6 which of the following statements is true of the worksheet a the worksheet is a le 4307117

6 which of the following statements is true of the worksheet a the worksheet is a le 4307117

6) Which of the following statements is true of the worksheet?

A) The worksheet is a ledger.

B) The worksheet is a document used to summarize data to prepare the financial statements.

C) The worksheet is a financial statement issued to the public to communicate the financial results of the company.

D) The worksheet is a journal.

7) The worksheet helps accountants to:

A) make the adjusted trial balance.

B) prepare the financial statements.

C) prepare the unadjusted trial balance.

D) maintain books of accounts without a journal.

8) Which of the following statements is true of the worksheet?

A) The Net Income is recorded in the income statement credit column.

B) The Net Income is recorded in the adjusted trial balance debit column.

C) The Net Income is recorded in the income statement debit column.

D) The Net Income is recorded in the balance sheet debit column.

9) Which of the following statements is true if the income statement debit column exceeds the income statement credit column on a worksheet?

A) The company has a net loss.

B) The capital account increased during the period.

C) The company has net income.

D) The liabilities are greater than assets.

10) Which of the following is true of a completed worksheet?

A) The total debits in the trial balance column equal the total debits in the adjusted trial balance column.

B) The total debits in the income statement column equal the total credits in the balance sheet column.

C) The total debits in the income statement column equal the total debits in the balance sheet column.

D) The total debits equal the total credits in each column.

11) Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

A) Rent Revenue

B) Insurance Expense

C) Salaries Payable

D) Equipment

12) Where does Net Income appear on a worksheet?

A) Net income appears only in the income statement debit column.

B) Net income appears in the balance sheet credit column and in the income statement debit column.

C) Net income appears in the income statement credit column and in the balance sheet debit column.

D) Net income appears only in the balance sheet credit column.

13) Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?

A) The company has a net income.

B) The company has a net loss.

C) The capital account decreased during the period.

D) The total liabilities exceed total assets.

14) In which of the columns of the worksheet would a net loss be found?

A) In the balance sheet credit column and the income statement debit column

B) In the balance sheet debit column and the income statement credit column

C) In the trial balance credit column, the adjusted trial balance credit column and the balance sheet credit column

D) In the trial balance debit column, the adjusted trial balance debit column and the balance sheet debit column

15) The Prepaid Rent in the worksheet's unadjusted trial balance column is $4,000. Prepaid Rent in the balance sheet column is $2,000. Which of the following entries would have caused this difference?

A) A $2,000 debit entry to Prepaid Rent in the worksheet's adjustments column

B) A $2,000 credit entry to Rent Expense in the worksheet's adjustments column

C) A $2,000 credit entry to Prepaid Rent in the worksheet's adjustments column

D

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