1. Hosted by
Ms. Appel

2. 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

3. 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

4. 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

5. 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

6. 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, and there is
$ of supplies at the end of the
fiscal period, the amount of the
adjustment would be this.
Row 1, Col 4

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

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

19. 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

20. 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

21. 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

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

23. 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