Accounting Chp. 6&7
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The length of time for which a business summarizes and reports financial information. | Fiscal Period
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| A columnar accounting form used to summarize tthe general ledger information needed to prepare financial statements. | Work Sheet
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| A proof of equality of debits and credits in a general ledger. | Trial Balance
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| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | Adjustments
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| A financial statement that reports assets, liabilities, and owner's equity on a specific date. | Balance Sheet
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| A financial statement showing the revenue and expenses for a fiscal period. | Income Statement
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| The difference between total revenue and total expenses when total revenue is greater. | Net Income
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| The difference between total revenue and total expenses when total expenses are greater. | Net Loss
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| The date on a monthly income statement prepared on July 31 is written as | For Month Ended July 31, 20--
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| Information needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and | Income Statement Credit column
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| Information needed to prepare an income statement's expense section is obtained from a work sheet's Account Title column and | Income Statement Debit column
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| The amount of net income calculated on an income statement is correct if | It is the same as net income shown on the work sheet
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| The formula for calculating the net income component percentage is | Net income divided by total sales equals net income component percentage
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