TRIAL BALANCE & FINANCIAL STATEMENTS - TEST

NAME; ___________________________ GRADE: _______________ DATE: ______________

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Across
1 The Income Statement
is prepared to show
whether the business
made a ___________ or
Loss
3 The Balance Sheet is a
snapshot of a
businesses _______
condition at a specific
time
7 The ______ Sheet
extracts information from
the Trial Balance and
Income Statement
8 The Balance sheet is
divided into two
sections, Balance Sheet
Section and ________
Section
9 Gross profit is the
income _______
expenses have been
deducted
11 The sum of the Debit
side balances must
______ the sum of the
Credit side balances
12 The Trial( test) Balance
is a ________ of the
General Account
Balances
Down
2 Information from the
_______ Balance are
needed to prepare the
Income Statement
4 __________ and
Expenses are recorded
in the Income Statement
5 The Trail Balance tests
the _______ of the
Double Entry System
and arithmetical
disconnectedness of the
accounts
6 If the Operating
Expenses are higher
than the Operating
Income, the bussines
has made a _______
8 _______ profit/ loss is
calculated by deducting
the Operating Expenses
from the Operating
Income
10 _______ Equity =
Capital (Previous
month's Trial Balance)
+/- Profit/Loss (Current
Income Statement) -
Drawings (Trail
Balance)
TRIAL BALANCE & FINANCIAL STATEMENTS - TEST
MEMORANDUM

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P R O F I 2T
R
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F I N A N C I 5A 6 L
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B A L A N C E A C O
C L C S
O U S
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N O M I N A L R
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B E F O R E E Q U A L A
Q T C
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U S U MM A R Y
I
T
Y
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