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TVS Accounting1-6

Accounting 1 Chapter 6

QuestionAnswer
The length of time for which a business summarizes and reports financial information Fiscal Period
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements Worksheet
When changes in financial information are reported for a specific period of time in the form of financial statments Accounting Period Cycle
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
After the adjustments are made, the expenses incurred to earn revenue are reported in the same fiscal period as the revenue is earned and reported Matching Expenses with Revenue
A financial statement that reports assets, liabilities, and owner's equity on a specific date Balance Sheet
A financial statement showing the revenue and expenses for a fiscal period Income Statement
Created by: TammieVanScyoc