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Accounting Chapter 6 questions & answers. $9.29   Add to cart
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Accounting Chapter 6 questions & answers.
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  • Accounting 101

Accounting Chapter 6 questions & answers.

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  • August 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 6 questions answers

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  • Accounting 101
  • Accounting 101

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Accounting Chapter 6 questions &
answers.

The length of time for which a business summarizes and reports financial information ANS - fiscal
period



A columnar accounting form used to summarize the general ledger information needed to prepare
financial statements ANS - work sheet



A proof of equality of debits and credits in a general ledger ANS - trial balance



Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period ANS -
adjustments



A financial statement that reports assets, liabilities, and owner's equity on a specific date. ANS -
balance sheet



A financial statement showing the revenue and expenses for a fiscal period ANS - income statement



The difference between total revenue and total expenses when total revenue is greater ANS - net
income



The difference between total revenue and total expenses when total expenses are greater ANS - net
loss



True or False: The accounting concept Consistent Reporting is being applied when a delivery business
reports the number of deliveries made one year and the amount of revenue received for deliveries
made the next year. ANS - false



True or False: An accounting period is known as fiscal period. ANS - true

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