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chapter 7 FSP

financial statements for a proprietorship

QuestionAnswer
fiscal period also known as an accounting period
work sheet a financial statement is called a
trial balance a proof of the equality of debits and credits in a general ledger is a
adjustments accounts at the end of a fisical period
balance sheet a financial statement that reports assets liabilities and owners equity on a specific date
income statement showing revenue and expenses for a fiscal period is an
net income the difference between total revenue and expenses when total revenue is greater
net loss the difference between total revenue and expenses when the total revenue is less
Created by: jgreenhill