ACCT 3007 CHAPTER 6 SB
COMPREHENSIVE EXAM 2026 FULL
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED
●● Accrual basis of accounting
Answer: Reporting income when earned and expenses when incurred.
●● Adjusted trial balance
Answer: A trial balance prepared after adjusting entries are posted.
●● Adjusting entries
Answer: Journal entries recorded to update general ledger accounts at
the end of a fiscal period.
●● Adjustments
Answer: Changes recorded on a work sheet to update general ledger
accounts at the end of a fiscal period.
●● Balance sheet
Answer: A financial statement that reports assets, liabilities, and owner's
equity on a specific date.
, ●● Cash basis of accounting
Answer: Reporting income when the cash is received and expenses
when the cash is paid.
●● Certified public accountant (CPA)
Answer: An accountant who has passed the uniform certified public
accounting exam and met the licensing requirement for a state.
●● Fiscal period
Answer: The length of time for which a business summarizes its
financial information and reports its financial performance.
●● Fiscal year
Answer: A fiscal period consisting of 12 consecutive months.
●● Income statement
Answer: A financial statement showing the revenue and expenses for a
fiscal period.
●● Net income
Answer: The difference between total revenue and total expenses when
total revenue is greater.
COMPREHENSIVE EXAM 2026 FULL
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED
●● Accrual basis of accounting
Answer: Reporting income when earned and expenses when incurred.
●● Adjusted trial balance
Answer: A trial balance prepared after adjusting entries are posted.
●● Adjusting entries
Answer: Journal entries recorded to update general ledger accounts at
the end of a fiscal period.
●● Adjustments
Answer: Changes recorded on a work sheet to update general ledger
accounts at the end of a fiscal period.
●● Balance sheet
Answer: A financial statement that reports assets, liabilities, and owner's
equity on a specific date.
, ●● Cash basis of accounting
Answer: Reporting income when the cash is received and expenses
when the cash is paid.
●● Certified public accountant (CPA)
Answer: An accountant who has passed the uniform certified public
accounting exam and met the licensing requirement for a state.
●● Fiscal period
Answer: The length of time for which a business summarizes its
financial information and reports its financial performance.
●● Fiscal year
Answer: A fiscal period consisting of 12 consecutive months.
●● Income statement
Answer: A financial statement showing the revenue and expenses for a
fiscal period.
●● Net income
Answer: The difference between total revenue and total expenses when
total revenue is greater.
