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Financial Accounting Practice Exam

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ACT300_chapter 4 1. A worksheet is a device that eliminates the need to prepare financial statements. A. True B. False 2. Companies journalize adjusting entries after they complete the worksheet but before preparing the financial statements. A. True B. False 3. A worksheet is a journal, and is used as a basis for posting to ledger accounts. A. True B. False 4. After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the A. adjusted trial balance. B. post-closing trial balance. C. the general journal. D. adjustments columns of the worksheet. Correct! After the adjusting entries are journalized and posted to the general ledger, the balance of each account should agree with the balances shown on the adjusted trial balance. 5. Which of the following is the correct placement of net income into a worksheet? A. Income statement debit column and the statement of financial position credit column B. Income statement credit column and the statement of financial position debit column C. Income statement debit column and the income statement credit column D. Statement of financial position debit column and the statement of Page 1 of 18 ACT300_chapter 4 financial position credit column Correct! Net income is added to the income statement debit column and the statement of financial position credit column. 6. Which of the following statements is incorrect concerning the worksheet? A. ...
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