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Chapter 6 K

Terms from Chapter 6

QuestionAnswer
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
Created by: kaleymarshall
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