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Chapter 6 and 7

QuestionAnswer
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