- What is the process called to prove that debits and credits are equal in a general ledger?
- In accounting, what is an adjustment?
- What accounts are recorded on the balance sheet? Income statement?
- How is net income calculated on a worksheet?
- On a work sheet, the balance of the Sales account is extended to which column?
- What is included on the balance sheet? Income statement? How do you determine net income?
- What is a
__net loss__? What 2 columns would a__net loss__be entered on a work sheet? - What is the formula for calculating net component percentage?
- What is the formula for calculating the TOTAL EXPENSES component percentage?
- What is the formula for calculating current capital? (pg. 189)
- True or False? The current capital to be reported on a balance sheet is calculated as the capital account balance plus net income.

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