Worksheets
| Description: | Parson - Chp 8 Worksheets |
| Category: | Accounting |
| Created by: | yparson on 2009-09-01 |
| Question | Answer |
| work sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| fiscal period | the length of time for which a business summarizes and reports financial information |
| trial balance | a proof of equality of debits and credits in a general ledger. |
| adjustments | changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
| Income Statement | a financial statement showing the revenue and expenses for a fiscal period. |
| Net Income | the difference between total revenue and total expenses when total revenue is greater. |
| Net Loss | the difference between total revenue and total expenses when total expenses is greater. |
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mr. charles11
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