| Question |
Answer |
| The length of time for which a business summarizes and reports financial information |
Fiscal Period |
| A financial statement showing the revenue and expenses for a fiscal period |
Income Statement |
| 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 columnar accounting from used to summarize the general ledger information needed to prepare financial statements |
Work Sheet |
| 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 |
| On the worksheet, Insurance expense is found in the adjustments section as a? |
Debit |
| On the worksheet, Supplies Expense is found in the adjustments section as a? |
Debit |
| On the worksheet, Prepaid insurance is found in the adjustments section as a? |
Credit |
| On the worksheet, Supplies is found in the adjustments section as a? |
Credit |
| All asset, Liabilities and Owners Equity accounts are found in what section of the worksheet |
Balance Sheet |
| All revenue and all expense accounts are found in what section of the worksheet |
Income Statement |
| On the income statement section of the worksheet, if the sales number is greater than the expense number do you have a net gain or a net loss? |
Net gain |
| On the income statement section of the worksheet, if the expense number is greater than the sales number do you have a net gain or a net loss? |
Net Loss |
| Where do you find the numbers to put in the trial balance section of a worksheet? |
General Ledger |
| On the top of a worksheet there is the company name, the title of the form and the date. What 3 words come before the date on that line? |
For Month Ended |
| How many credit accounts will you find on the income statement section of the worksheet? |
one |
HHS Shrek
