Accounting - Preparing An 8-Column Work Sheet For A Merchandising Business - Part 5 Question Preview (ID: 1917)
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Recording adjustments on a work sheet brings the general ledger accounts up to date.
a) True
b) False
c)
d)
The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit column.
a) True
b) False
c)
d)
A work sheet should be prepared only once a year.
a) True
b) False
c)
d)
The difference between an asset's account balance and its related contra account is called book value.
a) True
b) False
c)
d)
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) True
b) False
c)
d)
Generally accepted accounting principles require that corporations charge 1% of credit sales as an adjustment for uncollectible accounts.
a) True
b) False
c)
d)
Purchases are recorded in the merchandise inventory account.
a) True
b) False
c)
d)
All accounts are listed on the work sheet regardless of whether there is a balance or not.
a) True
b) False
c)
d)
Estimated income tax must be paid in quarterly installments.
a) True
b) False
c)
d)
A net income amount is extended to the Balance Sheet Credit column.
a) True
b) False
c)
d)
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