| A | B |
|---|
| A single rule across both amount columns of the Trial Balance section means that no more entries will be made. | False |
| A double rule under a column of figures means thaat the figures are to be added or subtracted. | False |
| A work sheet is prepared at the end of eac h fiscal period. | True |
| All asset accounts are extended to the Balance Sheet section. | True |
| All liability accounts are listed in the credit column of the Income Statement section. | False |
| After the net loss is calculated, it should be reflected in the debit column of the Income Statement section and the credit column of the Balance Sheet section. | False |
| The work sheet is a working paper and is prepared in pen. | False |
| Preparing the work sheet is the sixth step in the accounting cycle. | True |
| A work sheet always covers a period of one month. | False |
| Total expenses for the period are reflected in the total of the credit column of the Income Statement section. | False |
| The Trial Balance section contains entries for all accounts in the general ledger including those with zero balances. | True |
| A net loss decreases the balance in the owner's capital account. | True |
| Account titles are listed on the work sheet in alphabetical order. | False |
| A net income for the period is the amount left after the expenses for the period have been subtracted from revenue. | True |
| Amounts from the Trial Balance section are extended frist to the Income Statement section. | False |
