ACCT 3007 CHAPTER 6 SB EXAM SCRIPT
2026 TEST PAPER QUESTIONS AND
SOLUTIONS GRADED A+
●● Accounting Period Cycle.
Answer: An accounting concept that is applied when changes in
financial information is reported for a specific period of time in the form
of financial statements.
●● Worksheet.
Answer: A columnar accounting form used to summarize the general
ledger information needed to prepare financial statements.
●● 4 reasons a worksheet is prepared.
Answer: To summarize general ledger account balances to prove debits
= credits, to plan needed changes bring GL account balances up to date,
to separate GL account balances according to the financial statements, to
calculate NI or NL.
●● Heading of a Worksheet.
Answer: Name of Company, Name of document, and for the fiscal
period ended
2026 TEST PAPER QUESTIONS AND
SOLUTIONS GRADED A+
●● Accounting Period Cycle.
Answer: An accounting concept that is applied when changes in
financial information is reported for a specific period of time in the form
of financial statements.
●● Worksheet.
Answer: A columnar accounting form used to summarize the general
ledger information needed to prepare financial statements.
●● 4 reasons a worksheet is prepared.
Answer: To summarize general ledger account balances to prove debits
= credits, to plan needed changes bring GL account balances up to date,
to separate GL account balances according to the financial statements, to
calculate NI or NL.
●● Heading of a Worksheet.
Answer: Name of Company, Name of document, and for the fiscal
period ended
