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Work sheet Chapter 6
Question | Answer |
---|---|
Fiscal Period | the length of time for which a business summarizes and reports finanical information |
Work Sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
Trial Balance | A proof of the equality of debits and credits in a general ledger |
Adjustments | Changes recorded on a work sheet to update general ledger accounta at the end of a fiscal period |
Balance sheet | A financial statement that reports assets liabilities and owners equity on a specific date |
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 are greater |