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ch 6,7,8
Question | Answer |
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length of time for which a bussiness summariazes and reports financial infomation | fiscal period |
a columnar accounting form used to summarize the general ledger informstion needed to prepare financial statements | work sheet |
a proof of the equality of debits and credits in a general ledger | trial balance |
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period | adjustments |
a financial statement the reports assets liabilities and owners equity on a specific date | balance sheet |
a financial statement the reports revenu and expenses for a fiscal period | income statement |
the difference between total revenu and total expenses when total revenue is greater | net income |
the difference between total revenue and total expenses when total expanses are greater | net loss |
any persons or groups who will be affected by an action | stakeholders |
the percentage realitionship between one finac=ncial statement item and the roral that includes that item | component percentage |
journal entries recorded to update general ledger accounts at the end of a fiscail period | adjusting entries |
accounts used to accumulate information from one fiscal period to the next | permanent accounts |
accounts used to accumulate information until it is transferred to the owners capital account | temporary accounts |
journal entries used to prepare temporary accounts for a newfiscal period | closing entries |
a trial balance prepared after closing entries are posted | post-closing trial balance |
the series of accounting activities included in recording financial information for a fiscal period | accounting cycle |