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The work sheet is used only for accounts that are adjusted

The work sheet is used only for accounts that are adjusted.

2) The unadjusted trial balance columns of a work sheet contain the account balances that appear on the financial statements.

3) On the work sheet, the difference between the balance sheet debit column and the balance sheet credit column represents the net income or net loss.

4) The capital balance found in the balance sheet credit column of a work sheet is the balance reported on the formal balance sheet.

5) On a work sheet, the sum of the income statement debit column exceeds the sum of the income statement credit column. This indicates the company generated a net income during the current period.

6) On a work sheet, the sum of the income statement debit column exceeds the sum of the income statement credit column. This indicates the company generated a net loss during the current period.

7) Closing the accounts consists of journalizing and posting entries, which will zero out all temporary accounts.

8) Capital, expenses, and withdrawals are all closed to the income summary account.

9) The closing process applies to only balance sheet accounts.

10) The closing process applies to only to income statement accounts.

Dec 11 2019 View more View Less

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