| 1 |
Financial statement is prepared from the amount given in |
- A. Trail balance columns
- B. Adjustments columns
- C. Cash columns
- D. Adjusted trail balance columns
|
| 2 |
Expired cost of fixed assets means |
- A. Appreciation
- B. Amortization
- C. Depreciation
- D. None of these
|
| 3 |
Usually every ______ entry affect both income statement and balance sheet |
- A. Adjusting
- B. Work sheet
- C. Balance sheet
- D. Ledger
|
| 4 |
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from |
- A. Journal
- B. Ledger
- C. Trail balance
- D. Transaction
|
| 5 |
______ simplifies work to be done at the end of the period |
- A. Work sheet
- B. Ledger
- C. Trail balance
- D. Balance sheet
|
| 6 |
The excess of credit column over debit column in income statement is called |
- A. Net loss
- B. Net profit
- C. Cash balance
- D. Gross profit
|
| 7 |
One way of avoiding errors in the permanent accounting records is to use a form which is called |
- A. Bank statement
- B. Trail balance
- C. Balance sheet
- D. Work sheet
|
| 8 |
______ is prepared to avoid errors in the permanent records of accounting |
- A. Work sheet
- B. Ledger
- C. Bank statement
- D. Balance sheet
|
| 9 |
The ______ is not a part of the permanent accounting record |
- A. worksheet
- B. Journal
- C. Ledger
- D. Trail balance
|
| 10 |
Which one of the following is not considered the permanent part of the accounting record? |
- A. Journal
- B. Trail balance
- C. Ledger
- D. Work sheet
|
