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Accounting Chapter 6

Creating a Work Sheet

QuestionAnswer
Fiscal Period Time and length of time for which a business summarizes and reports financial information.
Work Sheet A columner accounting form used to summarize the general ledger information needed to prepare financial statement.
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 accounts 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 and total expenses when total expenses are greater.
Created by: CCarrico