ACC201 Quiz 8-9
Q 4.28: When using a worksheet, the income statement is prepared from the
income statement columns of the worksheet.
Q 4.30: Which of the following financial documents contains columns for the trial balance, adjustments, adjusted trial balance, income statement, and balance sheet?
worksheet
Q 4.34: Which of the following is an optional step in preparing financial statements?
worksheet
Q 4.36: Which of the following is used as a device in preparing adjusting entries and the financial statements?
worksheet
Q 4.29: How many financial statements have columns on the worksheet?
2
Q 4.39: On December 31, 2020, Knight Enterprises reported Equipment of $340,000 in the unadjusted trial balance columns of its worksheet. An adjustment of $28,000 for depreciation expense for the equipment was recorded in the adjustments column. After the adjustment is calculated, what should the total for Equipment be in the adjusted trial balance columns?
A debit of $340,000
Q 4.38: Under which of the following worksheet columns will the Supplies account have a credit entry?
Adjustments
Q 4.21: How is net income entered on the worksheet?
As a debit in the income statement column and a credit in the balance sheet column.
: A mandatory, permanent form that must be prepared along with an income statement and balance sheet is called the worksheet.
F
Q 4.22: The worksheet can be used as a basis for posting to the ledger because it is a type of journal.
False
Q 4.23: The information for preparing the trial balance on the worksheet is obtained from
General ledger
Q 4.35: Which of the following is facilitated by a worksheet in a multiple-column format?
Preparation of financial statements
Q 4.26: Where would an accountant find the information needed to prepare a trial balance on the worksheet?
Q 4.26: Where would an accountant find the information needed to prepare a trial balance on the worksheet?
In which column(s) of the worksheet would you find the balance of the owners' drawings account?
Trial balance, adjusted trial balance, and balance sheet columns only.
Q 4.37: When using a worksheet, the owner's equity statement is prepared from the
balance sheet columns of the worksheet.
When using a worksheet, the balance sheet is prepared from the
balance sheet columns of the worksheet.
Q 4.33: The worksheet
can be used to prepare financial statements.
Q 4.31: The second step in preparing a worksheet is to
enter all adjustments in the adjustments columns.
Q 4.24: Toya has been assigned to set up a worksheet that will be used to prepare the financial statements. Her first step will be to
enter debit and credit amounts from the ledger in the trial balance column.