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Question: A(n) _____ results when revenue is larger than expenses.

Question: A(n) _____ results when revenue is larger than expenses. 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.

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Question: A(n) _____ results when revenue is larger than expenses.

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  1. Question: A(n) _____ results when revenue is larger than expenses. Net income Net Loss Debt Liability

  2. Question:______ means drawing a line under a column or amount. • A. double ruling • B. totaling • C. ruling • D. Subtotal

  3. Question:A net loss is entered in the _____ column of the Income Statement section of the worksheet. • A. debit • B. credit

  4. 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

  5. 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

  6. 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

  7. If there is a net loss for the period, is entered in the ______ column of the balance sheet. • A. Debit • B. Credit

  8. _____ 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

  9. 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

  10. 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!

  11. The _____ of the worksheet answers the questions “who?”, “what?”, and “when?” • A. title • B. Heading • C. Layout • D. Information

  12. The balance sheet reports financial information ____ • For the month ended • For the year ended • On a specific date • All of the above

  13. 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

  14. ______ summarize the changes resulting from business transactions that have occurred during an accounting period. • A. Ledgers • B. Financial Statements • C. Journals • D. Huh!

  15. ______ is reported on the income statement. . • Net Income/Net Loss • Total Assets • Total Liabilities • Value of the business

  16. 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

  17. 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

  18. 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

  19. Answers • A • C • B • B • D • D • A • C • B • B • B • C • C • B • A • B • C • A

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