Question:
A(n) _____ results when
revenue is larger than
expenses.
a.
b.
c.
d.
Net income
Net Loss
Debt
Liability
Question:
______ means drawing a line
under a column or amount.
A. double ruling
 B. totaling
 C. ruling
 D. Subtotal

Question:
A net loss is entered in the _____
column of the Income Statement
section of the worksheet.
A. debit
 B. credit

The _______ allows a business to
match revenue against expenses
as a means of measuring profit for
the period.
A. balance sheet
 B. Income Statement
 C. Statement of Stockholders Equity
 D. Worksheet

A(n) ______ is a paper used to
collect information from the general
ledger accounts.
A. balance sheet
 B. Income Statement
 C. Statement of Stockholders Equity
 D. Worksheet

The first two columns on a
worksheet are used to enter the
____.
A. balance sheet
 B. Income Statement
 C. Statement of Stockholders Equity
 D. Trial Balance

If there is a net loss for the period,
is entered in the ______ column of
the balance sheet.
A. Debit
 B. Credit

_____ is transferring balances from
the Trial Balance section of the
worksheet to either the Balance
sheet section or the Income
Statement section.
A. posting
 B. journalizing
 C. extending
 D. transferring

If the total of the credit column of
the Income Statement section is
less than the debit column, there is
a(n) _____ for the period.
A. Net Income
 B. Net Loss

The amount of net income for the
period is added to the Balance
Sheet credit total because it
increases the balance in the ___
account.
A. Asset
 B. Capital
 C. Liability
 D. Huh!

The _____ of the worksheet
answers the questions “who?”,
“what?”, and “when?”
A. title
 B. Heading
 C. Layout
 D. Information

The balance sheet reports
financial information ____
For the month ended
 For the year ended
 On a specific date
 All of the above

The information needed to prepare
the income statement comes from
the ____
A. Balance Sheet
 B. Income Statement
 C. Income Statement Section of the
worksheet
 D. Worksheet Trial Balance

______ summarize the changes
resulting from business transactions
that have occurred during an
accounting period.
A. Ledgers
 B. Financial Statements
 C. Journals
 D. Huh!

______ is reported on the
income statement.
A.Net Income/Net Loss
. B.Total Assets
C.Total Liabilities
D.Value of the business
A(n) _____ is the financial
statement that reports the final
balances in all asset, liability, and
owner’s equity accounts at the end
of the accounting period.
A. Income Statement
 B. Balance Sheet
 C. Statement of Changes in Owners Equity
 D. Worksheet

The ________ is completed as a
supporting document for the
balance sheet.
A. Income Statement
 B. Balance Sheet
 C. Statement of Changes in Owners Equity
 D. Worksheet

The three classifications of
accounts that appear on the
Balance Sheet are ______.
A. Assets, Liabilities, Owners Equity
 B. Revenue, Expenses, Withdrawals
 C. Assets, Liabilities, Revenue
 D. Revenue, Assets, Owners Equity



















A
C
B
B
D
D
A
C
B
B
B
C
C
B
A
B
C
A
Answers