Worksheets

The __________ is used to list the accounts on the worksheet.

Ledger account balances

How is net income determined?

Revenues less expenses. The income statement expenses column subtracted from its credit column.

______ should equal total credits for the trial balance and adjustments.

Total debits

The last steps to complete the accounting cycle are preparing a ________, which is not a financial statement but more of a working document, and closing the temporary accounts.

Worksheet

The worksheet is used to prepare __________.

adjusting entries for financial statements adjusting entries to check the accuracy of the accounts

The balance sheet's debit column has a total at the bottom representing

assets

A worksheet is prepared __________.

at the end of the period. at the end of the fiscal year

For the income statement and balance sheet, total debit and credit columns do not equal each other but are off by the same dollar amount, __________ to the __________ or __________ for the year.

equal, net income, net loss

Once the worksheet has been properly completed, the __________ are prepared.

financial statements income statement and balance sheet

The total at the bottom of the income statement columns represents

net income

On the worksheet, total debits should equal total credits for the __________.

trial balance

Which of the following are combined into one document to create a worksheet?

trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet