Worksheet Title
Adjusting Entries
Extending Balances
Income Statement
Balance Sheet
100
What is on the 1st line of a Work Sheet title?
What is a Business Name?
100

Define Fiscal Period

A 12 month period of consecutive months that a business uses for it's financial reporting.  Does not need to be calendar month of Jan - Dec.

100
What are the TWO financial statements prepared from information on the Work Sheet at the end of each fiscal period?
What is an Income Statement and a Balance Sheet?
100

Is a point in time like a camera or a period of time like a movie?

Period of time like a movie

100

Is a point in time like a camera or a period of time like a movie?

Point in Time -- Camera

200
What is on the 2nd line of a Work Sheet title?
What is a Form Name?
200

On what criteria would a business choose their fiscal period?

Based on the business, usually when times are slower.

200
What accounts are extended to the Balance Sheet columns of a Work Sheet?
What are assets, liabilities, and owner's equity accounts?
200

Name the two types of accounts that are listed on the Income Statement.

Expenses and Sales Revenue

200

Name the two types of accounts that are listed on the Balance Sheet.

Assets and Liabilities

300

What is on the third line of a Work Sheet title?

What is a Fiscal Period?

300
What are changes on Work Sheet to update general ledger accounts at the end of a fiscal period called?
What are Adjustments?
300
What accounts are extended to the Income Statement columns of a Work Sheet?
What are Expense and Revenue accounts
300

If there Sales Revenue is higher than the Expenses, then the result is what?

Profit -- Net Income

300

Define what an asset is to a business, as is shown on the balance sheet.

Something of value

400
Where do the the account balances come from to prepare the Trial Balance columns of a Work Sheet?
What is a General Ledger?
400
What is the portion of the asset consumed in order to earn revenue?
What is an expense of the business?
400
What is the difference between the total revenue and total expenses when total revenue is greater called?
What is a Net Income?
400

If Sales Revenue is lower than expenses, then the result is what?

Loss or Net Loss

400

Define what a liability is to a company, as defined by its listing on the Balance Sheet.

Something the company owes

500

Explain the difference between accrual basis of accounting and cash basis of accounting.

Accrual basis adjusts as/when used, cash basis is when paid for.

500
What two accounts are affected for the Adjusting Entry for the supplies a company uses during a fiscal period?
What are Supplies and Supplies Expenses accounts?
500
What is the difference between total revenue and total expenses when total expenses are greater called?
What is a Net Loss?
500

Give an example of a 2 ledger accounts that would be listed on an Income Statement -- one debit and one credit

Any expenses and sales/revenues

500

Name two ledger accounts that can be found on a balance sheet -- one debit and one credit.

One asset and one liability

M
e
n
u