1. Since the worksheet already shows the net income or net loss, there is no need toprepare an income statement.a. trueb. false2. A worksheet is a multicolumned paper that aids in the preparation of the financialstatements.a. trueb. false3. Income statement and balance sheet figures are the same as those in the adjusted trial balancea. trueb. false4. Following the rules of debits and credits is an assurance of accuracy of the resultinginformation in the income statement and balance sheet.a. trueb. false5. The accounting cycle is the process that produces reports on the result of operations andfinancial position.a. trueb. false6. The balances in the adjusted trial balance columns of the worksheet are extended either to theincome statement columns or to the balance sheet columns.a. trueb. false7. Assets are either current or noncurrent.a. trueb. false8. Closing entries are made to zero-out balance sheet accounts.a. trueb. false9. At the beginning of an accounting period, the balances of income statement account are allzero.a. trueb. false_10. Closing journal entries is the same as closing the ledgers.a. trueb. false

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_1. Since the worksheet already shows the net income or net loss, there is no need to prepare an income statement. a. true b. false 2. A worksheet is a multicolumned paper that aids in the preparation of the financial statements. a. true b. false 3. Income statement and balance sheet figures are the same as those in the adjusted trial balance b. false a. true _4. Following the rules of debits and credits is an assurance of accuracy of the resulting information in the income statement and balance sheet. a. true b. false

_1. Since the worksheet already shows the net income or net loss, there is no need to prepare an income statement. a. true b. false 2. A worksheet is a multicolumned paper that aids in the preparation of the financial statements. a. true b. false 3. Income statement and balance sheet figures are the same as those in the adjusted trial balance b. false a. true _4. Following the rules of debits and credits is an assurance of accuracy of the resulting information in the income statement and balance sheet. a. true b. false

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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