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Accounting Quiz 2011
Mrs. Welsh Accounting Quiz
Question | Answer |
---|---|
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 |
the difference between total revenue and total expenses when total revenue is greater | net income |
the difference between total revenue and total expenses when total expenses is greater | net loss |
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period | adjustments |
a proof of the equality of debits and creits in a general ledger | trial balance |