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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER
6 ACCOUNTING EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -8 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: the lenght of time for which a buisness summarizes and reports financial info
Answer:
fiscial period
Question 2: proof of the quality of debits and credits in a general ledger
Answer:
trial balance Question 3: the diff between total revenue and total expenses when total revenue is greater
Answer:
net income Question 4: a financial statement that reports assets, liabilities, and owners equityon a specific date
Answer:
Balance sheet
Question 5: the difference between total revenue and total expenses when total expenses are greater
Answer:
net loss Question 6: a columnar accounting form used to summerize the general ledger info needed to prepare financial statements
Answer:
work sheet Question 7: a financial statement showing the revenue and expenses for a fiscial period
Answer:
income statements Question 8: changes recorded on a work sheet to update general ledger accounts at the end of a fiscial period
Answer:
adjustments
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