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Chapter 6 and 7
| Question | Answer |
|---|---|
| The length of time for which a business summarizes its financial information and repots its financial performance | fiscal period |
| a fiscal period consisting of 12 consecutive months | fiscal year |
| columnar accounting form used to summarize the general ledger information needed to prepare financial statements | work sheet |
| a proof of equality of debits and credits in a general ledger | trail balance |
| cash paid for an expense in one fiscal period that is not used until a later period | prepaid expense |
| reporting income when it is earned and expenses when they are incurred | accrual basis of accounting |
| reporting income when the cash is received and expenses when the cash is paid | cash basis of accounting |
| changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period | adjustments |
| a financial statement that reports assets liabilities and owners equity on a specific date | balance sheet |
| a financial statement showing the revenue and expenses when total revenue is greater | net income |
| the difference between the total revenue and total expenses when the total expenses are greater | net loss |
| journal entries recorded to update general ledger accounts at the end of a fiscal period | adjusting entries |
| cash | asset |
| accounts receivable | asset |
| prepaid insurance | asset |
| accounts payable | liability |
| advertising expense | expense |
| income statement | for month ended... |
| balance sheet | August 28, 2014 |
Created by:
christypladies
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