Chapter7 vocabulary Word Scramble
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| Question | Answer |
| Fiscal Period | also known as accountign period. the length of time for which a buisness sumarizes and reportss financial information. |
| Work sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
| 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 differece between total revenue and total expense when total expenses is greater |
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patsyherrera
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