Self Assessment Quizzes

CHAPTER 8: Section 2 Completing the Work Sheet

	1.	After all the balances are extended each section is

		a.	eliminated
		b.	recorded in the general ledger
		c.	reviewed
		d.	totaled

	2.	After the trial balance is proved, the next step is to

		a.	extend the amounts to the balance sheet section
		b.	transfer the amounts to the general ledger
		c.	determine the net income

	3.	In accounting, expenses incurred in an accounting period are matched with the revenue earned during the same period. This comparison is referred to as

		a.	comparison shopping
		b.	locating net income
		c.	the matching principle
		d.	the comparative principle

	4.	When revenue is more than expenses the effect is

		a.	capital decreases
		b.	the Balance Sheet is eliminated
		c.	capital increases
		d.	there is no effect

	5.	If, after expenses are subtracted from revenue, there is an amount of revenue left over it is called

		a.	net revenue
		b.	net income
		c.	an addition error
		d.	net loss

	6.	Revenue and Expenses are transferred to the

		a.	Balance Sheet section
		b.	Income Statement section
		c.	General Ledger
		d.	Trial Balance section

	7.	If total expenses exceed total revenue it is called

		a.	net loss
		b.	net income
		c.	net revenue
		d.	net deficit

	8.	The balance sheet accounts are

		a.	assets, revenue, and owner`s equity
		b.	revenue and expense
		c.	assets, liabilities, and owner`s equity
		d.	assets, liabilities, and revenue