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Accounting - Preparing An 8-Column Work Sheet For A Merchandising Business - Part 4
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) The federal income tax rate increases as the net income before federal income tax increases.
A
False
B
True
2) The prepaid insurance account must be adjusted at the end of a fiscal period because the account balance does not reflect the value of the insurance that expired during the period.
A
True
B
False
3) There will be a net loss if the Income Statement Debit column total is larger than the Income Statement Credit column total.
A
False
B
True
4) A net income amount is extended to the Balance Sheet Debit column.
A
False
B
True
5) The totals of a work sheet's Balance Sheet columns should equal the totals of the Income Statement columns.
A
False
B
True
6) General ledger accounts are listed in the work sheet's Account Title column in the same order in which they appear in the general ledger.
A
True
B
False
7) The value of prepaid insurance not expired during a fiscal period is an asset.
A
False
B
True
8) The federal income tax rate increases as the net income before federal income tax increases.
A
True
B
False
9) Income Summary is a temporary account.
A
True
B
False
10) The balance of Merchandise Inventory in the Trial Balance columns represents the beginning balance plus all purchases of merchandise made in the fiscal period.
A
True
B
False
*select an answer for all questions
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