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Chapter 6

TermDefinition
FYI – Consistent Reporting When the same accounting procedures are followed in the same way in each accounting period.
AICPA The American Institute of Certified Public Accountants.
Fiscal period The length of time for which a business summarizes its financial information and reports its financial performance.
FYI – Accounting Period Cycle When changes in financial info are reported for a specific period of time in the form of financial statements.
Fiscal year A fiscal period consisting of twelve consecutive months.
Work sheet A columnar accounting form used to summarize the general ledger info needed to prepare financial statements.
FYI – 4 reasons for work sheet 1.summarize general ledger ac/t balances 2 prove tht dbts=crdts2.plan needed chnges 2 general ledger ac/ts 2 bring ac/t balances up2 date3.separate general ledger ac/t balances according 2the statements 2b prepared 4calculate amount of net income or loss
FYI – Journals & Ledgers consider this
FYI – Work sheet consider this
Trail balance
Prepaid Expense
FYI – Matching Expenses with Revenue
Accrual basis of Accounting
Cash basis of Accounting
GAAP
FYI – Materiality
Adjustments
Balance Sheet
Income Statement
Net Income
Net Loss
FYI – 4 checking calculation errors
Adjusting Entries
FYI – Recording Adjusting Entries
Created by: andrew.v