Direction: Choose the correctconceptbeing described in each statement. Choose your answer inside the box. Real Accounts Adjusted Trial Balance Statement of Comprehensive ncome Worksheet Statement of Financial Position Nominal Accounts 1. A columnar sheet used as a tool or bridge connecting the Trial Balance and Financial Statements. 2. It is a statement which shows the performance of the enterprise for a given period of time. w 3. These are temporary accounts of Owner' sequity. 4. It is a statement that shows the financial position of the enterprise as of a given date. 5. These are permanent accounts comprising Assets, Liabilities and Owner' s Equity. Are You Taking It? Activity 2. TRUE ORFALSE! Direction: Read each statement below. Write TRUE if the statement is correct and FALSEif itis incorrect. Do this on a separate sheet of paper. 1. The purpose of worksheet preparation is to determine the performance or results of the operation and financial condition of the enterprise. 2. A worksheetis prepared using an 8-columns columnar sheet only. 3. Atrial balance is called" Adjusted Trial Balance" before reflecting the adjusting entries. 4. All real accounts are extended to the Statement of Financial Position column in the worksheet. 5. Assets, Liabilities and Owner' s Equity are called Real Accounts while Income and Expenses are called Nominal Accounts. 6. The period covered in the Statement of Comprehensive Income is worded " fortheperiod ended" 7. Financial Statements are the products of accounting process. 8. The business makes" profit" iftheincomeearned is bigger than the expenses incurred. 9. All nominal accounts are extended to the credit side of the Statement of Comprehensive Income in the worksheet. 10. Worksheet preparation is the final step in the accounting cycle. Here' sHowItIs! Worksheet or working paper is a columnar sheet used as a tool or bridge connecting the Trial Balance and Financial Statements. Its purpose is to determine the performance or results of the operation and financial condition of the enterprise. It is prepared using a columnarsheet where thansomber of anlimno danandsinanthe information sanded to be stain in thin andliminnands