Show:
Fiscal Period
Work Sheet
Adjustments
Financial Statement information
Errors
100
What is the other name for the fiscal period?
accounting period
100
The heading consists of three lines. What are the three lines?
Business Name, name of the report, and date
100
When are adjustments made to the worksheet?
At the end of the month
100
At the end of each fiscal period, a company will prepare two financial statements. What are the financial statements called?
Balance Sheet and Income Statement
100
What is the best way to prevent errors?
work carefully
200
Most businesses begin their fiscal periods on _____ day of the month.
First
200
T/F Worksheets are permanent accounting records and need to be written in pencil.
False, work sheet is a planning tool
200
A _______ is used to plan adjustments.
work sheet
200
What items are recorded on a balance sheet?
assets, liabilities, owner's equity
200
Most errors occur in doing _______.
arithmetic
300
T/F Financial information may be analyzed, summarized, and reported on any date a business needs the information.
True, however it is always summarized at the end of the fiscal period too
300
Accountants use a work sheet for four reasons: 1) Summarize _______
general ledger account
300
Assets such as supplies and insurance are used to earn revenue. We make adjustments on our worksheet, but what do we change on the worksheet?
Supplies, supplies expense Prepaid insurance and insurance expense
300
What items are recorded on a income statement?
Revenue and Expenses
300
If an error is discovered, what is the next step?
Do not move on! You need to correct the error!
400
Most businesses have a ____fiscal period.
1 year
400
Accountants use a work sheet for four reasons: 2)To ________ debit and credits
balance/prove
400
Provide examples of accounts that need to be brought up to date at the end of a fiscal period.
Supplies, insurance, insursance expense, supplies expense advertising expense or miscellaneous expense
400
How would an individual determine if they have a net loss or net income?
If revenue is greater on the income statement = net income If expenses are greater on the income statement= net loss
400
As each item in an account or a journal entry is verified, a _____ ______should be placed next to it.
check mark
500
The accounting concept Accounting ____ ____ is applied when changes in financial information are reported for a specific period of time in the form of financial statements.
Accounting Period Cycle
500
Accountants use a work sheet for four reasons: 3) To _____ general ledger account balances 4)To _______ the amount of net income or net loss
3) separate 4)calculate
500
The accounting concept matching _____ with _____ is applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
Expenses with Revenue
500
In which balance sheet column do you record net income on the worksheet?
credit
500
Why is it important not to erase on account ledgers and journals?
Raise questions about whether important financial information has been altered