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Final Review 6
Test Description: Review here
Instructions: Answer all questions to get your test result.
1) In the preparation of a trial balance, all accounts are listed in the order in which they appear on the chart of accounts, including those accounts with a zero balance.
A
False
B
True
2) An error discovered before posting is usually corrected with a journal entry.
A
True
B
False
3) To locate a trial balance error, the first step is to check the postings from the journal to the individual ledger accounts.
A
False
B
True
4) When posting a correcting entry, the phrase correcting entry is usually written in the Explanation column of the ledger account.
A
True
B
False
5) If a transaction is journalized on the 8th and is posted on the 10th, the date entered in the Date column of the ledger account is the 10th.
A
True
B
False
6) A trial balance is prepared after posting is completed.
A
False
B
True
7) A work sheet is prepared at the end of each fiscal period.
A
False
B
True
8) The work sheet is a working paper and is prepared in pen.
A
True
B
False
9) Account titles are listed on the work sheet in alphabetical order
A
False
B
True
10) A net income for the period is the amount left after the expenses for the period have been subtracted from revenue.
A
True
B
False
11) All asset accounts are extended to the Balance Sheet section.
A
True
B
False
12) Preparing the work sheet is the sixth step in the accounting cycle.
A
True
B
False
13) Amounts from the Trial Balance section are extended first to the Income Statement section.
A
False
B
True
14) A single rule across both amount columns of the Trial Balance section means that no more entries will be made.
A
False
B
True
15) A net loss decreases the balance in the owner's capital account.
A
False
B
True
16) After the net loss is calculated, it should be reflected in the debit column of the Income Statement section and the credit column of the Balance Sheet section.
A
False
B
True
17) Total expenses for the period are reflected in the total of the credit column of the Income Statement section.
A
False
B
True
18) The Trial Balance section contains entries for all accounts in the general ledger including those with zero balances.
A
False
B
True
19) A work sheet always covers a period of one month.
A
False
B
True
20) All liability accounts are listed in the credit column of the Income Statement section.
A
False
B
True
*select an answer for all questions
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