1. T/F The two accounts affected by the adjustment for insurance are prepaid insurance and insurance expenses 2. T/F The two accounts…

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1. T/F The two accounts affected by the adjustment for insurance are prepaid insurance and insurance expenses 2. T/F The two accounts affected by the adjustment for supplies are supplies and supplies expense. 3. T/F The work sheer is a temporary accounting form and can be prepared in pencil. 4. A net loss results when the total revenue is greater than the total expenses. 5. T/F The account balance for cash account is recorded in the Trial Balance Credit column and extended to the Balance Sheet Credit columns. 6. T/F The sales account balance is recorded in the Trial Balance Credit column and extended to the Balance sheet credit columns 7. T/F All financial statements have three-line headings. 8. T/F To determine the net income, this calculation is used: TOTAL REVENUE-TOTAL EXPENSES= NET INCOME 9. T/F The amount of current capital is calculated as follows: CAPITAL ACCOUNT BALANCE+NET INCOME-DRAWING ACCOUNT BALANCE=CURENT CAPITAL 10. T/F The two kinds of equities reported on the income statement are liabilities and owner’s equity. 11. T/F The balance sheet reports information about the elements in the accounting equation. 12. T/F The owners drawing account is closed to the owners capital account. 13. T/F A balance sheet is a financial statement that reports assers, liabilities, and owners equity on a specific date. 14. T/F The income summary account is a temporary account that does not have a normal balance 15. T/F The temporary accounts are reduced to zero at the end of each fiscal period. 16. T/F Temporary accounts with zero balances are listed on the post-closing trial balance. 17. T/F All balances sheet accounts are closed to the income summary account. 18. T/F The information needed to prepare a balance sheet is obtained from a work sheet’s Account Title column and the Balance Sheet columns. 19. T/F Reporting revenue earned and the expenses incurred to earn that revenue in the same fiscal period is an application of the accounting concept” Matching Expenses with Revenue” 20. T/F Expense accounts are closed by posting a credit to each expense account and debiting the income summary for the total of all expense account balances.

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