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True/False Vocab. Work Sheet Column Make the Adjustment 100 100 100 100 200 200 200 200 300 300 300 300 Final 400 400 400 400 500 500 500 500

Many businesses choose a one-year fiscal period that ends What is False? Many businesses choose a one-year fiscal period that ends during a period of high business activity. Row 1, Col 1

form used to summarize the general ledger information needed What is a Work Sheet? A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. Row 1, Col 2

When net income occurs, the amount is placed in these two What are Income Stmt. DR & Bal Sheet CR? When net income occurs, the amount is placed in these two columns of a worksheet Row 1, Col 3

If the ledger account balance for Supplies is $1,000.00 and there is What is $700.00? If the ledger account balance for Supplies is $1,000.00 and there is $300.00 of supplies at the end of the fiscal period, the amount of the adjustment would be this. Row 1, Col 4

The balance of the supplies account plus the value of the What is False? The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account. Row 2, Col 1

Changes recorded on a work sheet to update general ledger accounts What are adjustments? Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. Row 2, Col 2

The up-to-date ledger balance for Prepaid Insurance is recorded What is Balance Sheet Debit? Daily Double The up-to-date ledger balance for Prepaid Insurance is recorded in this column of a work sheet. Row 2, Col 3

Beginning Prepaid Insurance is what is the up-to-date balance $500.00, the adjustment is $200.00, what is the up-to-date balance of Prepaid Insurance. Row 2, Col 4

If the Trial Balance columns are not equal and the difference What is True? If the Trial Balance columns are not equal and the difference is $50.00, the error most likely is a $25.00 amount written in the wrong column. Row 3, Col 1

The difference between total revenue and total expenses when What is Net Loss? The difference between total revenue and total expenses when total expenses are greater. Row 3, Col 2

Sales up-to-date balance goes in this column of a work sheet. What is Income Statement Credit? Sales up-to-date balance goes in this column of a work sheet. Row 3, Col 3

Beginning supplies are $4,000.00 and the value of supplies at the What is $2,000.00? Daily Double Beginning supplies are $4,000.00 and the value of supplies at the end of the month are $2,000.00, what is the adjustment. Row 3, Col 4

The two accounts affected by the adjustment for insurance are Prepaid What is False? The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance. Row 4, Col 1

A financial statement showing the revenue and expenses for a What is an Income Statement? A financial statement showing the revenue and expenses for a fiscal period. Row 4, Col 2

The columns a Net Loss is recorded in on a work sheet. What is Income Stmt Cr and Bal Sheet Dr.? The columns a Net Loss is recorded in on a work sheet. Row 4, Col 3

If the ledger balance of Prepaid Insurance is $500.00 and the What is $300.00? If the ledger balance of Prepaid Insurance is $500.00 and the Prepaid Insurance Expense adjustment was $200.00, what is the up-to-date balance of Prepaid Insurance. Row 4, Col 4

If the difference between the totals of debit and credit columns on a What is False? If the difference between the totals of debit and credit columns on a worksheet can be evenly divided by nine, then the error is most likely in addition. Row 5, Col 1

The length of time for which a business summarizes and reports What is a Fiscal Period? The length of time for which a business summarizes and reports financial information. Row 5, Col 2

Any expense up-to-date amount is recorded in this column What is Income Statement Debit? Any expense up-to-date amount is recorded in this column of a work sheet. Row 5, Col 3

The up-to-date amount for Supplies What is $1,500.00? The up-to-date amount for Supplies is $1,000.00 and the adjustment was $500.00, what was the ledger balance. Row 5, Col 4

Name the 4 reasons for a Work Sheet Final Jeopardy Summarize GL account balances to prove DR=CR To Plan needed changes to GL accounts to bring balances up-to-date Separate GL account balances to their financial statement parts Calculate Net Income/Loss