Acctg I - Ch 7
| Description: | Maplewood Rice Acctg Vocab Ch 7 |
| Category: | Accounting |
| Created by: | lrice@penncrest.org on 2008-11-26 |
| Question | Answer |
| A proof of the equality of debits and credits in a general ledger | trial balance |
| The difference between total revenue and total expenses when total revenue is greater. | net income |
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | adjustments |
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. | work sheet |
| The length of time for which a business summarizes and reports financial information. | fiscal period |
| The difference between total revenue and total expenses when total expenses is greater. | net loss |
| A financial statement showing the revenue and expenses for a fiscal period. | income statement |
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