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Chapter 6 K
Terms from Chapter 6
Question | Answer |
---|---|
The length of time for which a business summarizes and reports financial information. | Fiscal Period |
A columnar accounting form used to summarize the geeral ledger information needed to prepar financial statements. | Work Sheet |
A proof of the quality of debits and credits in a genreal ledger. | Trial Balance |
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | Adjustments |
A finacial statement that reports assets, liabilities, and owner's equity on a specific date. | Balance Sheet |
A financial statement showing the revenue and expenses for a fiscal period. | Income Statement |
The difference between total revenue and total expenses when total revenue is greater. | Net Income |
The difference between total revenue and total expenses when total expenses are greater. | Net Loss |