Recitation Finals

Question 1

It is a spreadsheet tool that records all accounting information and is used to prepare the company’s financial statements at the end of the accounting
cycle, thereby ensuring its financial accuracy.

Answer 1

Accounting worksheet

Question 2

is used in a concerned year. The total credit and debit column of the unadjusted trial balance are equal.

Answer 2

unadjusted trial balance

Question 3

all the accounts of the company which require passing of the adjustment entry will get listed in the
adjustment column. The total of credit and the debit column of the balance of the adjustments are equal.

Answer 3

adjusting entries (adjustments)

Question 4

will be prepared by combining the entries of the previous two columns, Unadjusted Trial Balance and
Adjustments. The total credit and the debit column of the adjusted trial balance are equal.

Answer 4

adjusted trial balance

Question 5

contains the values concerning the expenses and revenue accounts only. In this case, if the value of total revenue
exceeds the expense column, then the difference will be the net income of the company’s year as it is earning more revenues in the
year than what it is spending on its expenses. [Otherwise, there will be a net loss]. In either case, a balancing entry must be passed by
the company for the difference.

Answer 5

income statement

Question 6

this column contains the values concerning the assets, liabilities, and owner’s capital only. The total credit and the
debit column of the Balance Sheet will be equal.

Answer 6

balance sheet