Cengage Accounting Chapter 6
Questions 2025/2026 With 100%
Correct Answers
\Q\.Fiscal Period - ANSWER-✔the length of time for which a business summarized and reports
financial information
\Q\.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.
\Q\.Worksheet - ANSWER-✔A columnar accounting form used to summarize the general ledger
information needed to prepare financial statements.
\Q\.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.
\Q\.Heading of a Worksheet - ANSWER-✔Name of Company, Name of document, and for the
fiscal period ended
\Q\.Trial Balance - ANSWER-✔proof of the equality of debits and credits in a general ledger
Questions 2025/2026 With 100%
Correct Answers
\Q\.Fiscal Period - ANSWER-✔the length of time for which a business summarized and reports
financial information
\Q\.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.
\Q\.Worksheet - ANSWER-✔A columnar accounting form used to summarize the general ledger
information needed to prepare financial statements.
\Q\.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.
\Q\.Heading of a Worksheet - ANSWER-✔Name of Company, Name of document, and for the
fiscal period ended
\Q\.Trial Balance - ANSWER-✔proof of the equality of debits and credits in a general ledger
