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ashley chapter 6/7
chapter 6/7
Question | Answer |
---|---|
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. | work sheet |
A proof of 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 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 are greater. | net loss |
The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year. | False |