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ch 6,7,8

QuestionAnswer
length of time for which a bussiness summariazes and reports financial infomation fiscal period
a columnar accounting form used to summarize the general ledger informstion needed to prepare financial statements work sheet
a proof of the equality of debits and credits in a general ledger trial balance
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period adjustments
a financial statement the reports assets liabilities and owners equity on a specific date balance sheet
a financial statement the reports revenu and expenses for a fiscal period income statement
the difference between total revenu and total expenses when total revenue is greater net income
the difference between total revenue and total expenses when total expanses are greater net loss
any persons or groups who will be affected by an action stakeholders
the percentage realitionship between one finac=ncial statement item and the roral that includes that item component percentage
journal entries recorded to update general ledger accounts at the end of a fiscail period adjusting entries
accounts used to accumulate information from one fiscal period to the next permanent accounts
accounts used to accumulate information until it is transferred to the owners capital account temporary accounts
journal entries used to prepare temporary accounts for a newfiscal period closing entries
a trial balance prepared after closing entries are posted post-closing trial balance
the series of accounting activities included in recording financial information for a fiscal period accounting cycle
Created by: skirkwood
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