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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
Work Sheet
C
Chart of Accounts
D
General Journal
2) The purpose of _________ is to show the effect business transactions have on the accounts in the general ledger.
A
Preparing the Trial Balance
B
Journalizing
C
Preparing the work sheet
D
Posting
3) Results when revenue is larger than expenses.
A
Net Loss
B
Net Income
C
Bankruptcy
D
Withdrawal
4) A report summarizing the effects of various business transactions on the capital account
A
Balance Sheet
B
Income Statement
C
Statement of Changes in Owner's Equity
D
Statement of Cash Flows
5) A net loss ______________ the balance in the owner's capital account.
A
is
B
does not change
C
decreases
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
Statement of Cash Flows
D
Income Statement
7) The information on the statement of changes in owner's equity is used to prepare the _______.
A
Balance Sheet
B
Income Statement
C
Statement of Cash Flows
D
Work Sheet
8) Reports a business's net income or net loss for a fiscal period.
A
Statement of Cash Flows
B
Balance Sheet
C
Statement of Changes in Owner's Equity
D
Income Statement
9) _______________ is the difference between total revenue and total expenses for the period.
A
Net Income or Net Loss
B
Net Loss
C
Withdrawals
D
Net Income
10) Summarize the changes resulting from business transactions that have occurred during a fiscal period.
A
Withdrawals
B
Work Sheet
C
Business Transactions
D
Financial Statements
*select an answer for all questions
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