A lost check with a blank endorsement on it can be cashed by...
100
False
True or False
Many businesses choose a 1 year fiscal period that ends during a period of high business activity.
100
For Month Ended July 31, 2010
What is written on the date line on a monthly income statement prepared on July 31st?
100
Balance Sheet Credit Column
Information needed to prepare a balance sheet liabilities section is obtained from a work sheet's (Name the column)
100
Net Income
What is the difference betwen total revenue and total expenses when the total revenue is greater?
200
adjustments
What is changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period?
200
Trial Balance columns
What column on the worksheet proves the equality of debits and credits in the general ledger?
200
Credit
Information needed to prepare an income statement's revenue section is obtained from a worksheet's income statement __________ column (hint: Debit or Credit)
200
C. Worksheet's Balance Sheet Credit
When preparing a balance sheet, the owner's captial on the first of the month is obtained from
A. general ledger
B. income statement
C. worksheet's balance sheet credit column
D. None of these
200
Net Loss
What does an amount written in parentheses on a financial statement indicate?
300
Adequate Disclosure
Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of the concept...
300
addition
If the trial balance columns are not equal and the difference is 1, the error is often from ....
300
Income Statement Debit Column
Information needed to prepare an income statement's revenue section is obtained from a worksheet's...
300
condition
A balance sheet reports a business's financial _____________ (progress or condition).
300
A. It is the same as the worksheet
The amount of net income calculated on an income statement is correct if
A. it is the same as net income on worksheet
B. debits equal credits
C. it is the same as the balance sheet
400
Accounting Period Cycle
What is the concept of preparing financial statements at the end of each monthly fiscal period?
400
Income Statement Credit & Balance Sheet Debit
A net loss is entered in the worksheet's
400
Expenses / Sales
What is the formula to figure the expenses component percentage?
400
On a specific date
A balance sheet reports a business's financial condition ___________________ (on specific date or over a period of time)
400
Revenue-expenses
What is the formula to calculate net income?
500
Matching Expenses with Revenue
What is reporting the revenue earned and expenses incurred to earn that revenue during the same fiscal period?
500
worksheet
What is the accounting form you are allowed to erase on?
500
one decimal place (example: 56.3%)
What is the number of decimals used when figuring component percentages?
500
Captial (from worksheet)
+Net Income (-Loss)
-Drawing
How is the amount of ending capital figured on a balance sheet?
500
Net Income / Sales
What is the formula to figure net income component percentage?