Accounting 1st 9-Weeks Part 3 Question Preview (ID: 7151)


Accounting 1st 9-Weeks Review Part 3. TEACHERS: click here for quick copy question ID numbers.

All-purpose chronological record used for recording a business's transactions
a) Chart of Accounts
b) General Journal
c) Ledger
d) Work Sheet

The purpose of _________ is to show the effect business transactions have on the accounts in the general ledger.
a) Journalizing
b) Posting
c) Preparing the work sheet
d) Preparing the Trial Balance

Results when revenue is larger than expenses.
a) Net Income
b) Net Loss
c) Withdrawal
d) Bankruptcy

A report summarizing the effects of various business transactions on the capital account
a) Income Statement
b) Balance Sheet
c) Statement of Changes in Owner's Equity
d) Statement of Cash Flows

A net loss ______________ the balance in the owner's capital account.
a) decreases
b) increases
c) does not change
d) is

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) Income Statement
b) Balance Sheet
c) Statement of Changes in Owner's Equity
d) Statement of Cash Flows

The information on the statement of changes in owner's equity is used to prepare the _______.
a) Income Statement
b) Balance Sheet
c) Statement of Cash Flows
d) Work Sheet

Reports a business's net income or net loss for a fiscal period.
a) Income Statement
b) Balance Sheet
c) Statement of Changes in Owner's Equity
d) Statement of Cash Flows

_______________ is the difference between total revenue and total expenses for the period.
a) Net Income
b) Net Loss
c) Net Income or Net Loss
d) Withdrawals

Summarize the changes resulting from business transactions that have occurred during a fiscal period.
a) Withdrawals
b) Business Transactions
c) Work Sheet
d) Financial Statements

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