments c) owner's equity d) creditor
Assets = Liabilities + Owner's Equity is called the ____.
a) accounting equation b) business transaction c) capital d) revenue
An economic event that causes a change in assets, liabilities, or owner's equity is called a(n) ____.
a) accounting equation b) business transaction c) accounts receivable d) property rights
____ is the amount of money owed to a business's creditors.
a) owner's equity b) accounts payable c) accounts receivable d) financial claims
The total amount of money to be received in the future for goods or services sold on credit is the ____.
a) accounts receivable b) accounts payable c) credit d) owner's equity
Anything of value that is owned or controlled by an individual or a business is called ____.
a) property b) withdrawal c) liabilities d) expenses
The debts of a business are called its ____.
a) liabilities b) on account c) accounts payable d) creditor
Any property or item of value owned by a business is a(n) ____.
a) asset b) capital c) credit d) liabilities
The balance sheet is prepared before the statement of changes in owner's equity.
a) True b) False c) d)
Financial reports are often prepared in pencil.
a) True b) False c) d)
The income statement represents the basic accounting equation.
a) True b) False c) d)
A net income will increase the owner's capital account.
a) True b) False c) d)
The heading is the same on all three financial statements.
a) True b) False c) d)
The revenue, expense, and the Income Summary accounts are included on the statement of changes in owner's equity.
a) True b) False c) d)
The information on the statement of changes in owner's equity is used in preparing the income statement.
a) True b) False c) d)
Net income or net loss is the difference between total revenue and total expenses over a specific period of time.
a) True b) False c) d)
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