Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 8, Section 2

1.	When revenue is more than expenses the effect is
		capital decreases
		the Balance Sheet is eliminated
		capital increases
		there is no effect

2.	After the trial balance is proved, the next step is to
		extend the amounts to the balance sheet section
		transfer the amounts to the general ledger
		determine the net income

3.	If, after expenses are subtracted from revenue, there is an amount of revenue left over it is called
		net revenue
		net income
		an addition error
		lucky you

4.	If total expenses exceed total revenue it is called
		net loss
		net income
		look for a new job
		net deficit

5.	Revenue and Expenses are transferred to the
		Balance Sheet section
		Income Statement section
		General Ledger
		Trial Balance section

6.	The balance sheet accounts are
		assets, revenue, and owner`s equity
		revenue and expense
		assets, liabilities, and owner`s equity
		assets, liabilities, and revenue

7.	In accounting, expenses incurred in an accounting period are matched with the revenue earned during the same period. This comparison is referred to as
		comparison shopping
		locating net income
		the matching principle
		the comparative principle

8.	After all the balances are extended each section is
		eliminated
		recorded in the general ledger
		reviewed
		totaled