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Work Sheet
Financial Statements
Reporting Financial Information
Miscellaneous
100
The length of time a business summarizes its financial information and reports its financial performance.  
What is fiscal period or accounting period.  
100

What is a financial statement showing the revenue and expenses for a fiscal period?

Income statement

100

The area of accounting that focuses on reporting information to external users.  

What is financial accounting. 

100
Where is the current capital obtained from when preparing the balance sheet?

What is the statement of changes in owner's equity.

200

An accounting form used to summarize the general ledger information and used to prepare financial statements. 

Work sheet
200

What is the difference between total revenue and total expenses when total revenue is greater?

What is net income.

200

The area of accounting that focuses on reporting information to internal users. 

What is Managerial accounting.

200

When preparing a statement of changes in owners equity, where are the account balances obtained from?

The work sheet's balance sheet columns.

300

The heading on the work sheet consists of three lines.  What information is included on each line?

What is the name of the business, the name of the report, and the date.  
300

In which balance sheet column is net income recorded on the work sheet?

What is the credit column. 

300

What information does the statement of changes in owner's equity provide us?

What is information for the one-month period.  1st of the month to the end of the month.

300

The accounting equation, assets = liabilities + owner's equity best represents which financial statement?

What is the balance sheet.

400
Describe the three reasons why accountants use a work sheet. 

What is: 

1. To prove the debits equal credits

2. To separate general ledger account balances according to the financial statements to be prepared. 

3. To calculate net income/net loss. 

400

What 3 financial statements do accountants prepare at the end of the accounting period?

Income statement, statement of changes in owner's equity and balance sheet. 

400

What is the formula for calculating current capital?

What is capital account balance + net income (or less net loss) - drawing account balance = Current capital.
400

When does a company have a net loss for the period?

When the business expenses are greater than the revenue/sales for one accounting period.

500

Information for the trial balance is taken from what important accounting document?  

What is the trial balance.

500

A financial statement that reports the changes in the capital account for a period of time.

What is statement of changes in owner's equity.

500

What four sections are included in a balance sheet?

What is the heading, assets, liabilities and owner's equity.
500

When does an accountant draw a single rule?

When the amounts above are ready to be totaled.