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Accounting - Preparing An 8-Column Work Sheet For A Merchandising Business - Part 5
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) Recording adjustments on a work sheet brings the general ledger accounts up to date.
A
False
B
True
2) The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit column.
A
False
B
True
3) A work sheet should be prepared only once a year.
A
False
B
True
4) The difference between an asset's account balance and its related contra account is called book value.
A
False
B
True
5) Annual straight-line depreciation expense of a plant asset is calculated as the original cost of the plant asset divided by the years of estimated useful life.
A
False
B
True
6) Generally accepted accounting principles require that corporations charge 1% of credit sales as an adjustment for uncollectible accounts.
A
True
B
False
7) Purchases are recorded in the merchandise inventory account.
A
True
B
False
8) All accounts are listed on the work sheet regardless of whether there is a balance or not.
A
False
B
True
9) Estimated income tax must be paid in quarterly installments.
A
False
B
True
10) A net income amount is extended to the Balance Sheet Credit column.
A
True
B
False
*select an answer for all questions
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